Thursday, September 16, 2010

Weld County’s Sean Conway to Bennet: Lay off local community banks

At a recent forum on agriculture Weld County Commissioner Sean Conway had some sharp words for a Senate staffer asking her boss to lay off local community banks.

The U.S. Department of Agriculture and staffers from both Sen. Michael Bennet’s office and Rep Betsy Markey’s office hosted a forum on agriculture at Beaty Hall on the Aims Community College campus last week.

After explaining the current government programs, the participants listened to questions from the audience.

Douglas Rademacher is a multi-generational Weld farmer said the cost of doing business, regulations, capital gains and estate taxes made things difficult. “If you’re not born into it unless you have some very deep pockets you won’t be able to get into agriculture.” Rademacher also said they are unable to get credit as agriculture is considered a high risk loan.

This prompted Conway to speak saying “we are in a capital crisis, it has affected small business, it has affected farmers.” Speaking directly to Catherine Ferguson, a staffer for Sen. Bennet he said “your boss is on the central banking committee” have him “call Sheila Bair of the FDIC into his office immediately and tell her to stop the war on community banks” saying they are the backbone of the rural community.    - More -

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