The Farm Credit System (FCS) is seemingly unconcerned with Congress’s decades old directive to serve young, beginning and small farmers and ranchers.
Here’s what the numbers show:
- According to annual filings, the percentage of its total loans to this community dipped from 2012 to 2013
- At the same time, the System’s profits increased from $4.34 to $4.64 billion while its asset size grew from $247 to $261 billion
- Also worrying is the fact that despite its growth, which increases the risk to American taxpayers, its own effective tax rate dipped from 5.12 to 4.8 percent
These numbers tell a troubling story about an FCS that is increasingly vested in growing its size and scope at the expense of those it was intended to serve.
Let’s put an end to the Farm Credit System’s insatiable appetite for growth: tell Congress to administer oversight now.