Statement of Administration Policy: H.R. 3792 - Farm Credit Act Amendments

(House)
(Rep. de la Garza (D) Texas and three others)

The Administration supports prompt resolution of the financial difficulties currently facing the Farm Credit System, and applauds the House for considering H.R. 3792 in an expedited fashion.

Although the Administration strongly opposes the authorization for financial assistance to the Farm Credit System (and will seek to modify this provision in conference), we urge House passage of H.R. 3792 on suspension.

The Administration must reiterate, however, that such authorization is premature, pending an evaluation of the effectiveness of the bill's two other major features. These reforms reorganization of the Farm Credit Administration into an independent supervisor and creation of the Farm Credit System Capital Corporation to pool the System's own considerable resources are self-help measures which should prove sufficient to allow the Farm Credit System to resolve its current financial difficulties without the need for Federal financial assistance.