[Congressional Record Volume 162, Number 17 (Thursday, January 28, 2016)]
[Senate]
[Pages S347-S348]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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  SENATE RESOLUTION 349--CONGRATULATING THE FARM CREDIT SYSTEM ON THE 
                  CELEBRATION OF ITS 100TH ANNIVERSARY

  Mr. ROBERTS (for himself, Ms. Stabenow, Mr. Tillis, Mrs. Ernst, Mr. 
Cochran, Mr. Bennet, Ms. Heitkamp, Mr. Casey, and Mr. Grassley) 
submitted the following resolution; which was referred to the Committee 
on Agriculture, Nutrition, and Forestry:

                              S. Res. 349

       Whereas on July 17, 1916, President Woodrow Wilson signed 
     into law the Federal Farm Loan Act (39 Stat. 360, chapter 
     245), which established the Farm Credit System;
       Whereas through the enactment of the Farm Credit Act of 
     1971 (12 U.S.C. 2001 et seq.), Congress--
       (1) directed that the Farm Credit System be designed as a 
     permanent system to support the well-being and prosperity of 
     rural communities and agricultural producers of all types and 
     sizes in the United States; and
       (2) recognized that a prosperous, productive agricultural 
     sector is essential to a free country;
       Whereas Congress designed the Farm Credit System as a 
     network of independently owned cooperatives that are--
       (1) controlled by borrowers; and
       (2) responsive to the individual needs of borrowers for 
     credit and financial services;
       Whereas the Farm Credit System plays an important role in 
     the success of United States agriculture and economic 
     vibrancy of rural communities in all 50 States and Puerto 
     Rico;
       Whereas the Farm Credit System actively supports the next 
     generation of agricultural producers--

[[Page S348]]

       (1) by annually providing billions of dollars for loans to 
     young and beginning farmers and ranchers; and
       (2) through ongoing financial support for organizations 
     such as 4-H and the Future Farmers of America; and
       Whereas Congress has provided for--
       (1) the appropriate safety and soundness oversight of the 
     Farm Credit System through the Farm Credit Administration, an 
     independent Federal agency, the operating costs of which are 
     funded by the Farm Credit System; and
       (2) the protection of investors in Farm Credit System bonds 
     through the Farm Credit System Insurance Corporation, funded 
     by premiums paid by the Farm Credit System: Now, therefore, 
     be it
       Resolved, That the Senate--
       (1) congratulates the Farm Credit System on the celebration 
     of the 100th anniversary of its founding; and
       (2) commends the continued service of cooperative owners 
     and employees of the Farm Credit System to help meet the 
     credit and financial services needs of rural communities and 
     agriculture.

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