[Congressional Record Volume 162, Number 94 (Tuesday, June 14, 2016)]
[Extensions of Remarks]
[Page E916]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  COMMENDING THE FARM CREDIT SYSTEM FOR 100 YEARS OF SERVICE TO RURAL 
                 AMERICA AND THE AGRICULTURAL INDUSTRY

                                 ______
                                 

                        HON. K. MICHAEL CONAWAY

                                of texas

                    in the house of representatives

                         Tuesday, June 14, 2016

  Mr. CONAWAY. Mr. Speaker, today, I rise to commend the Farm Credit 
System for 100 years of service to rural America and the agriculture 
industry.
  The importance of the Farm Credit System is largely unknown to those 
outside of agriculture, often leaving it prone to political attacks. 
However, its importance to those it serves has never been greater, as 
declining commodity prices have led to a sharp downturn in the farm 
economy. Thankfully, the Farm Credit System and its members have been 
there to help lessen the burden.
  To understand the Farm Credit System, it's important to look back to 
its roots. In the early 1900s, credit was largely unavailable or 
unaffordable in rural areas, and lenders avoided agricultural loans due 
to their associated risks. In 1908, President Theodore Roosevelt 
appointed a commission to explore the problem and ultimately found a 
need to develop more cooperatives and a cooperative credit system for 
farmers.
  From that idea, Congress passed the Federal Farm Loan Act of 1916, 
eventually resulting in the establishment of the Farm Credit System--a 
system created to provide a permanent, reliable source of credit to 
American agriculture.
  The Farm Credit System's mission has evolved over time. For example, 
in 1980, Congress empowered the Farm Credit System to provide valuable 
capital for infrastructure necessary for communities to thrive.
  But since its inception, the Farm Credit System has never wavered in 
its mission of providing lines of credit to our rural communities in 
good times and in bad. During the late 1980's, our farmers and ranchers 
faced particularly difficult times. Fortunately, the agriculture 
industry and the Farm Credit System were able to weather the storm 
together and emerged even more prepared for the years to come. Today, I 
believe that the Farm Credit System is fundamentally safe and sound and 
in a position to endure the challenges that it will inevitably face.
  To acknowledge and celebrate a century of dedicated service to rural 
America, I was proud to sponsor House Resolution 591, commemorating 
Farm Credit's 100th anniversary. Providing more than $237 billion in 
loans to more than 500,000 customers, the Farm Credit System has worked 
tirelessly in all 50 states to ensure a vibrant rural economy, and I am 
proud to congratulate them today.

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