Agriculture Secretary Tom Vilsack thanked Speaker Nancy Pelosi for swiftly passing the Inflation Reduction Act. Legislation passed by Congress will create two new funds to help farmers. One, worth $2.2 billion, will provide financial relief to farmers, ranchers and forest owners facing discrimination before 2021. The other provides $3.1 billion to the Ministry of Agriculture to make loan payments or loan modifications to farmers in financial difficulty.
Tom Vilsack, the agriculture secretary, said in a statement: “TThe Cut Inflation Act will provide important support to farmers, ranchers, and forest owners as they care for our precious lands, adapt to and mitigate climate change, and ensure America remains a nation in food security. Along with historic investments in a clean energy economy, the Cut Inflation Act will create well-paying jobs and more economic opportunity in rural communities across the country. Rural Americans will see their utility bills go down and appreciate the fiscally responsible way the law cuts deficits. The Inflation Reduction Act will also reduce costs for seniors, who make up a higher percentage of rural populations than more urban areas, by capping their annual pharmacy spending and giving Medicare bargaining power. drug prices.
“The Cut Inflation Act builds on the Biden-Harris administration’s historic investments in rural America and reinforces the commitment to rural communities demonstrated in the U.S. bailout and the bipartisan The law is a unique opportunity to build critical infrastructure, protect communities from wildfires and extreme heat, and spur climate-smart agriculture and renewable energy initiatives nationwide .
“President Biden knows that when rural communities succeed, America succeeds. I look forward to the President signing the Inflation Reduction Act, implementing his landmark provisions at the USDA, and investing in a better future for rural America and all of America.
The new funds will replace a $4 billion program designed to help about 15,000 farmers who received federal government loans or bank loans backed by the Department of Agriculture. These included farmers and ranchers who were racially or ethnically biased, including Blacks, Native Americans/Alaska Natives, Asian Americans, Pacific Islanders, or Hispanics.