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Congress races to salvage Farm Credit System crisis
In Washington lawmakers rush to overhaul the Farm Credit System and its regulator as losses mount beyond 2 billion this year. Senators Zorinsky and Helms back a bill ahead of adjournment while the House panel moves toward quick action. Bonds totaling over 2 billion are issued Monday with no clear rate risk. The system seeks a 6 billion federal line of credit to cushion future losses, sparking bipartisan support for a broader restructuring.
MENTIONED IN THIS ARTICLE
Washington
Congress
Farm Credit System
House
Senate
Edward Zorinsky
D-Neb
Jesse Helms
R-N.c
House Agriculture Credit Subcommittee
Wall Street
Farm Credit
Farm Credit Administration