News Release - Etheridge Hails Buyout Passage Out of Conference Committee

News Release
Congressman Bob Etheridge
North Carolina

October 6, 2004

Contact: Sara Lang
Phone: (202) 225-4531

Etheridge Hails Buyout Passage Out of Conference Committee

WASHINGTON - This afternoon the conference committee considering tobacco buyout legislation as part of H.R. 4520 passed out its conference report, which includes a $10.1 billion tobacco buyout. With Congress scheduled to adjourn this week, the conference report must now be approved by both the U.S. House and the U.S. Senate. A vote on the conference report in the House is likely to take place Thursday or Friday. U.S. Rep. Bob Etheridge (D-Lillington), a part-time tobacco farmer and a member of the House Agriculture Committee, said he would support the plan.

"We have not made it home yet, but we are rounding third base," Etheridge said. "We have made it further than many ever thought possible, and we are closer than we have ever been before. I am optimistic that Congress will finally provide some much-needed relief to our struggling farm families. I will support this legislation wholeheartedly."

The version of the buyout in the conference report is a $10.1 billion buyout, translating into $7 for quota holders and $3 for growers based on 2002. However, the buyout is funded by tobacco companies and would therefore eliminate $3 billion in Phase II payments to farmers and allotment holders.

Today and yesterday the conference committee defeated amendments that would have added the Senate buyout plan, which included about $790 million extra for North Carolina farmers and FDA regulation.