With the recent credit crisis in the United States there has been talk in Washington D.C. about more stringent banking regulations to prevent another Fannie Mae and Freddie Mac situation.
The National Cattlemen's Beef Association has been adamant about its opposition to sweeping banking regulations. Colin Woodall, NCBA Director of Legislative Affairs, is concerned that when it comes to regulation one size doesn't fit all.
"In the case of farm credit they're doing things right," Woodall said. "So this would actually end up in more overregulation and our concern is what would that overregulation do to their mission of providing credit to farmers and ranchers across the country."
Woodall says another important aspect is the fact that House and Senate Agriculture Committees oversee the Farm Credit Administration.
"So their oversight is actually done by people who have a little bit better idea what's going on in agriculture than people on the Senate Banking Committee or the House Financial Services Committee," Woodall said. "We want to make sure that we keep that jurisdiction and keep them in a position where they can continue to make farm loans."