Magazine article American Banker

Farm Credit Administration Member Named as Chairman

Magazine article American Banker

Farm Credit Administration Member Named as Chairman

Article excerpt

WASHINGTON - President Clinton has named Billy Ross Brown chairman of the Farm Credit Administration.

Arkansas banker William Bowen, a personal friend of the President's, is rumored to have turned the job down first.

Mr. Bowen had been campaigning for the chairmanship of the Federal Deposit Insurance Corp. The White House is expected to fill that post next week.

"In a way, I am absolutely delighted that Bowen did not take the job, because that means to me his hat is still in the ring for FDIC chairman," said Kenneth Guenther, executive vice president of the independent Bankers Association of America.

Other Contenders

But while in New Hampshire last spring, President Clinton said Chris Gallagher, a lawyer and campaign adviser there. was his leading candidate.

Recently, sources in the administration have indicated that two women candidates had become the leading contenders. Naming a woman would have allowed Mr. Clinton to make good on a campaign pledge to put more women and minorities in key positions.

The Farm Credit Administration is an independent agency that regulates the Farm Credit System, a government-sponsored enterprise that competes with the nation's 4.000 agricultural bankers. Outstanding farm debt last year was $140 billion, according to the Department of Agriculture.

Rural Credit Source

Congress chartered the Farm Credit System in 1916 to provide credit to farmers. It consists of 14 banks and 243 local credit associations that lend to farmers, ranchers, and rural cooperatives. …

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