Summary

GAO reviewed the Department of Agriculture, Commodity Credit Corporation's (CCC) new rule on Farm Storage Facility Loan and Sugar Storage Facility Loan Programs. GAO found that (1) the final rule amends the regulations governing the Farm Storage Facility Loan (FSFL) and Sugar Storage Facility Loan (SSFL) programs. The final rule implements changes from the 2008 Farm Bill and adds hay and renewable biomass as eligible FSFL commodities, extends the maximum loan term to 12 years, and increases the maximum loan amount to $500,000. The final rule also adds fruits and vegetables (including nuts) as eligible facility loan commodities and adds cold storage facilities as eligible facilities; and (2) CCC complied with applicable requirements in promulgating the rule.