Ag Bankers, Accountants Oppose Sugar Policy Modernization Act

The Hagstrom Report says almost 60 banks and certified public accountants that all do business with sugar growers fired off a letter to the House and Senate Ag Committees opposing the Sugar Policy Modernization Act. The legislation would make changes to the American sugar program. The bankers and accountants say in the letter, “We’ve had the opportunity to review the ‘Sugar Policy Modernization Act’ that sugar policy opponents proposed to Congress in November of 2017.” They told the committees that it’s clear the food-manufacturer opponents of sugar policy do not know what the bankers and accountants know. If this bill, or its individual elements, is adopted, it would force an oversupply in the U.S. sugar market and would effectively remove the price safety net for American sugar farmers. The collapse of domestic sugar producers would cause major disruptions in the supply chain for food manufacturers and American consumers. The economic repercussions would be severe for the many vulnerable rural communities and regional economies that depend on a strong sugar law.