HR 831 115th Congress House Agriculture and Food Agricultural conservation and pollution Agricultural prices, subsidies, credit Government lending and loan guarantees Minority and disadvantaged businesses

BALE Act of 2017

Introduced: February 2, 2017 Introduced by: Bost, Mike Republican · Illinois See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 24, 2017

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Feb 2, 2017

Referred to the House Committee on Agriculture.

Feb 2, 2017

Introduced in House

Plain-English summary Congressional Research Service

Beginning Agriculturalist Lifetime Employment Act of 2017 or the BALE Act of 2017

This bill amends the Agricultural Act of 1961 to revise the limits for the Department of Agriculture's (USDA's) conservation loan guarantee program.

The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan. For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan. USDA may not guarantee a loan under the program that exceeds $3.5 million.

The bill also revises the limitations on the amount of farm ownership loans to prohibit USDA from making or insuring any loan that would cause the unpaid indebtedness of any one borrower to exceed the smaller of: (1) the value of the farm or other security; or (2) in the case of a loan other than a loan guaranteed by USDA, $600,000, with an adjustment for inflation beginning with FY2023.

What's happening now February 24, 2017

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Committees of jurisdiction 2