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July 23, 2007
The Honorable __________
United States House of Representatives
Washington, D.C. 20515
RE: Farm Credit System Expansion
Dear __________:
The Farm Bill will be debated this week on the floor of the House of Representatives. Included in this expansive bill are provisions to dramatically expand the scope and reach of the Farm Credit System. We consider these particular provisions wholly unacceptable and are writing to reaffirm our strong opposition.
Please know that there are already significant problems with the Farm Credit Institutions aggressively marketing to the biggest and best agriculture customers of our banks. We believe this is not only unfair competition, but also unhealthy for local economies and very much outside of what the Farm Credit System was created to accomplish. We also believe that any expansion will only exacerbate what is already an untenable scenario.
I am attaching a letter we sent to the members of the House Agriculture Committee on this issue which we believe clearly expresses our concerns.
House Financial Services Chairman Barney Frank and Ranking Member Spencer Bachus share our concerns regarding expanding the powers of a GSE to allow yet even more competition with the private sector. They will be offering an amendment on the floor to strip the offensive language from the bill.
We strongly urge you to support the Frank/Bachus amendment to the Farm Bill!
Please let us know if you need additional information or wish to discuss further. Your serious consideration of our concerns is very much appreciated.
Sincerely,
cc: The Honorable Kay Bailey Hutchison
The Honorable John Cornyn
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