Ag bankers, accountants oppose Sugar Policy Modernization Act
Nearly 60 banks and certified public accountants that do business with sugar growers today sent the House and Senate Agriculture committees a letter opposing the Policy Modernization Act that would make changes to the sugar program.
“We have had the opportunity to review the ‘Sugar Policy Modernization Act’ that sugar policy opponents proposed to Congress in November 2017,” the bankers and accountants wrote.
“It is clear the food-manufacturer opponents of sugar policy do not know what we know. If this bill, or its individual elements, is adopted, it would force oversupply of the U.S. sugar market and would effectively remove the price safety net for American sugar farmers. The collapse of domestic sugar producers would cause major disruptions in the supply chain for food manufacturers and American consumers. The economic repercussions would be severe for the many vulnerable rural communities and regional economies that depend on a strong sugar industry.”