Farm Credit System
What did the commissions document report?
A lack of any adequate agriculture credit, whereby a farmer may readily secure loans on fair terms.
Lawmakers chose a cooperative credit structure based on what?
Based on 12 Federal Land Banks, using $125 million in government seed money but financed by private capital from investors.
The seeds of the Farm Credit System were planted by who?
By President Theodore Roosevelt.
What was Farm Credit established under?
Farm Credit was established under federal charters to provide sound and constructive credit to farmers, ranchers, agricultural cooperatives, and farm-related businesses.
Who are the customers?
Farmers, Ranchers, and Agribusiness.
When was the seeds of the Farm Credit System planted?
In 1908.
When was the Agricultural Credits Act?
In 1923.
What year did congress pass two crucial laws?
In 1933.
What is the Farm Credit Council?
It is a systems trade association offering a wide range of business services and represents system interests before congress and the federal government.
Is the Farm Credit System a sponsored enterprise by the government?
It is one of the eight government-sponsored enterprises.
What did the report lead to?
It led to various presidential congressional studies over the next several years, which included extensive analysis of other nations' rural credit systems.
What does the Federal Farm Credit Banks Funding Corporation manage.
It manages the sale of system securities and provides financial and advisory services.
What does ACA stand for?
It stands for Agriculture Credit Associations.
What does FLCA stand for?
It stands for Federal Land Credit Associations.
What does FLB stand for?
It stands for Federal Land banks.
What does PCA stand for?
It stands for Production Credit Associations.
Who established Farm Credit?
It was established by congress.
When was Farm Credit established?
It was established in 1916.
Why was ACAs formed?
It was formed to offer both short- and long-term loans.
What is the maturities of the short-term and intermediate-term loans?
Normally less than seven years.
What of those two laws did they affect?
The future of Farm Credit.
What went from bad to worse in 1929?
The stock market crash.
How many major agricultural laws are followed that would lead to a sweeping reorganization of the Farm Credit System.
There are three major agricultural laws.
What does the FLCAs provide?
They provide long-term real estate mortgages and also refinance existing mortgages and other debts.
What does the PCAs provide? What are their purposes?
They provide short-term and intermediate-term loans for various purposes such as operating expenses, farm equipment, livestock, farm buildings, and other capital improvements.