Wisconsin is currently leading the nation in farm bankruptcies, a position that no one wants to be in.
Wisconsin Senator Tammy Baldwin is working to give flexibility to local banks and credit unions to help fight the surging number of farm bankruptcies.
Local financial institutions like banks and credit unions are restricted in their regulatory lending ability to farmers, even though they are uniquely positioned to help farmers get the loans they need to get by.
In a letter to financial regulators, Baldwin and John Thune from South Dakota are urging the federal government to give those local banks and credit unions the flexibility they need to help farmers navigate through these tough economic conditions.
Baldwin says, “We’re calling on the federal government to lift the regulatory restrictions on local financial institutions to ensure our farmers have the tools to be successful and move our state forward.”
Baldwin and Thune sent their letter to financial regulators from the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration.