• Leonard Wolfe: It’s time to reform the Farm Credit System


    On May 19, the U.S. Senate Committee on Agriculture, Forestry & Nutrition took the Farm Credit System to task for its history of unacceptable business practices, only six months after the House Committee on Agriculture did the same. It had been some years since the House Committee on Agriculture examined the System, and it had been over ten years since the Senate Committee on Agriculture had. This critical examination has re-sparked an important debate, while also enshrining in the public record what many producers, community bankers, lawmakers and taxpayers had suspected: the Farm Credit System is exceeding its mandate, lending for non-agricultural purposes all while benefiting from tax exemption.