Expedited Guaranteed Lender Pilot Program Act
Summary
The Expedited Guaranteed Lender Pilot Program Act aims to streamline the loan guarantee approval process at the USDA for creditworthy borrowers seeking bridge loans. This will be achieved through a pilot program focusing on Preferred Certified Lenders. The Act mandates the Secretary of Agriculture to submit annual reports on the program's progress to relevant congressional committees.
Expected Effects
The Act is expected to reduce the time it takes for farmers to receive loan guarantees. It also requires the Secretary to consider streamlining the certification and assessment processes. The program's effectiveness will be evaluated through annual reports to Congress.
Potential Benefits
- Faster access to bridge loans for creditworthy farmers.
- Streamlined loan approval process through Preferred Certified Lenders.
- Increased efficiency in USDA loan guarantee programs.
- Enhanced support for agricultural viability and food security.
- Greater transparency through annual reports to Congress.
Potential Disadvantages
- Potential for unintended consequences due to expedited processes.
- Risk of overlooking important requirements despite the rule of interpretation.
- Limited scope as it only applies to bridge loans and Preferred Certified Lenders.
- The program's effectiveness is dependent on the Secretary's implementation.
- The program terminates on September 30, 2031, limiting its long-term impact.
Constitutional Alignment
The Act appears to align with the Constitution, particularly the General Welfare Clause (Preamble). Congress has the power to enact legislation that promotes the general welfare of the United States, and supporting agriculture falls under this purview. The Act does not appear to infringe on any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).