Agricultural Credit Act of 2001

H.R. 2653, the Agricultural Credit Act of 2001, proposes changes to federal farm loan programs to provide farmers with greater financial flexibility and relief during difficult times. The bill would expand the definition of debt forgiveness to ensure that loan restructuring or write-downs caused by natural disasters, medical emergencies, or discrimination claims do not unfairly disqualify farmers from future assistance. Additionally, it would allow farmers to receive debt forgiveness twice rather than once and would make it easier for the Department of Agriculture to redirect unused funds to support socially disadvantaged farmers across state lines.