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THE WHITE HOUSE

Office of the Press Secretary

For Immediate Release December 21, 2000

PRESIDENT CLINTON NAMES MICHAEL V. DUNN TO SERVE AS MEMBER OF THE FARM

CREDIT ADMINISTRATION BOARD

President Clinton today announced the recess appointment of Michael V. Dunn to serve as Member of the Farm Credit Administration Board. Mr. Dunn was nominated to the Senate on April 6, 2000. This position is vital for the fair regulation and examination of the banks, associations and related entities that collectively comprise the Farm Credit System.

Mr. Michael V. Dunn of Harpers Ferry, West Virginia, is currently the Under Secretary for Marketing and Regulatory Programs at the United States Department of Agriculture (USDA). He has also served as the Acting Under Secretary for Rural Economic and Community Development and Administrator of the Farmers Home Administration (FmHA) at USDA. Mr. Dunn has had a long involvement in agricultural credit dating back to the late 1970's when he was the Midwest Area Director for the FmHA. He has been a loan officer and vice-president of the Farm Credit Banks of Omaha and has served as a member of the Professional Staff of the Senate Agriculture Committee, specializing in agricultural credit. Besides being USDA's chief regulator, Mr. Dunn currently serves as a member of the Commodity Credit Corporation and Rural Telephone Bank Board. He is a past member of the Iowa Development Commission and has served as the Chairman of the State of Iowa's City Development Board.

Mr. Dunn received his B.A. and M.A. from the University of New Mexico.

The Farm Credit Administration (FCA) is a bipartisan, independent regulatory agency. Members of the FCA Board are responsible for regulation and examination of the banks, associations and related entities that collectively comprise what is known as the Farm Credit System, including the Federal Agricultural Mortgage Corporation (Farmer Mac). Members of the FCA Board are also responsible for protecting the interests of the public and those who borrow from farm credit institutions or invest in farm credit securities. Initially created by Executive Order of the President in 1933, the agency now derives its powers and authorities from the Farm Credit Act of 1971, as amended.

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