United States.

S. HRG. 101-704

OVERSIGHT ON THE IMPLEMENTATION OF THE
AGRICULTURAL CREDIT ACT OF 1987

HEARINGS

BEFORE THE

COMMITTEE ON AGRICULTURE,
NUTRITION, AND FORESTRY

AND THE

SUBCOMMITTEE ON AGRICULTURAL CREDIT

OF THE

COMMITTEE ON AGRICULTURE,

NUTRITION, AND FORESTRY
UNITED STATES SENATE

ONE HUNDRED FIRST CONGRESS

FIRST SESSION

ON

CREDIT FOR AGRICULTURE AND RURAL COMMUNITIES WITH SPECIAL
ATTENTION TO THE AGRICULTURAL CREDIT ACT OF 1987

FEBRUARY 13, 1989-SIOUX CITY, IA

APRIL 26, 1989-BISMARCK, ND

MAY 9, JUNE 19, AUGUST 1, 1989-WASHINGTON, DC

Printed for the use of the

Committee on Agriculture, Nutrition, and Forestry

23-112

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON: 1990

For sale by the Superintendent of Documents, Congressional Sales Office
U.S. Government Printing Office, Washington, DC 20402

1-14

OVERSIGHT ON THE IMPLEMENTATION OF THE AGRICULTUR-

AL CREDIT ACT OF 1987-WITH RESPECT TO CREDIT FOR

AGRICULTURE AND RURAL COMMUNITIES

Harkin, Hon. Tom, a U.S. Senator from Iowa..........

Daschle, Hon. Thomas A., a U.S. Senator from South Dakota.

Kerrey, Hon. J. Robert, a U.S. Senator from Nebraska...

CHRONOLOGICAL LIST OF WITNESSES

Duffy, Michael D., extension economist and associate professor of economics,

Iowa State University, Ames, IA.

Prepared statement

Martin, John, executive vice president and chief operating officer, Farm

Credit Services of Omaha, Omaha, NE..

Prepared statement

New money/commitments....

Accruing loans (loans, contracts for deed and leases)

Omaha district delinquencies...

Omaha district buyers in 1988...

Farm Credit Services-Omaha yearly operating expense comparisons

Layers of management.......

Farm Credit Services, News Releases:

FmHA demonstration project underway in Omaha district.

Iowa realtors urged to support FmHA demonstration project

News release-February 10, 1989.

Farm Credit Services announces "Farmer Mac" stock purchase,

pledges full participation.......

Officials meet on low-cost farm loan program..

Thompson, Mike, executive director, Iowa Farmer/Creditor Mediation Serv-

ice, Des Moines, IA

Prepared statement

Lanning, Randy, executive vice president, Wakefield National Bank, Wake-

field, NE......

Prepared statement

Baxter, Mark, farmer, Rockham, SD

Prepared statement.

Severens, Eugene, Center for Rural Affairs, Walthill, NE.

Prepared statement

Attachment 1-Mediation

Attachment 2-Rural Economic Development: Agriculture and the Rural

Community