Sen. Amy Klobuchar. Photo: Drew Angerer/Getty Images
While visiting Iowa on Saturday, Minnesota Sen. Amy Klobuchar released a farming-focused plan as part of her 2020 body of policy that includes raising the debt cap on farm bankruptcies and increasing access to federal loan programs.
By the numbers: The presidential hopeful's priorities for farmers include raising the liability cap from $4.2 million to $10 million, giving more farmers flexibility to seek relief, especially during hiccups in the economy.
- Klobuchar also wants to increase the Department of Agriculture's loan limit from $400,000 to $600,000, and the farm ownership loan limit from $600,000 to $650,000.
The big picture: Low commodity prices, economic uncertainty, lending regulations, climate change and President Trump’s trade war have all posed challenges to family farms throughout the U.S. Since June 2014, bankruptcy filings for farms in the Central U.S. have nearly doubled, coinciding with commodity prices began to drop.
- The Minnesota Democrat also intends to overhaul small refinery waivers, new compliance standards and added oversight.
Go deeper: Amy Klobuchar on the issues, in under 500 words