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Subcommittee reviews credit conditions in rural America
Story Date: 6/12/2009
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Source: House Agriculture Commitee, 6/11/09
Today, the House Agriculture Subcommittee on Conservation, Credit, Energy, and Research held a hearing to review the
credit conditions in rural America. Congressman Tim Holden of Pennsylvania is Chairman of the Subcommittee.
"Agricultural credit is facing challenges," Chairman Holden said. "The current financial crisis that has affected so many other markets has not hit the agriculture sector quite as hard, but producers are still feeling the effect."
The Subcommittee heard testimony from two panels of witnesses, including officials from the Farm Service Agency, the Farm Credit Administration, and Farmer Mac, which all play a role in providing credit assistance to farmers and ranchers in the form of direct loans, loan guarantees, and supporting the secondary loan market. The Subcommittee also heard from rural lenders and economic
forecasters.
The opening statements of all witnesses are available on the House Agriculture Committee website at
agriculture.house.gov/hearings/index.html. A full transcript of the hearing will be posted on the Committee website at a later date.
Witnesses:
Panel I
Mr. Doug Caruso, Administrator, Farm Service Agency, U.S. Department of Agriculture, Washington, D.C.
Mr. Leland Strom, Chairman, Farm Credit Administration, McLean, Virginia
Panel II
Mr. Bob Frazee, President, Mid-Atlantic Farm Credit, Westminster, Maryland
Mr. Michael A. Gerber, President and Chief Executive Officer, Farmer Mac, Washington, D.C.
Mr. Fred Bauer, President/Chief Executive Officer, Farmers Bank, Ault, Colorado
Dr. Mark Drabenstott, Director and Research Professor, RUPRI Center for Regional Competitiveness, Truman School of Public Affairs, University of Missouri, Kansas City, Missouri
Mr. Patrick Sullivan, Economic Development Specialist and Agricultural Mediation Program Project Leader, New Mexico State University, Las Cruces, New Mexico
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