89 



TESTIMONY OF 



EUGENE L. BOVEE 



SENIOR VICE PRESIDENT 



AND SENIOR CREDIT AND ADMINISTRATIVE OFFICER 



of 



CoBANK-NATIONAL BANK FOR COOPERATIVES 



Mr. Chairman and members of the committee, my name is Gene Bovee. I am a senior vice 

 president and senior credit and administrative officer for CoBank's International Banking 

 Group. CoBank is part of the Farm Credit System. CoBank provides financial services to 

 farmer-owned cooperatives; rural utility systems; and facilitates the export of U.S. 

 agricultural products. With $14 billion in assets and customers doing business throughout 

 rural America, we are keenly interested in federal policy issues that affect agriculture, 

 agricultural exports and rural communities. 



Since 1982, CoBank has provided over $18.5 billion in financing to support export sales of 

 some 30 agricultural products to over 40 countries. This financing is provided through an 

 extensive network of correspondent banks located in some 65 countries. CoBank has a 

 unique role in promoting U.S. agricultural exports as we are the only financial institution in 

 the world that markets U.S. agricultural products in conjunction with our lending program. 

 CoBank is the most active participant in the Department of Agriculture's Export Loan 

 Guarantee Program's, GSM-102 and GSM-103, accounting for nearly 50 percent of all 

 guarantees issued in recent years. For the past several years, CoBank has been the only U.S. 

 bank consistently active in these programs. 



I am pleased and honored to have the opportunity to testify before you today on "Long-Term 

 Trade Strategy and Export Policies." We are all affected by the changes taking place in the 

 new global economy. Our challenge is to find ways to help American agriculture and rural 

 communities better compete therein. 



