Dick Lugar: “I support the nomination of Ann Jorgensen to the Farm Credit Administration Board of Directors and Lowell Junkins to the…”

“I support the nomination of Ann Jorgensen to the Farm Credit Administration Board of Directors and Lowell Junkins to the Farmer Mac Board of Directors. Both nominees appeared before the Agriculture Committee on April 10 and both were favorably reported out of committee on April 15 by unanimous vote. The Farm Credit System is an important source of agricultural credit for rural America. The system is regulated by the Farm Credit Administration, which has had a vacancy on its three-member Board since March 31, 1995. I am pleased that after that long vacancy we have a qualified nominee to complete the board. Ms. Jorgensen has a distinguished career in farming, entrepreneurship, and public service and will serve ably as an FCA board member. Farmer Mac was created by Congress in 1988 to promote a secondary market in farm real estate loans. The Farm Credit System Reform Act of 1996 provided Farmer Mac with additional authorities to develop a successful secondary market. The future of Farmer Mac will be determined in the next 2 years. It is important that qualified individuals serve on the board to help move Farmer Mac toward a successful secondary market for agricultural loans. Mr. Junkins has served as a recess appointee to the Farmer Mac Board of Directors since April 1996.”