Academic journal article ABA Banking Journal

Sign Up for ReformFarmCredit.Org

Academic journal article ABA Banking Journal

Sign Up for ReformFarmCredit.Org

Article excerpt

ABA is encouraging agricultural bankers to show their support for Farm Credit System reform by registering online at ReformFarmCredit.org.

Reform Farm Credit is a campaign with two primary missions:

* To educate Americans about how the Farm Credit System, a government-sponsored enterprise, no longer serves the people it was created to serve and puts American taxpayers at risk by making large, nonagricultural loans

* To advocate for better oversight and significant reforms of the Farm Credit System by the U.S. Congress

The website puts in stark, easy-to-understand terms the risks posed by the FCS' implicit Treasury backing, the waste generated by its unfair tax advantages and the missed opportunities resulting from the FCS' neglect of its core mission.

The campaign includes broader outreach encouraging policy organizations in Washington to focus on Farm Credit System issues, as well as continued efforts to feature discussions of Farm Credit System in local media outlets. For example, bankers recently discussed the FCS during radio interviews in Texas and Alabama.

The website also collects news stories written about the Farm Credit System, such as a Politico article that noted how "Farm Credit takes advantage of its privileged status to cherry-pick the most creditworthy borrowers with remotely plausible links to rural America, although its loans to help a billionaire's ex-wife launch a winery in Virginia and an American Idol producer build an equestrian center in South Dakota have gone bust, too."

The website also features ABA's efforts to highlight the Farm Credit System's abuse of its tax-favored status. …

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