The Washington Examiner today took a skeptical look at the growth of the Farm Credit System and its tax-advantaged GSE status. “This rapid expansion has prompted calls for oversight from members of Congress and heightened fears that the Farm Credit System could be America’s next Fannie Mae,” the Examiner said.
The article examined calls from members of Congress to investigate the FCS, the involvement of FCS institutions in financing major deals involving telecom giants like Verizon and the FCS’ poor track record of serving young, beginning and small farmers.
“We openly accept any fair competition,” ABA VP Ed Elfmann told the Examiner. “Small rural banks are doing a great job of partnering with the USDA and Farmer Mac … the [agricultural] economy is good and bankers are getting creative.”