FCA News Release 08-19

News Release

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

For Immediate Release
NR 08-19 (11-13-08)
Contact: Martha Schober or Christine Quinn, 703-883-4056
E-mail: info-line@fca.gov
Web site: www.fca.gov

Statement from FCA Chairman Leland A. Strom

McLEAN, Va., November 13, 2008 — I would like to begin the Board meeting this morning by recognizing an historic moment in our Nation’s history as last week marked the election of Barack Obama, the first African-American to be President of the United States. Being from the State of Illinois, I’m also proud to note that this election marks the third time in our country’s history that a U.S. President hails from the State of Illinois – the first being Abraham Lincoln, and the second being Ulysses S. Grant – both of whom served our country during critical times in our Nation’s history.

I am excited and very much looking forward to working with President-Elect Obama as part of his new administration. I am also looking forward to working with my fellow Board Members and the Agency to do everything we can to assist the new administration in making a smooth transition. Our combined efforts will continue to ensure a safe and sound Farm Credit System that provides an adequate and dependable source of credit to agriculture and rural America.

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The Farm Credit Administration is the safety and soundness regulator of the cooperative Farm Credit System (System) and the Federal Agricultural Mortgage Corporation (Farmer Mac). FCA charters, regulates, and examines the 104 banks, associations, and service corporations of the System and Farmer Mac. System institutions make loans to agricultural producers and their cooperatives nationwide. Farmer Mac provides a secondary market for agricultural real estate and rural housing mortgage loans. Members of the FCA Board are Leland A. Strom, Chairman and CEO; Nancy C. Pellett; and Dallas P. Tonsager.

Note: FCA news releases are available on the Web at www.fca.gov.