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Thune Calls for Senate Hearing on Impact of Credit Crisis on Ag
USAgNet - 11/11/2008

U.S. Senator John Thune of South Dakota sent a letter to Senate Agriculture Committee Chairman Tom Harkin and Ranking Member Saxby Chambliss requesting a full committee hearing to evaluate the impacts of the current credit crisis on agricultural production, renewable energy production, and rural agricultural based businesses.

"The credit crisis is forcing important projects in both agricultural and renewable energy production to be put on hold," said Thune. "Commodity prices have fallen from this summer's historic highs, meaning that financing for both new projects and current operating obligations is uncertain."

Thune says the crisis that has shaken the financial markets is clearly being felt on our farms, ranches, and rural Main Streets.

"Agriculture is especially dependent on access to credit, and continued uncertainty could present problems for the agriculture sector as we approach the 2009 crop year," the Senator stated.

Thune is a member of the Senate Agriculture Committee and is the Ranking Member of the Subcommittee on Energy, Science, and Technology.

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