The American Farm Bureau wants Congress to put farm and ranch risk management accounts (FARRM) in place as soon as possible.  Legislation to establish the accounts is "exactly the kind of risk management tool that farmers and ranchers are looking for," AFBF said in testimony to the House Small Business Rural Enterprises Subcommittee.

"Using these accounts, producers will be encouraged to save up to 20% of their net farm income in higher-income years with the benefit of deferring taxes on the income until the funds are withdrawn," said Washington State Farm Bureau President Steve Appel.

The legislation being debated would guarantee that the funds would not be at risk and would prevent abuse by allowing funds to be held in the account for five consecutive years before mandatory withdrawal.

With 1999 shaping up to be another difficult income year for farmers and ranchers, "I can't help thinking how different things would be now if FARRM accounts had been put on the books five years ago, and farmers and ranchers had FARRM savings to use this year," Appel added.