Congressman Seeks GAO Audit of Farm Credit System

Rep. Marlin Stutzman (R-Ind.) on Friday wrote to the Government Accountability Office to request an audit and study of the Farm Credit System’s impact “on taxpayers, the agriculture community and the private banking industry.”

Specifically, Stutzman asked the GAO to examine how well the FCS is meeting its statutory obligations, with a focus on whether its financing of big telecom companies fits within statutory bounds. He also sought information on the FCS’ indirect lending programs, crop insurance sales and mineral rights holdings, as well as the effects on taxpayers of the FCS’ government-sponsored status.