[Congressional Record Volume 140, Number 147 (Tuesday, November 29, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: November 29, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                 SWEARING-IN CEREMONY FOR DOYLE L. COOK

                                 ______


                          HON. THOMAS S. FOLEY

                             of washington

                    in the house of representatives

                       Tuesday, November 29, 1994

  Mr. FOLEY. Mr. Speaker, today I had the honor of participating in the 
formal swearing-in ceremony for Doyle L. Cook, whose appointment to the 
Board of the Farm Credit Administration was confirmed by the Senate 
last month. Doyle joined the Board of the Farm Credit Administration 
[FCA] on October 6, 1994, bringing 32 years experience in agricultural 
lending.
  Doyle Cook originally joined the Farm Credit System in 1975, after 13 
years experience in credit, marketing, finance, and general management 
with Ralston Purina. He is from Star City, AR, and earned a B.S. degree 
in agricultural business and an M.S. degree in agricultural economics 
from the University of Arkansas.
  I came to know and respect Doyle Cook from his service to the Farm 
Credit Bank of Spokane. That service represents a significant 
achievement in Doyle's career and makes him eminently qualified to 
serve on the FCA Board.
  When Doyle took over the Spokane Farm Credit Bank, it was in dire 
financial straits. Under his leadership, the Spokane Farm Credit Bank 
was restored to financial health.
  When Doyle took over the Spokane Farm Credit Bank as president and 
chief executive officer in 1989, he immediately went to work to get the 
bank back to a sound financial position. He quickly obtained Federal 
financial assistance to stabilize the situation. He selected a new 
management team and charged them with increased responsibilities and 
levels of accountability. He reduced the bank's cost of funds by buying 
down high-cost debt. He encouraged the associations to merge to reduce 
operating costs and helped persuade borrowers that they should convert 
from guaranteed stock to ``at risk'' capital to enable the district to 
meet its capital requirements. Within 5 years, the bank was profitable 
again and Federal assistance had been repaid, 10 years ahead of 
schedule. This spring, when the Farm Credit Bank of Spokane was merged 
with the Farm Credit Bank of Omaha, Doyle willingly stepped down to 
create a leaner, stronger bank better able to serve its customers.
  The Spokane bank was not the first challenge of this type Doyle had 
undertaken. In 1985, he left his position as senior vice president of 
the Federal Intermediate Credit Bank of Texas to assume leadership of a 
large district-wide association in Louisville, KY, with a $75 million 
operating loss. Within 4 years, the association was earning a $52 
million profit.
  Today, at his swearing-in, Doyle made the following remarks, which I 
think give us some insight into the kind of regulator he will be:

       Since coming to FCA, a number of people have asked me about 
     my agenda as a regulator. My answer has been that my agenda 
     will be to continue to do the effective job of regulating the 
     system that FCA has been doing, but to challenge the staff to 
     do it better, more efficiently, and more creatively. Although 
     I am a great believer in learning the lessons history has to 
     teach us, I also think ``we've always done it that way'' is 
     not an acceptable reason for doing something. I favor 
     regulation that creates the right incentives for farm credit 
     system institutions to serve their markets better, make sound 
     loans, and build strong financial institutions. Beyond this I 
     have no agenda. Certainly, this is agenda enough.
       To system institutions and to the FCA staff, I would say we 
     need to beware of the complacency that is fostered by benign 
     economic conditions. Let's be sure we have learned the 
     lessons the eighties have to teach us. One thing we know, 
     good times and bad times are cyclical. At the same time, 
     let's be sure that we understand how things have changed and 
     seek to understand the pace and direction of the change that 
     continues even as we speak. And let's dare to do things 
     differently and more creatively, as the need arises, to 
     respond to the risks and opportunities that the future holds.
       During the 1980's, I assumed leadership of two troubled 
     institutions--a large association and a bank. In both cases, 
     things looked bad. Keeping up employee moral was a struggle. 
     Keeping up my own morale was a struggle. But what I learned 
     from these experiences is that people can perform heroically 
     in the worst of conditions, just as people can perform 
     miserably in the best of conditions, and ultimately, we reap 
     what we sow. When conditions are benign, as they currently 
     are, we need to strive just as hard for excellence as we do 
     when we are challenged by difficult economic conditions. 
     Otherwise, we sow the seeds for future difficulties. I have 
     also learned that people of enthusiasm and good will can make 
     a poor organizational structure work and unenthusiastic and 
     self-interested people can sabotage an excellent 
     organizational structure.
       What is my agenda? A few years ago, I expressed my feelings 
     about the role I hoped to play as CEO of a troubled 
     institution by quoting Elbert Hubbard's ``Businessman's 
     Creed.'' With a few modifications to degenderize it and to 
     reflect my new role as regulator, it still seems to work. 
     With apologies to Mr. Hubbard for the modifications, here it 
     is:
       1. I believe in the stuff I'm handing out in FCA and our 
     ability to get results.
       2. I believe that honest stuff can be passed out to honest 
     people by honest methods.
       3. I believe in working, not weeping; in boosting, not 
     knocking; and in the pleasure of my job.
       4. I believe that a person gets what they go after, that 
     one deed done today is worth two deeds tomorrow, and that no 
     person is down and out until they have lost faith in 
     themselves.
       5. I believe in today and the work I am doing, in tomorrow 
     and the work I hope to do, and in the sure reward which the 
     future holds.
       6. I believe in courtesy, in kindness, in generosity, in 
     good cheer, in friendship, and in honest competition (with 
     commercial banks, or course).
       7. I believe there is something doing, somewhere, for every 
     person ready to do it.
       8. I believe I am ready. Right now.

                          ____________________