HR0966 99TH GENERAL ASSEMBLY

HR0966 LRB099 16745 MST 41084 r

HOUSE RESOLUTION

WHEREAS, The members of the Illinois House of Representatives wish to congratulate the Farm Credit System on the occasion of the 100th anniversary of its founding; and

WHEREAS, The Farm Credit System was established by the United States Congress through the Federal Farm Loan Act of 1916, signed into law on July 17, 1916 by President Woodrow Wilson, making 2016 the centennial anniversary of the founding of the cooperatively owned and operated Farm Credit System; and

WHEREAS, Recognizing that a prosperous, productive agricultural sector is essential to a free nation, Congress declared through the Farm Credit Act of 1971, as amended, that the Farm Credit System be designed as a permanent means to support the well-being and prosperity of America's rural communities and agricultural producers of all types and sizes; and

WHEREAS, Congress designed the Farm Credit System as a network of cooperatives, independently owned and controlled by its borrowers, responsive to their individual needs for credit and financial services and continually adapting to meet the changing needs of rural communities and agriculture; and

WHEREAS, The Farm Credit System today plays a vital role in the success of U.S. agriculture and the economic vibrancy of rural communities throughout all 50 states and Puerto Rico, providing more than $210 billion in loans to more than 500,000 customers; and

WHEREAS, Congress has provided for the appropriate safety and soundness oversight of the Farm Credit System through the Farm Credit Administration, an independent federal agency, whose operating costs are funded by the System and for the protection of investors in System bonds through the Farm Credit System Insurance Corporation funded by premiums paid by the Farm Credit System; and

WHEREAS, The 2 Farm Credit Associations, which serve the State of Illinois - Farm Credit Illinois and 1st Farm Credit Services - collectively serve 22,000 farm families, rural landowners, and agribusinesses with more than $8 billion of agricultural financing and 3,000,000 acres of crop insurance coverage; and

WHEREAS, The Farm Credit System actively supports the next generation of agricultural producers by annually providing billions of dollars in loans to young and beginning farmers and ranchers and through its ongoing financial support for organizations like 4-H and Future Farmers of America; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we honor the centennial anniversary of the founding of the cooperatively owned and operated Farm Credit System and that we commend the cooperative owners and the employees of the Farm Credit System for their continuing service in meeting the credit and financial-services needs of rural communities and agriculture and we express our confidence and support for the Farm Credit System continuing its mission of providing reliable, consistent credit to the farm families of Illinois, agricultural industry, and rural communities of Illinois into the future; and be it further

RESOLVED, That a suitable copy of this resolution be presented to Farm Credit Illinois and 1st Farm Credit Services as a symbol of our esteem and respect.