As Inflation Soars, Scott Stands Up For Farmers and Ranchers
WASHINGTON – U.S. Senator Tim Scott (R-S.C.) joined Senate Agriculture Committee Ranking Member John Boozman (R-Ark.), Senator John Thune (R-S.D.), and several of their colleagues in urging federal financial regulators to provide community banks, credit unions, and Farm Credit institutions with the regulatory flexibility they need to responsibly work with their agriculture clients as the profit margins of farmers and ranchers shrink from higher input costs. The senators are also requesting that federal financial regulators monitor how inflation and inflationary-related pressures are affecting the agriculture industry and, in turn, the community financial institutions that serve it.
“The destructive impact of inflation has already affected individuals, families, and businesses across the nation, and no one is immune from these price increases,” the senators wrote. “Caused in large part by an unprecedented increase in federal government spending, in addition to supply chain bottlenecks, these higher prices are not just increasing grocery bills and home heating costs, but they are also raising costs on businesses, including on our nation’s farmers and ranchers.”
The letter was also signed by Senators John Barrasso (R-Wyo.), Mike Braun (R-Ind.), Bill Cassidy (R-La.), Chuck Grassley (R-Iowa), Bill Hagerty (R-Tenn.), James Inhofe (R-Okla.), John Kennedy (R-La.), James Lankford (R-Okla.), Jim Risch (R-Idaho), and Thom Tillis (R-N.C.).
Senator Scott is committed to investigating and pushing back against any actions taken by the administration that contribute to inflation, which takes its greatest toll on low-income Americans.
Read the full letter here.