Testifying on the Farm Bill: The Farm Credit System is Strong

Yesterday, I had the priviledge of testifying before the House Agriculture Committee's Credit Subcommittee on behalf of the Farm Credit System.

I shared with them that the Farm Credit System remains financially strong, stable, economically vital, and focused on serving its mission for agriculture and rural America. We continue to make credit available to all segments of agriculture including commercial producers as well as young, beginning and small farmers.

We are proud of our commitment to rural America. There are no federal dollars invested in the Farm Credit System. We pay for the expense of being regulated by the federal government through assessments on all Farm Credit System institutions, and we pay insurance premiums to provide protection for those who invest in our debt securities.

To continue serving our mission, we must have continued access to the national debt markets and an independent, arm's-length regulator that comprehends the unique requirements of agriculture and rural communities. In addition to being closely regulated, we have the built in oversight mechanism of our owners holding our feet to the fire to keep service quality high while protecting their equity in the cooperative.

Of course, I shared much more than those few paragraphs, but it's a pretty good summary of what message was sent. If you want all the details, you can download the full testimony, or view it online.