HR 541 118th Congress House Agriculture and Food

BALE Act of 2023

Introduced: May 11, 2023 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 13, 2023

Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Jan 26, 2023

Referred to the House Committee on Agriculture.

Jan 26, 2023

Introduced in House

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Plain-English summary Congressional Research Service

Beginning Agriculturalist Lifetime Employment Act of 2023 or the BALE Act of 2023

This bill revises the limits for the Department of Agriculture (USDA) 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.

The bill also (1) prohibits USDA from guaranteeing a loan under the program that exceeds $4 million, and (2) requires USDA to adjust the limits annually for inflation.

What's happening now February 13, 2023

Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Bill text 1 version