Agricultural prosperity is critical to our nation’s economy yet farmers and ranchers in rural America are struggling to get the credit they need due to a decline in net farm income. Exempting from taxes the interest earned on an agricultural loan is one way to make more credit options available to farmers and ranchers.

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The regulatory environment should ensure the safety and stability of a banking system while recognizing that each bank may operate differently to best serve their customers. Regulations should be tailored to individual banks depending on their size, risk profile and business model, instead of promoting a one- size- fits- all approach

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For small businesses hit the hardest during the pandemic, the Paycheck Protection Program has been an invaluable lifeline. The program provided critical funds to help America’s 30 million small businesses pay their employees and continue to serve their communities throughout the coronavirus pandemic. Banks processed over five million PPP loans to small businesses, supporting jobs and their local communities. Loans can be forgiven if the funds were used for eligible expenses.

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In a faster payments environment, consumers are able to send and receive payments immediately- eliminating the lag that consumers and businesses experience today. The more banks that adopt a faster payments system, the more valuable the service becomes to the consumers and businesses using it.

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The CECL Standard requires banks to forecast future loan losses even as a loan is made. CECL estimation processes have proven to be cost-prohibitive and procyclical, meaning it will significantly affect a bank’s ability to provide affordable credit to consumers and small businesses during times of economic downturn

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