United States-Banks must help farmers.

UNITED STATES-BANK HELP FOR FARMERS DEMANDED.

Nineteen U.S. Senators are asking the Obama Administration to require banks and financial institutions who take federal bailout funds to work with farmers to restructure their loans. The conditions would be the same as those already in place for farm loans supported by the Farm Service Agency and for home loans held by the same lenders. In a letter to Ag Secretary Tom Vilsack and Treasury Secretary Tim Geitner, the Senators ask for help in holding off farm foreclosures. "As Americans and businesses are feeling the impact of the current economic troubles, farmers across the country are particularly hard hit, with dairy prices and other farm prices having plummeted in recent months."

The Senators sending the letter are: Russ Feingold (D-WI), Herb Kohl (D-WI), Tim Johnson (D-SD), Kirsten Gillibrand (D-NY), Sherrod Brown (D-OH), Michael Bennet (D-CO), Jeff Bingaman (D-NM), Bob Casey (D-PA), Susan Collins (R-ME), Kay Hagan (D-NC), Carl Levin (D-MI), Blanche Lincoln (D-AR), Jeff Merkley (D-OR), Bill Nelson (D-FL), Mark Pryor (D-AR), Bernie Sanders (I-VT), Charles Schumer (D-NY), Debbie Stabenow (D-MI), and Jon Tester (D-MT).

Over 60 agriculture organizations across the country are supporting the senators’ efforts, including 55 organizations that sent a similar letter calling for more assistance for farm foreclosures earlier in the week.