[Congressional Record Volume 153, Number 124 (Tuesday, July 31, 2007)]
[Extensions of Remarks]
[Page E1656]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               FARM, NUTRITION, AND BIOENERGY ACT OF 2007

                                 ______
                                 

                               speech of

                          HON. EMANUEL CLEAVER

                              of missouri

                    in the house of representatives

                        Thursday, July 26, 2007

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 2419) to 
     provide for the continuation of agricultural programs through 
     fiscal year 2012, and for other purposes:

  Mr. CLEAVER. Madam Chairman, I would like to express my support for 
the amendment to the Farm Bill Extension Act of 2007, H.R. 2419, 
offered by my friend Mr. Frank from Massachusetts. The amendment aims 
to remove the expansions in the underlying legislation that would 
expand the Farm Credit System. The Farm Credit System is a $163 billion 
direct lending Government sponsored enterprise that has its own 
regulatory system and preferential borrowing authority.
  The proposed expansions of the Farm Credit System in the original 
measure would have diluted farmer ownership of farm cooperatives and 
would have undermined farm cooperative principles. Fortunately, the 
Frank amendment passed last night by a voice vote, as these extensions 
of the Farm Credit System clearly did not have the support of the 
majority of my House colleagues. Because the amendment was approved, 
the Farm Credit System is better able to serve its intended 
constituency by providing credit directly to family farmers, ranchers, 
and farmer-owned cooperatives.
  The protections afforded by the Frank amendment to the farming sector 
are also reflected in protecting our financial institutions by 
preventing an unwarranted expansion into mainstream banking activities. 
Our Nation's financial institutions have continued to evolve and meet 
the needs of consumers over the years. These innovations should 
continue to be fostered while maintaining the security and independence 
of our financial institutions.
  I applaud the passage of the Farm Bill, which will provide our 
Nation's farmers with meaningful and necessary assistance for the next 
5 years. I look forward to continuing to work with my House colleagues 
to enact effective reform in the financial sector as well.

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