WASHINGTON The Senate has passed a huge, five-year farm bill, which will now be sent to President Obama's desk for a signature.
The $956 billion legislation is the product of a compromise between House and Senate lawmakers last month. The House-approved bill moved to the Senate late last week and received a final vote on Tuesday of 68-32. The legislation includes several key provisions for rural bankers, expanding the industry's crop insurance system and removing term limits to a Department of Agriculture loan guarantee program.
"ICBA thanks the Senate for passing a five-year farm bill to provide stability to rural communities and the community banks that serve them," said Bill Loving, chairman of the Independent Community Bankers of America. "Passing this legislation has been an extraordinary effort by Congress to provide a long-term framework for our nation's agricultural and rural policies. ICBA and community bankers in rural communities across the nation look forward to seeing this measure signed into law."
Obama praised the legislation Tuesday evening after the Senate's passage, and is expected to sign the bill into law.
"The farm bill isn't perfect but on the whole, it will make a positive difference not only for the rural economies that grow America's food, but for our nation," the president said in statement.