[Congressional Record Volume 162, Number 95 (Wednesday, June 15, 2016)]
[Extensions of Remarks]
[Pages E917-E918]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         CELEBRATING THE CENTENNIAL ANNIVERSARY OF FARM CREDIT

                                 ______
                                 

                               speech of

                            HON. ANDY HARRIS

                              of maryland

                    in the house of representatives

                         Tuesday, June 14, 2016

  Mr. HARRIS. Mr. Speaker, I rise today to celebrate the 100 year 
anniversary of the establishment of the Farm Credit System. I was 
pleased to cosponsor House Resolution 591, commending the cooperative 
owners and employees of the Farm Credit System for 100 years of 
service.
  The Farm Credit System was established by Congress through the 
Federal Farm Loan Act of 1916, signed into law on July 17, 1916, by 
President Woodrow Wilson, making 2016 the centennial anniversary of the 
founding of the cooperatively owned and operated Farm Credit System. 
Congress intended the Farm Credit System be designed as a permanent 
means to support the well-being and prosperity of the Nation's rural 
communities and agricultural producers of all types and sizes. It was 
designed as a network of cooperatives, independently owned and 
controlled by its borrowers, and meant to be responsive to individual 
needs for credit and financial services.
  Since its inception the Farm Credit system has, and continues to, 
continually adapt in order to meet the changing needs of rural 
communities and agriculture. Today, the Farm Credit System plays a 
vital role in the success of the United States agricultural sector and 
the economic vibrancy of rural communities throughout all 50 States and 
Puerto Rico. The system provides more than $237 billion in loans to 
more than 500,000 customers across the nation. In Maryland, Farm Credit 
serves nearly 5000 borrower-owners representing over $1.3 billion in 
loan volume. In my district alone, MidAtlantic Farm Credit serves over 
2000 borrower-owners, representing over $633 million in loan volume.
  The Farm Credit System actively supports the next generation of 
agricultural producers by annually providing billions of dollars in 
loans to young and beginning farmers and ranchers and through its 
ongoing financial support for organizations like 4-H and Future Farmers 
of America. In Maryland, Farm Credit serves over 3200 young/beginning/
small farmers representing over $648 million in loan volume.
  For all these reasons, Mr. Speaker, it is my pleasure to rise today 
in celebration of the 100th anniversary or the establishment of the 
modern American Farm Credit System.

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