Biden nominates former Iowa Gov. Culver to Farmer Mac board

President Joe Biden has nominated former Iowa Gov. Chet Culver to the board of a federal organization that works to ensure rural areas have access to credit.

If confirmed by the Senate, it would be Culver’s second turn serving on the board of the Federal Agriculture Mortgage Corp., commonly referred to as Farmer Mac.

President Barack Obama appointed Culver to the board in 2012 and he served until December 2019, when he was removed by President Donald Trump.

Farmer Mac is governed by a 15-member board, five of whom are nominated by the president and confirmed by the Senate.

Five members are elected by stockholders representing banks and insurance companies and five are elected by stockholders representing the Farm Credit System, a nationwide network of lending and service organizations focused on financing the agriculture sector.

“The bottom line is we want to make sure capital is flowing to rural America to farmers, to rural communities, to co-ops. Any rural-based business or industry can benefit from Farmer Mac,” Culver said.

“I want to make sure that continues into the future and that’s another reason I’m privileged and honored to serve."

Culver, a Democrat, served as Iowa secretary of state and a single term as governor before losing to Republican Terry Branstad in 2010.

Culver works as a renewable energy and infrastructure consultant at the Chet Culver Group, a company he founded in 2011.

The Senate will likely consider Culver’s nomination by early fall.

Board members are paid a base of $120,000 in cash and stock awards. Those who chair committees are paid an additional $6,000 to $15,000, depending on the committee they lead.