Mike Conaway: “I thank my fellow colleague on the Agriculture Committee for hosting tonight's Special Order hour and for yielding. Mr.…”

“I thank my fellow colleague on the Agriculture Committee for hosting tonight's Special Order hour and for yielding. Mr. Speaker, I rise to commend the Farm Credit System for 100 years of service to rural America and the agriculture industry. The importance of the Farm Credit System is largely unknown to those who are outside of agriculture, often leaving it prone to political attacks. However, its importance to those it serves has never been greater as declining commodity prices have led to a sharp downturn in the farm economy. Thankfully, the Farm Credit System and its members have been there to help lessen that burden. To understand the Farm Credit System, it is important to look back at its roots. In the early 1900s, credit was largely unavailable or unaffordable in many parts of rural America, and lenders avoided agriculture loans due to their associated risks. In 1908, President Theodore Roosevelt appointed a commission to explore the problem and, ultimately, found a need to develop more cooperatives and a cooperative credit system for farmers. From that idea, Congress passed the Federal Farm Loan Act of 1916, which eventually resulted in the establishment of the Farm Credit System, a system created to provide a permanent, reliable source of credit to American agriculture. The Farm Credit System's mission has evolved over time.…”