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Panel adopts amendments, refers House File 770 to fund Rural Finance Authority
Summary
A Minnesota House committee adopted technical amendments and an oral correction to House File 770 and referred the bill to the Committee on Capital Investment. Testimony from farmers and farm groups said the Rural Finance Authority's programs, including a beginning-farmer loan, help keep family farms operating.
A Minnesota House committee adopted technical changes to House File 770 and voted to refer the bill to the Committee on Capital Investment, Chair Anderson moved.
The bill, as amended, would replenish the Rural Finance Authority (RFA) bond-funded account so funds are available when the authority needs them. Chair Anderson told members the RFA "is kinda like our State Bank, and it can provide a lot of needed help for buying down interest rates," and said the committee was moving the bill now to ensure funds will be available when needed.
Members adopted an A-1 amendment described by the chair as correcting a typographical error. The committee also adopted an oral amendment that changes a figure on page 1, line 21: delete "$30,000,000" and insert "$30,000." House Research repeated the oral amendment before the committee approved it on a voice vote.
Two farm-sector witnesses spoke in support. Matt Hardy, who owns Rust Hill Ranch in Chisago County and testified on behalf of the Minnesota Farmers Union, told the committee that "the RFA beginning farmer loan program ... helped me purchase my own farm," and said the lower interest rate he secured through the program "saves me enough interest, each month, for example, to purchase 1 ton of hog feed." Hunter Peterson, representing the Minnesota Farm Bureau, said the RFA "plays a critical role in ensuring that farmers, especially beginning farmers and those facing financial distress, have access to the capital they need to establish and sustain their operations." Peterson noted the Farm Bureau represents about 31,000 family farm and ranch members.
There were no recorded roll-call votes; committee actions were decided by voice vote and the chair announced the motions prevailed. Chair Anderson renewed his motion that House File 770, as amended, be referred to the Committee on Capital Investment; the motion prevailed.
Next steps: the bill will be considered by the House Committee on Capital Investment. The committee record shows proponents stressing the RFA's role in enabling beginning farmers to buy land and reduce interest costs; no opponents spoke during the hearing.
