WASHINGTON (May 8, 2017) — The American Soybean Association (ASA) strongly supports new legislation from Reps. Dan Newhouse and Chellie Pingree to double funding for the MAP and FMD programs though the Cultivating Revitalization by Expanding American Agricultural Trade and Exports (CREAATE) Act.
“The MAP and FMD programs are two of the most impactful USDA export promotion programs for soybean producers across the country,” said ASA President and Illinois farmer Ron Moore. “The proposed increase to these market development programs through the CREAATE Act will provide an enormous return on investment for America’s agricultural community and the U.S. economy as a whole, and will ensure our continued ability to compete in the global marketplace.”
The $150 billion in U.S. agricultural exports that occurred in 2014 produced an additional $190 billion in economic activity for a total of $340 billion of economic output. This supported 1.1 million full time U.S. civilian jobs, including 800,000 in the non-farm sector required to assemble, process and distribute agricultural products for exports.
The CREAATE Act calls for phasing in additional annual funding for MAP to $400 million in FY 2023, and additional annual funding for FMD to $69 million in FY 2023. Doubling public funding for MAP and FMD, coupled with increasing private contributions from 10 to 50 percent, would result in average annual gains in GDP of $4.5 to $6.0 billion.
“Agricultural exports are one of the brightest lights in the U.S. economy, and these proposed increases to MAP and FMD will have a strong multiplier effect by creating jobs, expanding the farm and larger U.S. economy and increasing revenues to the Treasury,” Moore said.