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Paul Combs (left) and Dow Brantley (far right) deliver the message on the rural economy.
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WASHINGTON, DC -- This morning the House Committee on Agriculture's Subcommittee on General Farm Commodities and Risk Management held a public hearing on the financial health of farm country. Dow Brantley, chairman of the USA Rice Federation, and Paul T. Combs, a past chairman of the USA Rice Producers' Group, were two of the five witnesses offering testimony.
As a farmer and equipment dealer and former Federal Reserve Board member from Kennett, Missouri, Combs was able to offer a unique perspective on the current economic situation: "When farmers take steps to minimize their exposure to risk, resulting in a pullback in investments for their farm, this pullback starts first with inputs, including equipment, grain storage facilities, and fertilizer, and then begins to impact the majority of businesses in rural America."
Combs continued, "We've seen this cycle play out over and over and I hope we will not repeat the mistakes of the past by taking for granted how important a dependable safety net is, not just to producers, but to all businesses and families that depend on agriculture."
Brantley, a third generation farmer from England, Arkansas, talked about the importance of reducing trade barriers and the unfair competition U.S. producers face due to foreign government intervention in global rice markets.
"Rice is the most government-interfered with crop in the world, and the U.S. has difficulty competing with foreign governments who illegally subsidize their crops and employ unfair trading practices," said Brantley. "Unfortunately, these bad actors are the very folks that set the world price. Without the farm bill, U.S. rice farmers would be in more trouble economically than they are currently. It is critical that the U.S. government continues to go after the bad actors that put our nation's rice producers at an unfair disadvantage."
In closing remarks, all of the panelists appearing before the Subcommittee agreed that the level of financial stress in rural America will increase, and they recognized and thanked the Subcommittee members for their support of the 2014 Farm Bill which will provide growers modest support in these tough times.
Contact: Peter Bachmann (703) 236-1475
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