FCS Financial: One Hundred Years July 2016 | Page 37

The Farm Credit Act of 1953, designed to represent the interests of
farmer-borrowers, was approved on August 6, 1953. Besides restoring
the Farm Credit Administration to its status as an independent
agency, the act created a Federal Farm Credit Board with thirteen
members—one from each district and one appointed by the Secretary
of Agriculture—to develop policy for the Farm Credit Administration.
As he signed the bill into law, President Eisenhower said,
IT GIVES ME great pleasure to approve the Farm Credit Act
of 1953, H.R. 4353.
The Farm Credit System has a splendid record of service to
the American farmer. A part of the credit for that service goes
to the farmer participation in the membership of the district
boards. The extent of that participation on the district boards
is also increased by the Farm Credit Act of 1953.
With the changes made by this law, I visualize increased
progress in the amount of farmer ownership in the Farm
Credit System, a more commendable record of service to
farmers in the future, and more assurance that the farmers
of this country will have a sound, nonpolitical Farm Credit
Administration.
The signing of the Farm Credit Bill marks another milestone
in our march toward an agriculture which is productive,
profitable, responsible, and free from excessive regulation.

Dressed in their Sunday best,
directors from across the state
meet in St. Louis during the
early 1950s.

Getting Underway

33