No Farm Credit System Expansion in 2007 Farm Bill

On Thursday, the House approved an amendment to the 2007 Farm Bill removing expansionist Farm Credit System provisions that may have allowed the FCS to move into commercial and residential lending.  State and National Bankers Associations lobbied hard for this amendment and consider it a significant victory.  Anyone who has seen Schoolhouse Rock, however, knows that this is “Just a Bill” and has a long way to go before becoming the law.  For those under 40, here is a link to the YouTube video of Schoolhouse Rock's “I’m Just a Bill”).