Murphy, LaHood Introduce Bipartisan Legislation to Modernize Financing Tools for Farmers and Manufacturers

Statement

U.S. Reps. Stephanie Murphy, D-Fla., and Darin LaHood, R-Ill., introduced bipartisan legislation to modernize decades old financing tools used by farmers and manufacturers to grow and create more jobs. The Modernizing Agriculture and Manufacturing Bonds Act (MAMBA), H.R. 5422, would streamline private activity bonds to help small manufacturers and first-time farmers grow their businesses, invest in new equipment, and hire more workers. These bonds are a key economic tool for state and local development agencies to help finance small- to mid-sized manufacturers.

"Florida farmers and manufacturers deserve to have innovative and updated financing tools to invest in their local community and hire more workers," said Murphy. "I'm proud to lead this bipartisan bill with Rep. LaHood that will modernize the way farmers and manufacturers across the country acquire capital, providing them with the resources they need to grow, create more jobs, and bring their businesses into the 21st century."

"Farming and manufacturing are critical to economic success of the constituents I represent in central and west-central Illinois," said LaHood. "Our legislation will help entrepreneurs and first-time farmers receive the financing they need to grow, create good-paying jobs, and bolster our economy in the Midwest. I am proud to join my Ways and Means colleague Rep. Stephanie Murphy in this bipartisan effort, and I'll continue to work in Congress to ensure farmers and manufacturers have the necessary tools to be successful in our 21st-centruy economy."

The legislation is endorsed by development finance agencies, private sector entities, and key industry stakeholders including the Florida Development Finance Corporation, Illinois Finance Authority, the Council of Development Finance Agencies (CDFA), and the National Council of State Agricultural Finance Programs.

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