Statement by the President Upon Signing the Farm Credit Act of 1953.
IT GIVES ME great pleasure to approve the Farm Credit Act of 1953, H.R. 4353.
On September 18, 1952, in a speech at Omaha, Nebraska, I said in part:
"We will remove the Federal domination now imposed on the farm credit system. Employees of these farmer-owned self-supporting institutions should not be Federal appointees. A Federal Farm Credit Board, elected by farmer members, should be established to form credit policies, select executive officers, and to see that sound credit operations will not be endangered by partisan political influence."
The Farm Credit Act of 1953 meets many of the objectives which I announced at Omaha. It provides for a Federal Farm Credit Board. The President is required to consider nominations of the farmer and cooperative members of the Federal Farm Credit System in choosing that Board. It authorizes the Board to select its principal executive officers. It vests in the Board the power to adopt policies to guide the operations of the Farm Credit System within the framework of the law.
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.
Note: The Farm Credit Act of 1953 is Public Law 202, 83d Congress (67 Stat. 390).
Dwight D. Eisenhower, Statement by the President Upon Signing the Farm Credit Act of 1953. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/231880