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Members, lenders respond to FRAME Act proposal for tax‑deferred farmer savings accounts
Summary
Representative Crawford described the FRAME Act, a proposal to create tax‑deferred savings accounts for farmers to build reserves for downturns; lenders welcomed the idea but asked for clarity on whether accounts would be on banks' balance sheets and usable as collateral.
Representative Crawford introduced the concept behind the Farm Risk Abatement Mitigation Election (FRAME) Act, describing it as a tax‑deferred savings account that would allow farmers to deposit funds tax‑free during profitable years and withdraw them tax‑free during hard years.
Clint Hood, senior vice president at Synovus Bank, welcomed the premise but raised operational questions:…
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