HR 6061
American Farmers First Act
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Bill overview
This bill, the American Farmers First Act, aims to prevent the U.S. government’s Exchange Stabilization Fund from being used to support Argentina’s financial markets. Instead, it directs funds generated from terminating certain financial agreements with Argentina to provide economic relief to American farmers. Specifically, the bill creates a program to distribute these funds as one-time payments to farmers whose export markets have been negatively impacted, particularly during the 2025 marketing year.
Key provisions
- Prohibits the Exchange Stabilization Fund from supporting Argentina’s financial markets.
- Directs proceeds from terminating financial contracts with Argentina to a farmer relief program.
- The Secretary of Agriculture will determine which crops are ‘adversely impacted.’
- Payments will be made to producers of those impacted crops.
- Payments will be made during the 2025 marketing year.
- A sunset provision exists, ending the prohibition on using funds for Argentina on December 10, 2027.
Who is affected
- American farmers
- U.S. Treasury Department
- Argentina
- Producers of crops
- The Secretary of Agriculture
Notable changes
- Creates a specific mechanism to redirect funds from international financial agreements.
- Establishes a targeted economic relief program for farmers experiencing export market losses.
Sponsors
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Primary sponsor
Cosponsors
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119th CONGRESS — 1st Session
H. R. 6061
IN THE HOUSE OF REPRESENTATIVES
A BILL
To prohibit the use of the Exchange Stabilization Fund of the Department of the Treasury to bail out Argentina’s financial markets, and to instead use that funding to provide for a farmer tariff relief package.
This Act may be cited as the American Farmers First Act
.
Section 5302(b) of title 31, United States Code, is amended—
by inserting (1)
after (b)
; and
by adding at the end the following:
The fund may not be used to provide direct or indirect financial support to the country of Argentina under paragraph (1), including through the establishment of currency swap lines, the purchase of pesos or sovereign debt of Argentina, or the extension of any credit instrument.
Any financial contract or instrument entered into before the date of the enactment of this paragraph that violates subparagraph (A) shall be sold or terminated not later than 7 days after such date of enactment.
The prohibition under subparagraph (A) terminates on December 10, 2027.
The Secretary of the Treasury shall allocate to the Secretary of Agriculture the proceeds from the sale or termination of financial contracts or instruments pursuant to paragraph (2)(B) of section 5302(b) of title 31, United States Code, as added by this Act.
The Secretary of Agriculture shall use the proceeds allocated under subsection (a) to make one-time economic assistance payments to producers of each crop adversely impacted by loss of export markets during the 2025 marketing year for such crop, as determined by the Secretary.