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Show New Farm Credit Act To Work In Interest of Farmers B. Glen Kenney, secretary-treasurer secretary-treasurer of the Cedar City National Na-tional Farm Loan Association, states that the Farm Credit Act of 1953, which was signed bv President Eisenhower on Aug. 6, represents the successful culmination culmin-ation of six years of hard work to free the farm credit agencies from bureaucratic control in the extension of long and short team credit to farmers. This was accomplished through the efforts of the leading farm organizations throughout the United States, such as the National Na-tional Grange, the American Farm Bureau Federation, and the National Council of Farmer Cooperatives, Co-operatives, working with advisory advis-ory committees of National Farm Loan Associations and Production Produc-tion Credit Associations. Under the provisions of the Act, the Farm Credit Administration becomes an independent agency, directly responsible to the President Presi-dent of the U. S. The Act further fur-ther provides for a 133-man national na-tional farm credit board, 12 of whom may be appointed from nominees designated by farmer-borrowers. farmer-borrowers. This should insure "grass-roots" control over the policies and administration of the agency supervising the largest larg-est cooperative lending system in the world. Mr. Kenney explained that the enactment of this legislation should assure farmers that these dependable, low-cost, Farm Cre dit cooperatives will be administered admin-istered for their best interests. It represents a most progressive step in providing for farmer-control farmer-control of farmer-owned cooperatives, cooper-atives, he said. |