WASHINGTON, D.C. – Farm Credit Council President and CEO Todd Van Hoose released the following statement in response to the Center for American Progress’ (CAP) report, Promoting Climate-Resilient Agricultural and Rural Credit.
“We appreciate the Center for American Progress focusing on climate change’s impact on farmers, ranchers and rural communities across the United States. We welcome efforts to help farmers adapt to their changing environment and continue to produce the food and fiber necessary to fulfill needs across the globe.
“Farm Credit’s mission is to support rural communities and agriculture, and we are focused on the growing impact of climate change. Farmers especially suffered last year, as they endured a record 22 instances of storms that each caused more than $1 billion in damage.
“While we do not agree with some of CAP’s recommendations, as many of them would inevitably increase the cost of credit to farmers and rural businesses, we would look forward to discussing these issues with the authors of the report. To our knowledge, the authors did not reach out to Farm Credit to better understand our current credit and lending practices, capital standards or risk management protocols. To open that dialog, we are contacting them, in the hopes of engaging on these important issues.
“For generations, Farm Credit has financed the efforts of agricultural producers and agribusinesses to make advances in conservation and sustainability, including many of the practices mentioned in the CAP report. As a cooperative financial institution, owned and governed by our customers, we are committed to continuing that long-standing effort in partnership with our member-owners.”
Farm Credit supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. It has been fulfilling its mission of helping rural America grow and thrive for more than a century with the capital necessary to make businesses successful and by financing vital infrastructure and communication services. For more information visit farmcredit.com.
