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News ReleaseFarm Credit Administration
1501 Farm Credit Drive
McLean, Virginia 22102-5090


For Immediate Release
NR-00-08 (04-06-00)
Contact: Eileen McMahon or Christine Quinn, (703) 883-4056
E-mail: info-line@fca.gov
Web site: http://www.fca.gov

White House Announces Nominee to Farm Credit Administration Board

McLEAN, Va., April 6, 2000 — President Clinton today announced his intent to nominate Michael V. Dunn of Harpers Ferry, West Virginia, to serve as a member of the Farm Credit Administration (FCA) Board. Dunn currently is the Under Secretary of Agriculture for Marketing and Regulatory Programs at the U.S. Department of Agriculture (USDA).

Following confirmation hearings before the Senate Agriculture Committee, the full Senate must vote on confirmation of the nominee. If confirmed, Dunn would join Michael M. Reyna, who has served as Chairman and CEO since January 18, 2000, and Board Member Ann Jorgensen. Dunn would fill the vacancy created by the January 9 death of Marsha Pyle Martin.

Dunn has served as USDA Under Secretary since November 1998. He has also served as the Acting Under Secretary for Rural Economic and Community Development and Administrator of the Farmers Home Administration (FmHA) at USDA. Dunn has had a long involvement in agricultural credit dating back to the late 1970s when he was the Midwest Area Director for the FmHA. He has been a loan officer and vice president of the Farm Credit Banks of Omaha and has served as a member of the Professional Staff of the Senate Agriculture Committee, specializing in agricultural credit. Besides being USDA’s chief regulator, Dunn currently serves as a member of the Commodity Credit Corporation and Rural Telephone Bank Board. He has been a past member of the Iowa Development Commission and served as the Chairman of the State of Iowa’s City Development Board. He also served as a city official in his hometown of Keokuk, Iowa. Dunn received his B.A. and M.A. from the University of New Mexico.

FCA is a bipartisan, independent regulatory agency. Members of the FCA Board are responsible for regulation and examination of the banks, associations, and related entities that collectively comprise what is known as the Farm Credit System, including the Federal Agricultural Mortgage Corporation (Farmer Mac). Members of the FCA Board are also responsible for protecting the interests of the public and those who borrow from Farm Credit institutions or invest in Farm Credit securities. Initially created by Executive Order of the President in 1933, the Agency now derives its powers and authorities from the Farm Credit Act of 1971, as amended.

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The Farm Credit Administration is the safety and soundness regulator of the Farm Credit System. FCA charters, regulates, and examines the 186 banks, associations, and service corporations of the System. System institutions make loans to agricultural producers and their cooperatives nationwide. Members of the FCA Board are Michael M. Reyna, Chairman and CEO, and Ann Jorgensen.


Note: FCA news releases are available on the Internet. Access the FCA Home Page on the World Wide Web at http://www.fca.gov.