Banks Fight $4 Billion Debt Relief Plan for Black Farmers

Lenders are pressuring the Agriculture Department to give them more money, saying quick repayments will cut into profits.

By Alan Rappeport

WASHINGTON — The Biden administration’s efforts to provide $4 billion in debt relief to minority farmers is encountering stiff resistance from banks, which are complaining that the government initiative to pay off the loans of borrowers who have faced decades of financial discrimination will cut into their profits and hurt investors.

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