A western Iowa businessman and farmer has been nominated to serve on the three-member federal board that oversees the Farm Credit Administration. Glen Smith of Atlantic testified before the U.S. Senate Ag Committee.
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Smith founded Smith Land Service Company in 1982. The firm manages farms and is a farm brokerage. He and his family also raise corn and soybeans on about two-thousand acres.
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Smith told senators he has a “keen sense” of “boom and bust” cycles since he lived through the soaring ag economy of the 1970s, followed by the Farm Crisis of the 1980s.
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The Farm Credit System currently is managing more than a quarter of a TRILLION dollars in loans. Fewer than one percent of those loans are 90 days past due or in default.