Distinguished guests, ladies and gentlemen:
I'm glad to be in the Iowa version of the Rose Garden. [Laughter] I don't think they can say we are hiding out in the Rose Garden in Washington, D.C., because we're in the beautiful new complex of the Iowa State School of Veterinary Medicine, and it is a pleasure and a privilege to be here.
But it's also a great pleasure and a privilege to be able to sign this legislation which extends the Emergency Livestock Credit Act through September 30, 1978.
American agriculture and our livestock industry in particular is the envy of the world. We all want to keep this industry strong so that our farmers and ranchers can continue to provide the food that America needs.
This legislation provides a useful and necessary program to ensure that the livestock industry can obtain the credit it needs in order to return to a healthy and a stable position.
This action and other actions I have recently taken, such as signing the much needed packer bonding legislation and the imposition of quotas on meat imports, will help to strengthen the American livestock industry. I consider it critically important that we continue to provide the relief to the livestock industry while it is experiencing the current economic adversities.
The bill, which I will sign very shortly, will assist livestock producers, provide stability in the marketplace, and help to ensure an adequate supply of meat for the American consumer at reasonable prices.
Thank you all very much.