Specifically, Rounds’ legislation would: raise USDA guaranteed ownership and operating loan guarantee from $1.4 million to $3 million, increase authorized private-sector loan offerings for guaranteed operating and ownership loans from $3 billion to $8 billion and raises the authorization for direct loans up to $3 billion, to match current funding levels. provide spending assurance, rather than have these programs depend on annual appropriations.
Introduce and support legislation to enhance USDA Farm Service Agency loan programs by raising guaranteed ownership and operating loan limits, increasing authorized guaranteed and direct loan funding, and providing spending assurance for the programs.
Occurrences
Evidence
The Senate agreed to the H.R. 2 conference report for the Agriculture Improvement Act of 2018, 87-13; Rounds (R-SD) is listed as Yea.
Public Law 115-334 is the Agriculture Improvement Act of 2018, enacted on December 20, 2018, as H.R. 2.
Section 5103 amended 7 U.S.C. 1925, raising farm ownership loan limits from $300,000 to $600,000 and from $700,000 to $1,750,000.
Section 5201 amended 7 U.S.C. 1943, raising operating loan limits from $300,000 to $400,000 and from $700,000 to $1,750,000.
Section 5302 raised annual loan authorization from $4.226 billion to $10 billion for FY2019-FY2023, split into $3 billion direct and $7 billion guaranteed loans.
Section 5304 requires USDA, when direct operating loan demand exceeds available authority, to make additional microloans using newly authorized funds for FY2019-FY2023.
Assessments
The 2018 Agriculture Improvement Act became law on December 20, 2018, during Mike Rounds' first Senate term, and included the promised FSA loan-program changes: higher farm ownership and operating loan limits, increased direct and guaranteed loan authorization levels, and a spending-assurance mechanism for certain direct operating microloans. Rounds supported final passage by voting yea on the conference report. Although the evidence shows support rather than primary sponsorship, the promised legislative outcome was enacted in the relevant federal office context during the same term.