Recession Expected and Vilsack on Third Round of ReConnect Program

Recession Expected and Vilsack on Third Round of ReConnect Program

Bob Larson
Bob Larson
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.

**House Ag Committee Chair David Scott introduced the Small Family Farmer and Rancher Relief Act to help a cattle industry losing an average of 17,000 cattle ranchers per year.

A key part of the bill helps smaller operators with financial assistance by strengthening the safety net, that includes an increased premium subsidy for ranchers with cattle herds of 100 or fewer head.

It also offers incentives for insurance agents to better market Livestock Risk Protection policies to smaller producers.

**A staggering 96% of community bank leaders expect a recession to hit within the next 18 months, according to a new survey by IntraFi.

Executives from 388 institutions were evenly split between those who saw a recession by the end of this year or sometime in 2023.

Roughly half said the primary fault will lie with the

Federal Reserve for raising rates too high and too quickly since the beginning of this year.

**Ag Secretary Tom Vilsack says additional awards through the ReConnect Program will be coming later this year.

Vilsack tells, 20 of the 21 projects received funds through the USDA’s ReConnect Program, which focuses on improving internet speeds in areas with inadequate service.

Some $1.5 billion in loans and grants will be distributed during the ongoing third round of ReConnect awards.

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