Remarks by Glen R. Smith

Board Member, Farm Credit Administration

to a Delegation from the National Bureau of Statistics of China

November 13, 2018

McLean, Virginia

Good morning, and welcome to the Farm Credit Administration, the federal agency 

responsible for the oversight and regulation of the American Farm Credit System, the single 

largest source of financing for our nation’s farmers and ranchers.

We know that your trip to the United States is brief, and there is much to see and do, so 

we’re honored that you have chosen to spend time this morning with us.

I’m the newest of three full-time board members for FCA. I was appointed by President 

Trump almost a year ago, on Dec. 14, 2017. Before our appointments, all of the FCA board 

members appeared before the Senate Ag committee and were confirmed by the U.S. 

Senate.

You may find it interesting that both my sponsoring senators and the current administration 

felt it was very important to have somebody directly from the agricultural industry. I have 

been actively engaged in production agriculture my entire life. 

Our family currently owns and operates a 2,000-acre corn, soybean, and cattle operation in 

the state of Iowa, which is located in the heart of our nation’s prime grain-producing region. 

Thirty-six years ago, I also founded a regional farmland management company, which I still 

co-own. 

Since my decision to come to Washington, D.C., my son has assumed managerial 

responsibilities for both the family farm and the other business, but I fully intend to return 

to those operations when my term expires here.

Here in America we are very proud of our wonderful, efficient system of agriculture, which 

has always provided well for our own people, as well as many people around the world. It is 

a system of private, free enterprise; however, as you well know, private enterprise does not 

always mean economic success for individual producers.

Droughts, floods, disease, poor prices, and high interest rates are all examples of 

impediments to profitable agricultural ventures. Access to credit during poor economic times 

can mean the difference between long-term success or failure of our agricultural producers. 

Congress recognized this vulnerability when it established the Farm Credit System over a 

hundred years ago. You’ll hear more about the history of the System from our staff 

presenters in a few moments. As a lifelong farmer, I know firsthand the vital importance of 

credit availability during poor times in order to prosper in good times. That is the mission of 

the Farm Credit Administration.
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Without reliable credit, which the Farm Credit System has served a vital role in providing, 

American agriculture would be a mere fraction of what it is today. With today’s world 

population, I shudder to think what that would mean for national as well as global stability.

Again, thank you for joining us. I would be remiss if I didn’t mention the current challenges 

of trade relations between our two countries and the duress that these challenges place on 

our agricultural borrowers. This is something we monitor closely at FCA. 

But we all want the same thing, don’t we? Peace and prosperity for our respective peoples. 

That’s what will unite us beyond these temporary setbacks as we work together in useful 

exchanges like today’s session.