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Posted
by Ohio Republican Party
ICYMI: New Obama Administration
Policy Aiming
to Put Ohio Farms Out of Business
May 23, 2013
COLUMBUS
- Family farms and small businesses in
28 rural Ohio counties will be penalized by a policy created by
President
Obama's Consumer Financial Protection Bureau. The new rule issued by
CFPB
Director and former Ohio Attorney General Richard Cordray will limit
thousands
of family farms and residents in rural communities from being eligible
for
financing at community banks.
"One
in seven jobs in Ohio is related to
the agricultural industry. Excluding thousands of family farms across
28
counties from access to financing to purchase new equipment or buy more
acreage
will have a detrimental impact on our agribusiness economy," said State
Senator Bob Peterson, Co-Chairman of the Ohio Republican Party
Agriculture
Coalition.
The
faulty new rule will have a chilling effect
on lender financing traditionally utilized by farms and small
businesses in
rural areas. The revised definition of a "rural" county from the
Consumer Financial Protection Bureau includes only 20 counties. The
U.S. Census
Bureau and many other government agencies recognize 48 rural counties
in Ohio.
Read more about this story here.
"Washington
bureaucrats are leading an
assault on family farms and rural Ohio. There are over 74,000 farms in
Ohio and
84 percent are family operated. Limiting access to financing for family
farmers
and small businesses in rural areas will be harmful to our livelihood,"
said Terry McClure, Co-Chairman of the Ohio Republican Party
Agriculture
Coalition.
The
new lender restrictions associated with a
narrowed definition of a rural county have drawn wide criticism from
community
banks across the nation. Director Cordray is unresponsive.
"Punishing
Ohio's rural economy is
disgraceful. President Obama's failed economic policies and stifling
regulatory
burdens are hindering our economic recovery. This is yet another
example of
bureaucratic ineptitude from Washington while Ohio Democrat Richard
Cordray
supervises," said Chairman-elect Matt Borges.
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