Bank Seizes Congressman’s Dairy
This week Rep. David Valado of California confirmed Rabobank seized his family’s dairy in an effort to resolve more than $8 million in outstanding loans.
In a statement, Valado said his family’s situation is not unlike the situation of many families throughout the country as they struggle through tough times.
"While this has been an especially difficult experience, I remain hopeful that sharing my story will help those going through similar situations,” Valado told CNN. “This is exactly why I ran for Congress -- to give agriculture communities across the nation a voice in Washington."
Rabobank sued Valado’s Triple V Dairy in November as an attempt to collect on the outstanding debt. The bank and the Valados agreed to take the seizure route in March and Rabobank will hold onto the farm until it is sold.
According to CNN, Valadao, who's seeking a fourth term, has been described as the poorest member of Congress because of the debt associated with his farm.