As is usual to get big bills passed, there's everything in the IRA except the kitchen sink. The logic is classic log-rolling, everyone gets a piece of the action to boast about. Manchin and Sinema may get the headlines for their actions, and they may take credit back in WV and AZ for bringing home the bacon, and receive credit from interest groups in the form of donations, but I guarantee there's something in the bill for every Democrat.
Chris Clayton has the most detailed summary I've seen here.
Updated to add this excerpt:
"LOAN AID FOR DISTRESSED FARMERS
The bill also included just over $1 billion to FSA to replace the loan reimbursement for socially disadvantaged farmers, which ended in several lawsuits by white farmers after the provisions in the American Rescue Plan was passed in 2021.
The new provisions help borrowers "who are at risk" -- as determined by USDA -- as a "limited resource farmer or rancher" to pay 100% of their loans, up to $150,000. The loan repayment would be offset by any funds those farmers received under the Coronavirus Food Assistance Program (CFAP) and reducing any payments under the Market Facilitation Program (MFP). For economically distressed borrowers are those who would be considered at least 90 days delinquent as of April 30, 2021, or 90 days delinquent as of the end of 2020. A farmer could also qualify if they farm in an area with at leas a 20% poverty rate, or in land held in trust by a Tribe or Native America.
Other farmers that would qualify for debt reduction include farmers in bankruptcy as of July 31, 2021, or receive a disaster set aside after Jan. 1, 2020, or has debt restructured after Jan. 1, 2020.
The bill also includes $750 million to provide farmers who experienced discrimination from USDA before Jan. 1, 2021. The bill would pay up to $500,000 to farmers who have proven to be discriminated against in USDA loan programs."
No comments:
Post a Comment