I want to thank the Chairman for calling another hearing to allow us to hear from the Farm Credit System and its regulator today. There’s no question that access to credit is necessary for farmers to stay in business, but access to capital is also necessary for ag businesses and rural communities.
Opening Statement by Agriculture Committee Ranking Member Collin C. Peterson
Review of the Farm Credit System
--As Prepared for Delivery--
“Thank you Mr. Chairman and welcome, today’s witnesses, to the Agriculture Committee.
“I want to echo the Chairman’s comments on the passing of Ken Spearman. I worked with Ken for a number of years, was always impressed at his tremendous knowledge of agriculture, and always enjoyed our visits during his time as Chairman of the Farm Credit Administration. My thoughts and prayers are with his family.
“I want to thank the Chairman for calling another hearing to allow us to hear from the Farm Credit System and its regulator today. There’s no question that access to credit is necessary for farmers to stay in business, but access to capital is also necessary for ag businesses and rural communities. This hearing is a good opportunity for us to get a better understanding of the current credit situation as we look to potential changes in the next farm bill, in both the commodity and rural development titles.
“We have also seen a budget submission that seems to overlook the continuing infrastructure needs in rural America, from basic drinking water to the state of the art hospital facilities that rural areas deserve. I’ve been pleased to see commercial banks and Farm Credit System institutions team up in my district to help ensure that first rate health care is available closer to home.
“Again, Mr. Chairman, access to credit is vital for rural America, and I look forward to working with you and other members of this Committee to ensure that our rural communities and ag producers have access to that credit through both the Farm Credit System and commercial banks.”
