Farm Credit gets to celebrate its 100th anniversary with some well wishes from the Senate Agriculture Committee. This news release from the committee says Chairman Pat Roberts, R-Kan., and Ranking Member Debbie Stabenow, D-Mich., introduced S.Res. 349, a resolution acknowledging the Farm Credit System’s anniversary and continued service to meet the credit and financial needs of rural communities.
On July 17, 1916, President Woodrow Wilson signed into law the Federal Farm Loan Act establishing the Farm Credit System. Through the enactment of the Farm Credit Act of 1971, Congress deemed the Farm Credit System’s permanent job to support rural communities and agricultural producers.
The Farm Credit System is a network of independently owned cooperatives controlled by borrowers. The Farm Credit System supports the next generation of agricultural producers by annually providing billions of dollars in loans for beginning producers and by financially supporting organizations such as 4-H and FFA.
Cosponsors include Sens. Thom Tillis, R-N.C.; Joni Ernst, R-Iowa; Thad Cochran, R-Miss.; Charles Grassley R-Iowa; Michael Bennet, D-Colo.; Robert Casey D-Pa.; and Heidi Heitkamp, D-N.D. All cosponsors are members of the Senate Agriculture Committee.