United StatesAmerican Farmers First Act
What it does
This bill prohibits the use of the Exchange Stabilization Fund (ESF) to provide financial support to Argentina and provides one-time economic assistance payments to certain crop producers. (The ESF is an emergency reserve fund of the Department of the Treasury, originally used for the purpose of maintaining the fixed dollar exchange rate. In October 2025, Treasury announced U.S. financial support for Argentina, including a $20 billion currency swap line financed through the ESF.)
More detail
Specifically, the bill prohibits the use of the ESF to provide direct or indirect financial support to Argentina, including through the establishment of currency swap lines, the purchase of pesos or sovereign debt of Argentina, or the extension of any credit instrument. This prohibition terminates on December 10, 2027.
Any financial contract or instrument that was entered into before the bill's enactment and violates the prohibition must be sold or terminated within seven days of the bill's enactment.
Treasury must allocate to the Department of Agriculture (USDA) the proceeds from the sale or termination of financial contracts or instruments pursuant to the bill. USDA must then use the allocated proceeds to make one-time economic assistance payments to producers of each crop adversely impacted by loss of export markets during the 2025 marketing year for such crop, as determined by USDA.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jan 13Subcommittee on General Farm Commodities, Risk Management, and Credit DischargedLatest
- 2025
- Dec 5Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
- Nov 19Sponsor introductory remarks on measure. (CR H4782)
- Nov 17Introduced in House
- Nov 17Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.Introduced