73R9214 JGD-D By Patterson, et al. H.C.R. No. 130 HOUSE CONCURRENT RESOLUTION 1-1 WHEREAS, A prosperous, independent family farm system and a 1-2 fair and honest credit system are vital to the economic health and 1-3 well-being of all Americans; and 1-4 WHEREAS, The current crisis in farm credit and financing 1-5 throughout this country erodes that prosperity and threatens the 1-6 survival of the family farm to the detriment of farmers and 1-7 consumers alike; and 1-8 WHEREAS, Many of the credit problems experienced by 1-9 agricultural borrowers are through no fault of their own but are 1-10 traceable to the financial malfeasance of lenders; and 1-11 WHEREAS, The state legislatures of Iowa, North Dakota, and 1-12 South Dakota have introduced resolutions calling on the president 1-13 and Congress of the United States to thoroughly investigate 1-14 widespread allegations of abuse and inequities by certain 1-15 agricultural lenders in the handling of agricultural loans; and 1-16 WHEREAS, U.S. Secretary of Agriculture Mike Espy, reflecting 1-17 official recognition of the problem by the Clinton administration, 1-18 has suspended some foreclosure actions pending a review by an 1-19 independent panel; and 1-20 WHEREAS, The Texas Legislature places its full support behind 1-21 the family farmers of this state and behind actions to ensure the 1-22 propriety of credit practices affecting the agricultural sector; 1-23 now, therefore, be it 1-24 RESOLVED, That the 73rd Legislature of the State of Texas 2-1 hereby urge the president and United States Congress to thoroughly 2-2 investigate the national farm credit system, including alleged 2-3 abuses and improprieties by agricultural lenders in the handling of 2-4 agricultural loans, and to consider enactment or implementation of 2-5 a moratorium on farm foreclosure actions subject to completion of 2-6 the investigation; and, be it further 2-7 RESOLVED, That the Texas secretary of state forward official 2-8 copies of this resolution to the president of the United States, to 2-9 the speaker of the house of representatives and president of the 2-10 senate of the U.S. Congress, and to all members of the Texas 2-11 congressional delegation, with the request that it be officially 2-12 entered in the Congressional Record as a memorial to the Congress 2-13 of the United States of America.