American Farmers First Act
- Sponsor
- Rep. McClain Delaney, April [D-MD-6]
- Committees
- Agriculture Committee (primary)
- Last action
- Jan 13, 2026
Bottom line
This bill redirects potential U.S. financial support from Argentina to American farmers facing economic hardship due to lost export markets, prioritizing domestic agricultural relief.
What it actually does
This bill prohibits the Department of the Treasury's Exchange Stabilization Fund (ESF) from providing any direct or indirect financial support to Argentina, including currency swaps or sovereign debt purchases. It mandates that any existing financial contracts violating this prohibition be sold or terminated within seven days, with the prohibition itself expiring on December 10, 2027. The proceeds from these sales are then allocated to the Department of Agriculture to provide one-time economic assistance payments to U.S. crop producers adversely impacted by export market losses during the 2025 marketing year.
Proponents argue
Proponents argue this bill prioritizes American farmers over foreign financial stability, especially when U.S. agricultural sectors are facing economic hardship due to lost export markets. They contend that the Exchange Stabilization Fund should be used to support domestic interests rather than bailing out foreign economies, and that farmers deserve direct relief from trade-related impacts.
Opponents contend
Opponents might argue that restricting the Exchange Stabilization Fund's flexibility could undermine the Treasury's ability to manage international financial crises and protect broader U.S. economic interests. They may contend that such a prohibition could destabilize global markets, potentially leading to negative repercussions for the U.S. economy, and that using the fund for domestic relief is outside its intended purpose.
The bill is very short and can be read and understood quickly, allowing ample time for evaluation.
Section 2
Prohibits Exchange Stabilization Fund Use for Argentina
This section amends existing law to explicitly forbid the Department of the Treasury's Exchange Stabilization Fund (ESF) from providing any direct or indirect financial support to Argentina. This includes actions like establishing currency swap lines, purchasing Argentine pesos or sovereign debt, or extending credit instruments. Any existing financial contracts that violate this prohibition must be sold or terminated within seven days of the bill's enactment. This prohibition is temporary, expiring on December 10, 2027.
Supporters argue
Supporters argue this provision ensures U.S. taxpayer funds are not used to bail out foreign governments, especially when domestic needs are pressing. They believe it reasserts congressional control over the ESF's deployment.
Critics contend
Critics might contend that this provision unduly ties the hands of the Treasury Department, limiting its ability to respond to international financial crises that could have ripple effects on the U.S. economy. They may argue that such restrictions could harm diplomatic relations and global financial stability.
Tradeoffs
The provision balances the desire to protect U.S. taxpayer funds and prioritize domestic needs against the potential need for the Treasury to maintain flexibility in managing international financial stability and foreign relations.
Section 3
Establishes Farmer Economic Relief Program
This section directs the Secretary of the Treasury to transfer all proceeds generated from the sale or termination of financial contracts related to Argentina (as mandated by Section 2) to the Secretary of Agriculture. The Secretary of Agriculture is then required to use these funds to provide one-time economic assistance payments. These payments are specifically for producers of crops that experienced adverse impacts from a loss of export markets during the 2025 marketing year, as determined by the Secretary of Agriculture.