Political Quotes

“the Farm Credit System does fulfill a valuable service to the farmers of America, and we have no argument with that. But we all need to recognize that the Farm Credit System is a government-sponsored entity. It has the benefits and privileges of a government-sponsored entity, and the taxpayers underwrite its operation. Now, traditionally they have made what we call farm loans, agricultural loans. There is much concern in the private lending market, independent bankers, small-town bankers, credit unions and thrifts that this role has been expanding. In fact, over half the loans made by the Farm Credit System are to farmers or corporations valued at over $1 million. Where they were making agricultural loans, agricultural mortgages, now they're lending money to Cargill, ADM, Jack-in-the-Box, and retail businesses. This amendment is simply our way of saying that when you begin to compete with small-town bankers, with thrifts, with credit unions, it is a contact sport. And we need to take a step back and look at it.”