News Release - Etheridge: After Years of Work, Buyout a Reality for Farm Families

News Release
Congressman Bob Etheridge
North Carolina

October 11, 2004

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

Etheridge: After Years of Work, Buyout a Reality for Farm Families

WASHINGTON - U.S. Rep. Bob Etheridge (D-Lillington) today celebrated the U.S. Senate's passage of the conference report for H.R. 4520, including a $10.1 billion tobacco buyout for North Carolina's farm families, by a vote of 69 to 17. Etheridge, a part-time tobacco farmer and a member of the House Agriculture Committee, has planned a meeting with farmers on Wednesday at 11 a.m. in Clayton to give farmers all the details on the legislation.

"Today truly marks the dawn of a new day for North Carolina farmers," Etheridge said. "The $4 billion this buyout will pump into North Carolina will make a real difference in our rural communities to jumpstart the economy and create jobs. Above all, our farm families will now have an honest chance to survive and will finally have a measure of security and stability. Farmers and I have fought so long and so hard that we are battered and bruised, but today we are successful. Years of hard work by farmers, legislators and many others have paid off. Hallelujah! Praise the Lord!"

Etheridge has set a meeting with farmers to provide them with additional details on the legislation and its impact. The meeting will be held at 11 a.m. on Wednesday, October 13th at the Clayton Center, Town Council Chamber, 111 East Second Street. A complimentary light lunch will be provided. For more information or to attend, please contact Etheridge's office at 1-888-262-6202.

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. A full summary of the buyout legislation included in the conference report is available here.