COOPERATIVE EFFORTS BETWEEN DEPOSITORY INSTITUTIONS AND FARMERS AND RANCHERS IN DROUGHT-STRICKEN AREAS.

SEC. 2611. COOPERATIVE EFFORTS BETWEEN DEPOSITORY INSTITUTIONS AND FARMERS AND RANCHERS IN DROUGHT-STRICKEN AREAS. (a) Findings.— The Congress hereby finds the following: (1) Severe drought is being experienced in the Plains and the Southwest portions of our country. (2) Soil erosion is becoming a critical issue as the dry season approaches and summer winds may rob these fields of nutrient-rich topsoil. (3) Without immediate assistance, ranchers and farmers would be forced to cull their herds bringing tremendous volatility in the beef market. (4) The American people will feel the impact of this drought in their pocketbooks through higher prices for grain products. (5) The communities in drought-stricken areas are suffering and borrowers may have difficulty meeting their obligations to financial institutions. (6) Congress has already passed the Depository Institutions Disaster Relief Act of 1992 which allows financial institutions to make emergency exceptions to the appraisal requirement in times of national disasters. (b) Sense of the Congress.— It is the sense of the Congress that financial institutions and Federal bank regulators should work cooperatively with farmers and ranchers in communities affected by drought conditions to allow financial obligations to be met without imposing undue burdens.