Elizabeth Miglin | July 20, 2021
Former Iowa Governor Chet Culver has been nominated by President Joe Biden to the board of directors for the Federal Agricultural Mortgage Corporation, also known as Farmer Mac.
Culver served as Governor of Iowa from 2007 to 2011. During his governorship Culver built up a large budget surplus and earned Iowa a ‘Triple A’ bond rating, which helped the renewable energy industry grow in Iowa. Culver also served as the Iowa Secretary of State from 1999 to 2007 and founded the Chet Culver group, a renewable energy consulting firm, in 2011.
Farmer Mac is a federally chartered organization aimed at increasing access to capital in rural and agricultural communities. Created in response to the 1980’s farm crisis, the organization is now the largest secondary market investor of USDA loan guarantees in the U.S. and has provided over $63 billion in loans to rural borrowers.
“Any rural-based business or industry can benefit from Farmer Mac. I want to make sure that continues into the future, and that’s another reason I’m privileged and honored to serve,” said Culver.
The president is able to appoint five members to the board of fifteen as representatives for farmers, the Farm Credit System and commercial banks. If approved by Congress this will be Culver’s second term serving on Farmer Mac.