Thomas Daschle: “the Farm Credit System is a nationwide network of borrower-owned financial institutions consisting of four farm-credit…”

“the Farm Credit System is a nationwide network of borrower-owned financial institutions consisting of four farm-credit banks, one agricultural-credit bank, and nearly 100 locally owned farm-credit associations. These institutions were created as a result of the 1916 Farm Credit Act, whose fundamental purpose was to establish a network of government-sponsored enterprises that would provide America's farmers and ranchers with a reliable source of credit at fair and competitive interest rates. Over the years, the Farm Credit System has provided critical credit and related services to farmers, ranchers, rural homeowners, farm-related businesses, and cooperatives, including rural utilities. In fact, the Farm Credit System provides over $90 billion in loans to more than a half-a-million producers, agribusiness, and agricultural cooperatives. Overall, more than 25 percent of the credit needs of American agriculture are met by these important farm credit institutions. These institutions have the unique attribute of being organized as cooperative businesses, each owned by its member-borrower stockholders, who have the right to participate in director elections and vote on issues impacting business operations.”