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FORMER BANKER NOMINATED TO FARM CREDIT ADMINISTRATION BOARD, FARM CREDIT COUNCIL OUTRAGED
Feb. 8, 2019
Agri-Pulse reports:
The Farm Credit Council is outraged that President Trump has nominated a banking executive to serve on the board of the Farm Credit Administration, which regulates the Farm Credit System.
The nominee is Rodney Brown, a former president and CEO of the California Bankers Association and a former executive with Bank of America. Private bankers led by the American Bankers Association have long resented the flexibility the Farm Credit System has because of its exemptions from federal banking regulations.
"We are very disappointed that, in the midst of the worst farm economy since the mid-1980's, someone whose organization advocated for the elimination of the Farm Credit System could be nominated to serve on the FCA board," said Todd Van Hoose, president and CEO of the Farm Credit Council. "We are strongly opposed to his nomination."
Keep in mind: The Senate Agriculture Committee, not the Banking Committee, has jurisdiction over FCA nominations.
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