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Full text of "Nominations hearing of Mary L. Schapiro, Sheila C. Bair, Doyle Cook, Marilyn Peters, and Clyde Arlie Wheeler, Jr. : hearing before the Committee on Agriculture, Nutrition, and Forestry, United States Senate, One Hundred Third Congress, second session, on the nominations of Mary L. Schapiro to be chairman of the Commodity Futures Tading Commission ... June 20, 1994"

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f!Y4,AG 8/3; S.HRG, 103-1058 
' S. Hrg. 103-1058 

NOMINATIONS HEARING OF MARY L. SCHAPIRO, 
SHEILA C. BAIR, DOYLE COOK, MARILYN 
PETERS, AND CLYDE ARUE WHEELER, JR. 

HEARING 

BEFORE THE 

COMMITTEE ON AGRICULTURE, 

NUTRITION, AND FORESTRY 

UNITED STATES SENATE 

ONE HUNDRED THIRD CONGRESS 

SECOND SESSION 

ON 

THE NOMINATIONS OF MARY L. SCHAPIRO TO BE CHAIRMAN OF THE 
COMMODITY FUTURES TRADING COMMISSION; SHEILA C. BAIR TO BE 
A COMMISSIONER OF THE COMMODITY FUTURES TRADING COMMIS- 
SION; DOYLE COOK TO BE A MEMBER OF THE FARM CREDIT 
AMINISTRATION BOARD; MARILYN PETERS TO BE A MEMBER OF THE 
BOARD OF DIRECTORS OF THE FEDERAL AGRICULTURAL MORTGAGE 
CORPORATION; AND CLYDE AI^LIE WHEELER, JR. TO BE A MEMBER 
OF THE BOARD OF DIRECTORS OF THE FEDERAL AGRICULTURAL 
MORTGAGE CORPORATION 







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Printed for the use of th, , 
Committee on Agriculture, Nutrition,/aii4 *W' 





U.S. GOVERNMENT PRINTING OFFICE 
94-104 CC WASHINGTON : 1995 

For sale by ihe U.S. Government Printing Office 
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402 
ISBN 0-16-047805-7 



Y 4. AG 8/3; S.HR5. 103-1058 

S. Hrg. 103-1058 

NOMINATIONS HEARING OF MARY L. SCHAPIRO, 
SHEILA C. BAIR, DOYLE COOK, MARILYN 
PETERS, AND CLYDE ARLIE WHEELER, JR. 



HEARING 

BEFORE THE 

COMMITTEE ON AGRICULTURE, 

NUTRITION, AND FORESTRY 

UNITED STATES SENATE 

ONE ^HUNDRED THIRD CONGRESS 

SECOND SESSION 

ON 

THE NOMINATIONS OF MARY L. SCHAPIRO TO BE CHAIRMAN OF THE 
COMMODITY FUTURES TRADING COMMISSION; SHEILA C. BAIR TO BE 
A COMMISSIONER OF THE COMMODITY FUTURES TRADING COMMIS- 
SION; DOYLE COOK TO BE A MEMBER OF THE FARM CREDIT 
AMINISTRATION BOARD; MARILYN PETERS TO BE A MEMBER OF THE 
BOARD OF DIRECTORS OF THE FEDERAL AGRICULTURAL MORTGAGE 
CORPORATION; AND CLYDE ARLIE WHEELER, JR. TO BE A MEMBER 
OF THE BOARD OF DIRECTORS OF THE FEDERAL AGRICULTURAL 



MORTGAGE CORPORATION 



JUNE 20, 1994 



Printed for the use of th-^^ , 
Committee on Agriculture, Nutrition,/an,q «^^i 




"^UH 













'^^s^Mf^y 



^r 



94-104 CC 



U.S. GOVERNMENT PRINTING OFFICE 
WASHINGTON : 1995 



For sale by the U.S. Government Printing Office 
Superintendent of Documents, Congressional Sales Office. Washington. DC 20402 
ISBN 0-16-047805-7 



COMMITTEE ON AGRICULTURE, NUTRITION, AND FORESTRY 

PATRICK J. LEAHY, Vermont, Chairman 
DAVID H. PRYOR, Arkansas RICHARD G. LUGAR, Indiana 

DAVID L. BOREN, Oklahoma ROBERT DOLE, Kansas 

HOWELL HEFLIN, Alabama JESSE HELMS, North Carolina 

TOM HARKIN, Iowa THAD COCHRAN, Mississippi 

KENT CONRAD, North Dakota MITCH McCONNELL, Kentucky 

THOMAS A. DASCHLE, South Dakota LARRY E. CRAIG, Idaho 

MAX BAUCUS, Montana PAUL COVERDELL, Georgia 

J. ROBERT KERREY, Nebraska CHARLES E. GRASSLEY, Iowa 

RUSSELL D. FEINGOLD, Wisconsin 

Charles RiemenSCHNEIDER, Staff Director 

James M. CUBIE, Chief Counsel 

Christine Sarcone, Chief Clerk 

Charles Conner, Staff Director for the Minority 

(II) 



CONTENTS 



Page 
Statements: 

Hon. Patrick J. Leahy, U.S. Senator from Vermont, opening statement 1 

Prepared statement 2 

Hon. Richard G. Lugar, U.S. Senator from Indiana 2 

Hon. Robert Dole, U.S. Senator from Kansas 3 

Hon. Larry E. Craig, U.S. Senator from Idaho 4 

Hon. Thomas A. Daschle, U.S. Senator from South Dakota 4 

Hon. Don Nickles, U.S. Senator from Oklahoma 4 

Hon. Mitch McConnell, U.S. Senator from Kentucky 5 

Hon. David L. Boren, U.S. Senator from Oklahoma 5 

Hon. Max Baucus, U.S. Senator from Montana 17 

Hon. Kent Conrad, U.S. Senator from North Dakota 22 

Mary L. Schapiro, of the District of Columbia 7 

Sheila C. Bair, of Texas 13 

Doyle L. Cook, of Washington 19 

Marilyn Peters, of South Dakota 24 

Clyde Arlie Wheeler, Jr., of Oklahoma 24 

APPENDIX 
Prepared statements 

Sheila C. Bair, with attachments 29 

Executive branch public financial disclosure report (public) 31 

Biographical information (public) 38 

Financial data and conflict of interest (public) 43 

Doyle L. Cook, with attachments 45 

Executive branch public financial disclosure report (public) 53 

Biographical information (public) 65 

Financial data and conflict of interest (public) 68 

Additional material submitted for the record 

Clyde A. Wheeler, Jr., with attachments 71 

Executive branch public financial disclosure report (public) 71 

Biographical information (public) 80 

Financial data and conflict of interest (public) 84 

Marilyn F. Peters, with attachments 93 

Executive branch public financial disclosure report (public) 93 

Biographical information (public) 102 

Financial data and conflict of interest (public) 106 

Mary L. Schapiro, with attachments 109 

Executive branch public financial disclosure report (public) 109 

Biographical information (public) 116 

Financial data and conflict of interest (public) 117 

Letters: To Senator Patrick J. Leahy, from Stephen D. Potts, Director, Office 

of Government Ethics, re: 30 

Sheila C. Bair 30 

Doyle L. Cook 45 

To Stephen A. Potts, from Kathleen A. Buffon, Designated Agency Ethics 

Oflicial, Farm Credit Administration, with attachments 46 

To Senator Patrick J. Leahy, from Stephen D. Potts, Director, Office of 

Government Ethics, re: 70 

Clyde A. Wheeler, Jr 70 

Marilyn F. Peters 92 

Mary L. Schapiro 108 

To Senator Patrick J. Leahy, from the Honorable Thomas S. Foley, 

Speaker, House of Representatives 119 

(III) 



NOMC^ATIONS HEARING 



MONDAY, JUNE 20, 1994 

U.S. Senate, 
Committee on Agriculture, Nutrition, and Forestry, 

Washington, DC. 

The committee met, pursuant to notice, at 9:40 a.m., in room SR— 
332, Russell Senate Office Building, Hon. Patrick J. Leahy (Chair- 
man of the committee) presiding. 

Present or submitting a statement: Senators Leahy, Boren, 
Conrad, Daschle, Baucus, Lugar, Dole, McConnell, Craig, and 
Nickles. 

STATEMENT OF HON. PATRICK J. LEAHY, A U.S. SENATOR 

FROM VERMONT 

The Chairman. Good morning. 

We are here today to receive testimony from Mary Schapiro, 
nominated to be chairman of the Commodity Futures Trading Com- 
mission; Sheila Bair, nominated to be a commissioner of the Com- 
modity Futures Trading Commission; Doyle Cook, nominated to be 
a member of the Farm Credit Administration Board; and Marilyn 
Peters and Clyde Wheeler, Jr., to be members of the Board of Di- 
rectors of the Federal Agricultural Mortgage Corporation. 

I welcome all of you here, as well as your friends and colleagues 
who have come; and when each of you are introduced for your indi- 
vidual testimony, I will ask you to let us know if there are any 
friends or family or colleagues who are here with you, because 
someday in the dusty archives, at least, your personal ones, you 
may want to look at that record and actually see who was here. 

I would note that the Commodity Futures Trading Commission 
is adjusting to rapidly changing global financial markets. When we 
reauthorized this agency a couple of years ago — all of the Members 
here today; Senator Lugar, Senator Daschle, Senator Baucus, and 
a number of others who worked so hard on that reauthorization — 
we focused our efforts on fighting fraud and abuse in these impor- 
tant markets. As a result, the CFTC has emerged as a more power- 
ful agency with a very big job. I am glad we are moving ahead with 
these nominations, because we need a full complement of commis- 
sioners to do the job well. 

Barbara Holum has done a fine job as acting chairman of the 
CFTC for the past 6 months, and I am appreciative of her effort 
and dedication, but it is time for the Agency to have a permanent 
chairman. In that regard, I understand that Ms. Holum has been 
eagerly anticipating Ms. Schapiro's arrival as chairman. 

(1) 



I should note that the Farm Credit System is also on stronger 
financial footing since passage of the 1987 Agricultural Credit Act 
by this committee. Members of the committee were very, very con- 
cerned about the creditworthiness of the Farm Credit System; and 
again, I would compliment my good friend from Indiana, Senator 
Lugar, who joined with me and a bipartisan majority of this com- 
mittee to put that Act through. I think that the nature of our re- 
form would never have been possible without both Senator Lugar's 
leadership and the bipartisan cooperation we had on that legisla- 
tion. 

The System has made good progress in repaying its Federal obli- 
gations incurred as a result of the 1987 Act, and I think it is in 
a position to restore much of its former strength and actually im- 
prove on it. 

And then we have the Federal Agricultural Mortgage Corpora- 
tion, Farmer Mac. That was established in the 1987 Agricultural 
Credit Act. Its progress has not been up to our original expecta- 
tions, and I am hoping that that can improve over the coming 
years. We are going to need some strong leadership in addressing 
the need and viability of this corporation, especially as we come 
into the 1995 Farm bill. 

[The prepared statement of Senator Leahy follows.] 

STATEMENT OF SENATOR PATRICK J. LEAHY 

We are here today to receive testimony from: Mary L. Schapiro, nominated to be 
Chairperson of the Commodity Futures Trading Commission; Sheila C. Bair, nomi- 
nated to be commissioner of the Commodity Futures Trading Commission; Doyle 
Cook, nominated to be a member of the Farm Credit Administration Board; Marilyn 
F. Peters and Clyde A. Wheeler, Jr., to be members of the Board of Directors of tne 
Federal Agricultural Mortgage Corporation. 

I would like to welcome you, and your families, friends and colleagues who have 
come to witness these proceedings. 

The Commodity Futures Trading Commission (CFTC) is adjusting to rapidly 
changing global financial markets. Two years ago when we reauthorized the CFTC, 
the committee focused its efforts on fighting fraud and abuse in these important 
markets. As a result, the CFTC has emerged as a more powerful agency with a big 
job. I am glad that we are moving ahead with these nominations. We need a full 
complement of commissioners to do the job well. 

The Farm Credit System is also on stronger financial footing since passage of the 
1987 Agricultural Credit Act by this committee. The System has made good progress 
on repaying its Federal obligations incurred as a result of the 1987 Act and, through 
increasing consolidation and effective oversight from the Farm Credit Administra- 
tion, is in a good position to continue to improve its financial strength. 

The Federal Agricultural Mortgage Corporation — Farmer Mac — was established in 
the 1987 Agricultural Credit Act. Its progress, however, has not been up to our 
original expectations. Over the next few years. Farmer Mac will face some tough 
decisions. 

Strong leadership will be essential when addressing the need and viability of this 
corporation. As we begin negotiations for the 1995 Farm bill, a clear vision for 
Farmer Mac will be more important than ever. 

Each one of you is now being considered for top positions that will influence the 
future of the CFTC, the FCA, and Farmer Mac. I look forward to hearing your testi- 
mony. 

The Chairman. I will yield to the Senator from Indiana for any 
remarks he might have. 

STATEMENT OF HON. RICHARD G. LUGAR, A U.S. SENATOR 

FROM INDLVNA 

Senator Lugar. Thank you very much, Mr. Chairman. 



I appreciate the fact that these nominees are here. Both you and 
I and other Members of the committee have encouraged the admin- 
istration to come forward with these nominees. In the case of the 
CFTC, in the event these two nominees are confirmed, the CFTC 
will be back up to full strength for the first time in a long while, 
and that is especially important. 

I want to submit for the record a very strong statement of en- 
dorsement for Sheila Bair by Senator Dole. In his statement, Sen- 
ator Dole not only extols, quite correctly, the work of Sheila Bair, 
but points out that she acted as acting chairman of the Commis- 
sion for several months, and during that time, a very important 
study was presented. Of course, the activities of that group, you 
and I have shepherded during our entire Senate careers, as well as 
the other farm credit institutions that are here today. So it is of 
special satisfaction to see these nominees. 

I would like to submit for the record Senator Dole's statement. 

The Chairman. Thank you. It will be included in the record. 

[The prepared statement of Senator Robert Dole follows.] 

STATEMENT OF SENATOR ROBERT DOLE 

Mr. Chairman, it is again my great pleasure to present Sheila Bair, who has been 
nominated for a secona term as commissioner of the Commodity Futures Trading 
Commission, to this committee. When I first introduced Sheila to this committee 
over 3 years ago, I expressed my confidence that she would be a committed and 
hard working commissioner. She has fulfilled my predictions and, by all accounts, 
has done an outstanding job at the Commission. 

Sheila's rare combination of experience and expertise have been an asset to the 
Commission in working through tne many difficult issues resolved by the Commis- 
sion during her tenure. Her background in financial markets, her knowledge of Gov- 
ernment and Politics, and her sensitivity to the needs of agriculture will continue 
to serve the Commission well as they confront the challenges of the coming year. 

From August through December of last year. Sheila was the acting chairman of 
the Commission. During that time, she oversaw the completion of a major study on 
the OTC derivatives' market and its regulation. The central recommendation of that 
study — that an interagency group should consider common approaches to the issues 

Sosed by derivatives — led to the reinvigoration of the Working Group on Financial 
larkets. The Commission's OTC report has received well deserved praise for its 
thoughtful, even-handed analysis of the often complex subject of derivatives. The re- 
port is characteristic of Sheila's careful but confident consensus-building style of 
leadership. 

Sheila has also acted as chairman of the Commission's Financial Products Advi- 
sory Committee. In this role, she has been at the forefront of issues related to the 
dramatic growth of innovative financial products on the Nation's futures exchanges. 
Her experience on these issues makes ner a particularly valuable member of the 
Commission as it continues to grapple with issues raised by these exotic new finan- 
cial instruments. 

Sheila's interest in financial products has not diminished her responsiveness on 
the agriculture issues that continue to lie at the core of the Commission's mission. 
She has been a reliable friend to agriculture, as evidenced by the broad support that 
she has garnered among both Kansas and national agriculture groups. 

If Sheila and Mary are confirmed, the CFTC finally will be operating with a full 
complement of five commissioners and led by a permanent chairman. Operating at 
full strength will increase the Commission's ability to perform its vital role as the 
Federal Government's chief derivatives regulator. This role will continue to increase 
in importance over the coming years. In order to vigorously fulfill this role and 
confront the many challenges that lie ahead, the Commission deserves our respect 
and full support. 

The Chairman. As you can probably imagine. Senator Dole has 
made it a point to mention to me his support, not unexpectedly, of 
this nomination. 



Senator Daschle. 

Senator Daschle. I have no opening comments, Mr. Chairman. 

The Chairman. Thank you. 

Senator Craig. 

STATEMENT OF HON. LARRY E. CRAIG, A U.S. SENATOR 

FROM IDAHO 

Senator Craig. I have met with both of the ladies who are here 
at the table this morning, Mr. Chairman. I have had the privilege 
of knowing Sheila prior to this confirmation hearing and share the 
same positive feelings as Senator Dole. Certainly, Mary Schapiro 
comes to us with a good deal of experience and talent for the job. 

I also want to speak only briefly, because I know that Senator 
Baucus will introduce Doyle Cook, out I had the privilege of know- 
ing him when he was with the Spokane Bank. He is a quality man 
and can serve us very well. I look forward to hearing his testimony. 

The Chairman. Thank you very much. 

Senator Baucus — I am sorry — did you wish to say anything about 
these two nominees? 

Senator Baucus. No, Mr. Chairman. Thank you. 

The Chairman. I knew you were here for Mr. Cook, and I had 
that in my mind, so I will plead only that it is Monday morning. 
After "Racing for the Cure," and then, that afternoon, follovving my 
young Marine son on what was supposed to be a 5-mile hike, but 
he neglected to tell me that it was 5 miles in each direction in 94- 
degree weather, I am still recuperating. 

[Testimony resumes on page 6.] 

[The prepared statements of Senators Daschle, Nickles, McCon- 
nell, and Boren follow, respectively.] 

STATEMENT OF SENATOR THOMAS A. DASCHLE 

Mr. Chairman, I would like to take this opportunity to welcome Marilyn Peters, 
who is from Britton, South Dakota. 

I have had the pleasure of knowing Marilyn and her husband Emerald for several 
years, having first met them when I worked on the staff of former U.S. Senator 
James Abourezk. Marilyn's background is in agriculture and education. She has 
been actively involved in the family's grain ana livestock operation with her hus- 
band since 1955. Although they currently rent most of their farmland on a share 
basis, they are still involved in agriculture. 

Marilyn is a graduate of Northern State University, with a Bachelor of Science 
degree in Education. She is a former high school math, English, and physical edu- 
cation teacher and also served as a coach who helped pioneer women's gymnastics 
and track in South Dakota. 

In addition, Marilyn has been active in civic affairs, having served on numerous 
boards and commissions in South Dakota and in her local community of Britton. 
While she insists that she is semi-retired, she still continues be involved in commu- 
nity affairs, as she is presently serving as an elected member of the local school 
board. 

Mr. Chairman, Fellow Colleagues, as you can see for yourself, Marilyn Peters is 
a great choice to serve as a member of the Board of Directors of the Federal Agricul- 
tural Mortgage Corporation. Her agricultural background will be invaluable in ad- 
vancing the perspective of family farmers on the Farmer Mac board, and I would 
urge your support for her nomination. 



STATEMENT OF SENATOR DON NICKLES 

Chairman Leahy, I would like to thank you and the Distinguishing Ranking Mem- 
ber, Senator Lugar, for allowing me to come before this committee to introduce 



Clyde A. Wheeler, Jr. from Laverne, Oklahoma, who has been nominated to be a 
member of the Federal Agricultural Mortgage Corporation Board of Directors. 

Clyde Wheeler and his wife Barbara currently operate the Clear Creek Ranch, a 
cattle and hay operation in northwestern Oklahoma, with their son, Clyde III. They 
also have two daughters, Ruth and Jane, and five grandchildren. 

Clyde has a long and impressive resume of public and military service and busi- 
ness success. A Navy veteran of World War II, his early working years centered 
around the Federal Government, where he worked for Congressman Page Belcher 
(R-OK), Secretary of Agriculture Erza Tafl Benson, and President Eisenhower. 

In 1961, Clyde went to work for the Sunray UX Oil Company in Tulsa, which 
would eventually merge with the Sun Company in 1969. During his tenure at Sun, 
Clyde served as their Washington Representative and Corporate Vice President be- 
fore retiring from the company in 1984. Since that time he has continued to work 
as a consultant to the Sun Company and the American Petroleum Institute. 

Because of a rocky start, Mr. Chairman, Farmer Mac is only now beginning to 
increase the availability of capital and create more opportunities for agricultural 
and rural housing borrowers. Clyde Wheeler's public service, business, and agri- 
culture background prepare him well to help Farmer Mac fulfill its promise to meet 
the credit needs of rural America. 

Thank you, Mr. Chairman. 

STATEMENT OF SENATOR MITCH McCONNELL 

Mr. Chairman, this morning we consider the nominations of Mary L. Schapiro, 
to be chairman and Sheila C. Bair to be a commissioner to the Commodity Futures 
Trading Commission, Marilyn F. Peters and Clyde A. Wheeler, Jr., to be members 
of the Board of Directors of the Federal Agricultural Mortgage Corperation, and 
Doyle L. Cook to be a member of the Board of Directors of the Farm Credit Adminis- 
tration. 

I congratulate each of you for being nominated to serve in such important posi- 
tions. 

Our world is changing constantly, and with it agriculture is becoming more and 
more diversified. A renewed optimism and creativity allows agriculture to aggres- 
sively face these changes. When you are confirmed to these important positions, you 
too will be faced with these changes. I hope that you will use your leadership to 
turn these changes into challenges and opportunities for continued growth for a 
more prosperous agricultural sector. 

I welcome each of you and look forward to your statements. 

Thank you, Mr. Chairman. 



STATEMENT OF SENATOR DAVID L. BOREN 

Mr. Chairman, I am proud to present a distinguished Oklahoman to the commit- 
tee for his nomination as a member of the Board of Directors of the Federal Agricul- 
tural Mortgage Corporation (Farmer Mac). My good friend, Mr. Clyde A. Wheeler, 
is a native Oklahoman whose grandparents homesteaded and settled near Fort Sup- 
ply, Oklahoma in the early 1900's. Mr. Wheeler and his wife, Barbara, now reside 
in Harper County, Oklahoma where they operate a cattle and hay ranch. They have 
two daughters, Ruth and Jane, and a son Clyde A., Ill, and five grandchildren. 

Clyde Wheeler began his public service career in Washington, DC. as administra- 
tive assistant to Representative Page Belcher (R-OK). Three years later he became 
special assistant to Secretary of Agriculture Erza Taft Benson, where he specialized 
in Congressional Relations. In 1959, Mr. Wheeler was named staff assistant to 
President Dwight D. Eisenhower. He is a veteran of World War II, with 3 years- 
and 2-months-active service. He received an honorable discharge with the rank of 
Lieutenant Junior Grade from the United States Navy. 

In 1960, he was declared the victor in Oklahomas Sixth District Congressional 
race, but in December of that year, a special recount was held and he was 76 votes 
shy of winning the seat. He has held many positions in the Republican Party, from 
campaign manager to National Committeeman of the Oklahoma Young Republican 
Federation to National Vice-President of the National Young Republican Federation. 

Mr. Wheeler's business career began when he joined Sunray DX Oil Company in 
Tulsa in 1961. His 24 years of service with Sunray and then the Sun Company were 
distinguished with experience in Public Relations, Mergers, and Government Rela- 
tions. Following his retirement, Clyde acted as a consultant to Sun Company, Inc. 
and the American Petroleum Institute until 1989. 



Mr. Wheeler graduated from Oklahoma State University with a Bachelor's Degree 
in History and Master's in Political Science. He is also a graduate of the American 
Business College. He obtained a Life's Teaching Certificate in 1949 from study at 
Oklahoma City University and taught school for 2 years. Oklahoma State Univer- 
sity awarded him the Distinguished Alumnus Award in 1978 and named him a Fel- 
low of the Academy of Arts and Sciences in 1979. On March 18, 1988, he was in- 
ducted into the OSU Alumni Hall of Fame. On November 8, 1988, Sun Company, 
Inc. endowed a chair in his name, the Clyde A. Wheeler, Jr. Sun Company Chair 
in Hydrogeology. 

He has long been active in energy, agriculture, education, political and other com- 
munity activities. He has served as chairman of the Oklahoma State Regents for 
Higher Education and is currently a member of the Oklahoma State University 
Foundation Board of Governors. 

He has served as a board member of many State and national petroleum and 
business trade associations, as well as numerous church, civic and cultural groups. 
He currently serves on the Executive Committee of the Oklahoma Academy for 
State Goals and as a trustee of the Oklahoma Foundation for Excellence in Edu- 
cation, the Oklahoma School of Science and Mathematics and the Board of the Okla- 
homa Heritage Association. 

Clyde has given much of his time to serving his community and making a dif- 
ference. He will be a fine asset to the board of Farmer Mac. He has been my friend 
and advisor for many years. I have great admiration for him and absolute con- 
fidence in his integrity. While he has been an active member of his own political 
party, Clyde Wheeler has, above all, been a good American and the kind of citizen 
who puts the well-being of his country and his community ahead of all other per- 
sonal interests. I endorse his nomination wholeheartedly and urge the committee to 
act favorably in confirming him for appointment to this important position. 

The Chairman. I would ask Ms. Schapiro and Ms. Bair if you 
would stand and raise your right hands. Do you solemnly swear 
that the testimony you will give in this matter will be the truth, 
the whole truth, and nothing but the truth, so help you God? 

Ms. ScHAPmo. I do. 

Ms. Bair. I do. 

The Chairman. Ms. Schapiro, if you are confirmed by the Senate, 
will you faithfully execute the laws passed by Congress regardless 
of any prior statements you have made or biases you may have 
held? 

Ms. Schapiro. Yes, I will, Mr. Chairman. 

The Chairman. And if your nomination is approved by the com- 
mittee and the Senate, do you promise to respond to requests to ap- 
pear and testify before this committee or any other duly-constituted 
committee of the Senate? 

Ms. Schapiro. Yes. 

The Chairman. Ms. Bair, would your answers be the same? 

Ms. Bair. Yes, Mr. Chairman. 

The Chairman. Thank you. 

Ms. Schapiro, do you have any friends, colleagues, or family here 
that you would like to introduce? 

Ms. Schapiro. I do. Senator Leahy. 

My parents, Robert and Sue Schapiro, are here from New York; 
my husband, Charles Caldwell, is here; I have lots of friends in the 
audience, I hope, including colleagues from the SEC and the CFTC. 
And for the sake of the decorum of the committee, I left 5-month- 
old Molly at home. 

The Chairman. Thank you. 

The Chairman. And Ms. Bair, do you have family or friends 

here? 

Ms. Bair. Yes, Mr. Chairman. My husband, Scott Cooper, is here 
with me today; and also, three of my staff members — Susan Milli- 



gan, Kristyn Burnett, and Linda Mauldin— are here with me today. 
Also, in the interest of decorum, I left my 13-month-old son at 
home. 

The Chairman. Ms. Schapiro, go ahead with your opening state- 
ment. 

TESTIMONY OF MARY L. SCHAPIRO, OF THE DISTRICT OF 
COLUMBIA, NOMINATED TO BE CHAIRMAN OF THE COM- 
MODITY FUTURES TRADING COMMISSION 

Ms. Schapiro. Thank you very much, Mr. Chairman, Senator 
Lugar, and Members of the committee. 

It is an honor for me to come before you today as the nominee 
to serve as the chairman of the Commodity Futures Trading Com- 
mission. I am grateful to the President for making me his choice 
for such an important post, at such a crucial time for the Nation's 
and the world's derivative markets. 

Throughout my career, I have been involved to varying degrees 
with the CFTC, and for me, this is a very exciting opportunity to 
return to an agency where I began my professional career as a trial 
attorney, right out of law school. 

Later, at the Futures Industry Association and throughout my 
tenure as a commissioner on the Securities and Exchange Commis- 
sion, I have tried to stay actively involved in the myriad and com- 
plex issues that surround the derivatives market. 

My vision for the Agency is shaped by these past experiences. My 
emphasis will be squarely on the protection of the integrity of the 
marketplace and on the creation of an environment that encour- 
ages, in equal parts, innovation and integrity. 

I can commit to you now that my tenure at the CFTC will also 
be marked by a strong enforcement presence, where rules designed 
to ensure fair and honest markets will be strictly enforced and vio- 
lators punished. 

Whether we are talking about agricultural or financial futures, 
our overriding commitment will be to market integrity. We will 
work to achieve balance in our oversight and regulatory program, 
understanding that our actions directly impact the ability of the 
U.S. financial services industry to remain globally competitive and 
to contribute to economic growth here at home. 

I believe that a sound regulatory system is a market strength 
which gives users the confidence to commit capital to the market- 
place. And we will work in coordination and cooperation with the 
bank and securities regulators, as well as with our foreign counter- 
parts, in this increasingly interconnected and international market- 
place. 

During my 5-plus years at the SEC, that Commission and indus- 
try confronted dramatic challenges that were posed by rapidly 
changing technology, increasing global competition through the 
internationalization of the markets, and tremendous growth in new 
products and trading strategies. The number and diversity of is- 
sues facing the SEC during the past 5 years have been truly re- 
markable. 

I believe that the same may be said of the CFTC, as we try to 
envision what challenges the next 5 years may hold. It is my intent 



8 

for the CFTC to play a prominent role in shaping the evolution of 
the markets and the fmancial services industry. 

The CFTC is fortunate to have a core of talented, dedicated, and 
knowledgeable people. Just since the 1992 Reauthorization, the 
CFTC and its staff can point to a long list of accomplishments, pro- 
ducing a number of very significant studies, reports, and regula- 
tions in a timely and professional manner. 

But, if the CFTC is to be a strong, independent voice in the 
arena of fmancial regulation — and I intend on settling for nothing 
less — the support of this committee will be critical. I hope that we 
will forge a relationship of trust and confidence that will permit us 
to address in partnership the difficult issues that face our markets. 

The CFTC is 20 years old this year, and as it enters its third and 
perhaps most important decade, I commit to you that I will devote 
myself fully to enhancing the reputation of the Agency as a strong, 
fair, flexible, and independent regulator. I look forward to working 
with each of you and the members and staff of the Commission 
during the coming years. 

I am, of course, happy to answer any of your questions. 

Thank you. 

The Chairman. Thank you, Ms. Schapiro. 

When we did the reauthorization of the CFTC, we asked the 
GAO to do a study on derivatives — this was back in 1992. They re- 
cently released that report, and there has been a great deal of in- 
terest in the press, especially the financial press, about derivatives. 
I expressed some concern myself. Some suggest they pose a threat 
to financial markets. 

Do you have concerns about derivatives and do you feel there is 
any need to push forward with new legislation? 

Ms. ScHAPmo. Senator, I do have some concerns. I think all reg- 
ulators who are taking their jobs seriously have some concerns 
about the potential for systemic risk that this $12 trillion market 
presents for us. 

I think the GAO did a very good job in detailing for us exactly 
what those risks are. Credit risk; impacts on primary markets, on 
cash markets, and on futures markets; issues about disclosure and 
whether accounting principles have kept pace; concerns about 
whether there are sufficient internal management and risk con- 
trols, are all extremely important risks for us to be focused on. 

I believe at this point, particularly for the CFTC, there is not a 
particular need for new legislation. I would agree with a number 
of the GAO recommendations. For example, the benefit of a com- 
mon repository for information to be shared by all regulators; the 
need for the FASB to improve accounting standards; the need for 
better end user disclosure. 

The big issue, obviously, is whether or not the unregulated deal- 
ers need to be brought under regulation and whether or not legisla- 
tion is necessary for that. I think the CFTC has the maximum 
amount of flexibility in this regard because, these firms operate 
largely by virtue of the CFTC swaps exemption, and it would be 
possible to condition that exemption on some regulatory require- 
ments if that were determined to be necessary. 

Finally, I would say that, as you know, the President's Working 
Group on Financial Markets is very closely and carefully address- 



ing these issues, and I think that the benefit of a multitude of 
agencies involved in that deliberation will be that we can develop 
alogical, interagency approach. 

The Chairman. Well, do not be surprised if I contact you directly 
about this in the coming months because I have some concerns 
about the potential for real problems in the derivative markets. I 
would like if possible to allow markets to experiment and learn 
where they might go, but I have a very queasy feehng involving de- 
rivatives, and we may be discussing this more as we go along. 

In another area, after the stock market drops in October 1987 to 
1989, the interagency working group pressed the stock and com- 
modity exchanges to institute circuit-breakers. I wonder how effec- 
tive they have been. You have had experience in the SEC. What 
role do you see yourself playing now, wearing a different hat, in the 
interagency coordination as CFTC chairman? 

Ms. ScHAPmo. With respect to the circuit-breakers, the speed 
bumps and other mechanisms that were instituted after the 1987 
break, the perspective of both agencies is that they have worked 
extremely well; they have played an important role in mitigating 
the volatility and the speed of market declines, in particular. 

My view I cannot believe would change very much from the SEC 
when I get to the CFTC, assuming confirmation. I would continue 
to encourage the exchanges to keep the circuit-breakers in place 
and take regulatory action necessary to ensure that. I would con- 
tinue to build on the relationship between the SEC and the CFTC 
that has improved very much in the past couple of years, particu- 
larly since the 1992 Reauthorization. 

The Chairman. Does the interagency coordination work? 

Ms. ScHAPERO. I believe it is working very well right now, and 
I do not see any reason for that to change. 

The Chairman. When the CFTC was created 19 years ago, there 
were fairly bright lines between futures contracts under the 
CFTC's jurisdiction and securities under the SEC. With the advent 
of over-the-counter derivatives that may resemble futures, securi- 
ties and banking instruments, do there need to be changes in the 
regulatory structure for Federal oversight of financial services mar- 
kets? In particular, would merging the SEC and the CFTC make 
sense? 

Ms. Schapiro. And a question to which I have given a tremen- 
dous amount of thought, as you can imagine. I do not think it is 
necessary. I think that the two agencies do have unique expertise. 
There are products and trading strategies that cross the lines of ju- 
risdiction of the SEC and the CFTC. The agencies can work to- 
gether on those particular products and the issues that they raise, 
and I believe we can do so quite successfully. 

There are still large areas where the SEC and the CFTC have 
unique expertise, where there would be no efficiencies or economies 
achieved by a merger of the agencies. 

The Chairman. Thank you. 

Senator Lugar. 

Senator Lugar. Mr. Chairman, I would like to pose a philosophi- 
cal question. My own contention and yours, hearing your testimony 
today, Ms. Schapiro, has been that well-regulated markets are at- 
tractive markets, that investors will seek a situation in which they 



10 

are certain of the rules of the game, and that is one of the 
strengths of our markets, that the CFTC obviously plays a crucial 
role in insuring integrity and confidence. 

Now, the counter-position that is posed from time to time is one 
that you also alluded to, and that is that those who are partici- 
pants in those markets, who are seeking larger volume, who are 
seeking really that volume for United States' markets as opposed 
to markets around the world, say that regulations become burden- 
some and costly, that the expense of dealing in our markets makes 
them an uncompetitive proposition as opposed to European or 
Asian alternatives, which some would claim have certain strong 
ethical standards likewise, as well as sophistication. 

What is the balance? As you have looked at this during your pro- 
fessional life, how do you meet the objections that we are over- 
regulating to the point that we are losing business for our country, 
as well as for those participants in the markets? And to what ex- 
tent is there the other charge, which you clearly have heard from 
the press and from others who are critics, who believe the CFTC 
has been unduly lenient and that in essence, on occasion, this com- 
mittee has been unduly lenient. We are all sort of sharing the 
thought that there are persons out there, operating without proper 
scrutiny. 

Can you give a broader, philosophical overview of how you come 
down and what kind of leadership you will bring to CFTC that will 
try to satisfy each of these contending parties? 

Ms. ScHAPmo. I will be happy to try to do that. I think that you 
have very accurately described the dilemma that faces regulators 
on a day-to-day basis, and that is, how do we balance the competi- 
tive needs of our industry with the importance of having a soundly- 
regulated marketplace. 

I think enforcement is key to that, and my view would be that 
rules and regulations ought to be clear and concise, and well- 
tailored to fit a particular situation or a particular problem in the 
marketplace, and then aggressively enforced, rather than layering 
on more and more regulation. 

I think that we can also do more for our competitive posture in 
approving new products and rule proposals more quickly. We can 
provide efficiency in the regulatory process itself, and in doing that, 
also continuously revisit the rules and regulations that are on the 
books, to make sure that they continue to serve a purpose and are 
well-tailored to the particular situation they seek to address. 

It is a balancing. It is something that we have to go through all 
the time. I guess I come back to the belief, as I said in my state- 
ment and as you reiterated, that well-regulated markets are a 
strength, that business will come to a market that is perceived to 
have integrity. 

With respect to the Asian and Latin American and other mar- 
kets, I think that we will find — and certainly, I have spent a good 
bit of time working in those regions on the securities side — that the 
model for regulation throughout the world for financial markets is 
the U.S. model, and to the extent there are lesser regulatory sys- 
tems in those jurisdictions, that is changing rather dramatically, 
and we are really seeing a convergence of regulatory systems so 



11 

that they look veiy much more hke the United States than they 
used to. 

The growth of these markets I think is largely due to the fact 
that they serve very unique local risk management needs that per- 
haps our markets cannot always serve. We have seen the develop- 
ment of over 40 new futures markets in 20 countries in the last few 
years; they tend to offer local government debt contracts, local 
stock index contracts, and they trade in a time zone that makes 
sense for the users of those particular products. 

So a good bit of the competition results from the fact that our 
markets are mature, and the rest of the world has discovered that 
futures markets and options markets provide very important risk 
management tools. 

Senator Lugar. You have touched upon two issues that, in reau- 
thorization, have brought a crisis of sorts. On one occasion, I be- 
lieve two reauthorizations ago, the industry felt that there was ex- 
cessive time required for the scrutiny of new contracts, and this 
was a cause celebre of sorts during that time. Apparently, the Com- 
mission has reduced the timeframe very substantially, as it pledged 
to do and as the legislation sought to do, but that is always impor- 
tant, obviously, for traders and for the innovation that is part of 
our system. 

The other issue that brought at least a crisis of sorts was the 
audit trail. And of course, during the aftermath of the crash of 
1987, the success of CFTC and the Chicago markets, as a matter 
of fact, in providing an audit trail was extremely important in both 
the criticism that went back and forth between the New York mar- 
kets and the Chicago markets, and SEC and CFTC and others, 
that has been a source of conversation between the committee and 
obviously the CFTC and the markets currently is, as an aftermath 
of the last three authorizations, but extremely important in terms, 
not only of integrity for the public, but probably in terms of data 
that the markets are now able to collect, and innovations and 
breakthroughs in terms of their own operations. 

So I appreciate your highlighting that. Obviously, you are a very 
sophisticated observer of the situation, and I appreciate your re- 
sponse. 

Ms. ScHAPmo. Thank you. 

Senator Lugar. Thank you, Mr. Chairman. 

The Chairman. Thank you very much. 

Senator Baucus. 

Senator Baucus. Thank you, Mr. Chairman. 

Ms. Schapiro, I am just curious as to what you think the rela- 
tionship of the CFTC and the SEC should be with FASB. 

Ms. Schapiro. Well, I have a very strong view about the SEC re- 
lationship with FASB. FASB is important as an independent stand- 
ard-setting body for the accounting and auditing profession, and 
the SEC's role there is to provide oversight of the FASB rule- 
setting process and 

Senator Baucus. I guess my question is just how independent do 
you think FASB should be. 

Ms. Schapiro. Well, I think it should be independent— this will 
probably get me in terrible trouble, but I am obviously on record 



12 

saying this — I think it needs to be independent of the legislative 
process in particular. 

Senator Baucus. What about the degree to which independent of 
the Commission? 

Ms. SCHAPIRO. Well, so far as I know, the CFTC has very little 
overlap with the FASB, although I think that there is a role for the 
CFTC to play in providing advice and guidance to FASB on impor- 
tant accounting issues that FASB's Emerging Issues Task Force 
ought to be addressing. 

With respect to the SEC, I believe that FASB is in the best posi- 
tion in the first instance to promulgate accounting standards, and 
the SEC needs to review those, and if it deems it appropriate, to 
overrule the FASB. 

Senator Baucus. In your experience at SEC, did the Commission 
ever overrule 

Ms. ScHAPmo. No. 

Senator Baucus [continuing]. Or in any way take a position that 
was contrary to an earlier FASB position, with the result that 
FASB changed its mind in accordance with the Commission's wish- 
es? 

Ms. SCHAPIRO. Not in the formal context of Commission action, 
although SEC staff works with FASB on a very close basis, and so 
has tremendous input into the FASB processes. But in my experi- 
ence, the Commission has never voted to overrule. 

Senator Baucus. Do you think the Commission should have that 
authority in any way, because FASB decisions have an enormous 
effect on the financial statements of companies, and therefore in 
the markets. 

Ms. ScHAPmo. Oh, absolutely, they do. I guess I think that there 
is that safety valve there, and that the SEC has the ultimate say 
about accounting standards. 

Senator Baucus. What do you think the biggest problem of de- 
rivatives is or might be? What should we be worried about? 

Ms. ScHAPmo. There are a number of things. I think we need to 
be worried about users who do not understand the potential impli- 
cations of the transactions that they are engaged in. We have seen 
Procter and Gamble and Dell; we have seen money market and 
mutual funds using instruments when perhaps they did not under- 
stand the volatility or the riskiness and have had some significant 
losses passed on, particularly in the corporate context, to share- 
holders. I think we have to be very worried about that. 

Senator Baucus. How does that differ from an individual inves- 
tor who, after reading a prospectus, decides to take the risk-— or, 
they probably did not even look at the prospectus, and still decides 
to take the risk? 

Ms. SCHAPIRO. Well, that is a concern always, but there is no 
prospectus when these instruments are being sold. 

Senator Baucus. Should there be? 

Ms. ScHAPiRO. Well, there certainly should be some disclosure 
standards. 

Senator Baucus. More than currently? 

Ms. ScHAPmo. I think it is hard for us to say what the current 
level of disclosure is, since it is largely unregulated. 

Senator Baucus. Well, if we do not know what it is, how 



13 

Ms. ScHAPmo. What we do know is that end users are from time 
to time saying they did not understand, and the evidence is largely 
anecdotal at this point. But perhaps there should be some disclo- 
sure standards. 

Senator Baucus. I frankly have some concern along these lines, 
and I would just urge you at first to err a little bit on the side of 
a little more regulation disclosure, and then you might have to 
back off a little bit. But I think things are getting a little out of 
hand here, and it is important for you to take a good, long, hard 
look at it. 

Thank you. 

Ms. ScHAPmo. Thank you. Senator. 

The Chairman. Senator Craig. 

Senator Craig. I have no questions, Mr. Chairman. 

The Chairman. Thank you. 

Let me ask Ms. Bair, going back to the issue of derivatives, many 
of the over-the-counter derivatives are really equivalent to com- 
modity futures and options, at least economically equivalent to 
them. What role do you think the CFTC should play in oversight, 
supervision, or regulation of over-the-counter derivatives. Is new 
legislation necessary? 

TESTIMONY OF SHEILA C. BAIR, OF TEXAS, NOMINATED TO BE 
A COMMISSIONER OF THE COMMODITY FUTURES TRADING 
COMMISSION 

Ms. Bair. I think I would echo what Mary said on that score, 
that it has been fairly consistent among the financial regulatory 
community that it would be premature, I think, at this point to try 
to formulate legislative responses to the issues that have been 
raised with regard to OTC derivative products. 

I think the CFTC has already taken a leadership role. We are 
the premier derivatives regulatory. We are the only agency whose 
sole mission is the regulation of derivatives, and we have a lot to 
bring to the table in terms of the appropriate policy responses to 
these important markets. 

The CFTC's report, which Senator Lugar and Senator Dole were 
kind enough to refer to in their statements, that we did last Octo- 
ber had, in fact, recommended that greater interagency coordina- 
tion was needed with regard to OTC derivatives. Consistent with 
our recommendation. Secretary Bentsen subsequently wrote the 
members of the Working Group and asked them to take up this 
issue, which they have been doing, and we continue to participate 
in that and be influential in that. 

I think one of the more important projects that the Working 
Group has taken upon itself is information access, information 
sharing. I have a particular concern with regard to these markets 
that if there should be a "problem" with regard to a major market 
participant, that the systems are in place, that information can be 
obtained and shared quickly among all the various affected regu- 
latory agencies. This is not just a CFTC problem or an SEC prob- 
lem. It is also a bank regulatory problem, given the fact that most 
of the major dealers in these markets are at banks. 

So I think that would be a high priority. On an individual basis, 
the CFTC has already proceeded with risk assessment rules which 



14 

this committee, in our authorizing statement which was enacted in 
1992, gave us, which will enable us to extend greater financial 
oversight to many of the participants in OTC derivatives that are 
affiliated over regulated firms that really have no current informa- 
tion reporting responsibilities to us. 

Also, one of my pet interests and something that I have tried to 
provide a forum for and do some jawboning on is the development 
of a clearing system for at least what they call the "plain vanilla" 
segment of the OTC derivatives markets. I think to the extent we 
can try to formulate an appropriate regulatory structure for an 
OTC derivative clearing facility, you can take a lot of the credit 
risk out of the market, or virtually eliminate it for a major segment 
of the market, assuming we can get something that will work as 
well in the OTC derivatives context that we have in the regulated 
futures context. 

The Chairman. You will not be surprised if I come back to this 
subject a little bit during the year, because it is one, as I men- 
tioned, that concerns me. 

Ms. Bair. Absolutely. 

The Chairman. If you or any of the other commissioners have 
suggestions, or if you change your view as you go along, please do 
not hesitate to let me know. 

Speculative position limits were recently increased for several ag- 
ricultural commodities by the CFTC. Are you concerned that these 
higher limits increase the potential for manipulation of these mar- 
kets? Is there any evidence that these limits have increased vola- 
tility in the markets? 

Ms. Bair. Well, I think it is a legitimate issue for us to always 
take very seriously and keep a constant watch to make sure that 
the increased limits do not have that kind of an impact. I had 
worked with the staff and Commissioner Dial, the chairman of our 
Agriculture Advisory Committee, to develop a phased-in system for 
the increased spec limits in recognition of the fact that there were 
concerns out there, particularly in the producer community, that 
increased spec limits could lend themselves to potential abuse by 
some. So we opted for a phased-in approach by which we would 
study at each phase what the impact was. 

We have just completed phase one. The staff filed their first re- 
port. They have not been able to determine that there have been 
any issues from a market surveillance standpoint that have been 
raised by the increased limits. We are into phase two now. The 
staff is also very carefully scrutinizing that. 

I would note as a matter of interest, one thing we have found is 
that the new spec limits are not being used very much. There are 
only one or two traders in each of the grain markets that are af- 
fected that are even using them. 

The Chairman. But this is something you are watching. 

Ms. Bair. Absolutely. 

The Chairman. Fine. Again, this is another issue we may be 
coming back to. It is something we had better keep an eye on. 

Ms. Bair. Yes, absolutely. 

The Chairman. Thank you. 

Senator Lugar. 



15 

Senator Lugar. May I just followup? You mentioned the clearing 
facility for OTC derivatives. What would that mean for laypeople 
like ourselves — what is a clearing facility or a clearinghouse for 
those sorts of instruments? And how is that perceived? Discussion, 
I know, has been under way, but it is unclear to me how much 
progress has been made. 

Ms. Bair. Well, a futures stock clearing facility basically means 
an entity where a number of market participants come together, 
capitalize the entity. It is subject to regulatory standards and su- 
pervision, and for members wno come to a clearinghouse for their 
trades to be cleared, the clearinghouse becomes a universal 
counter-party to all the transactions. In other words, the clearing- 
house guarantees each trade. 

Right now, you have a situation where each transaction is ex- 
posed to credit risk by defaults of either counter-party, because 
these transactions are individually and privately negotiated. With 
a well-capitalized, well-supervised clearinghouse, you can virtually 
eliminate credit risk from the system, which have been the cases 
with the regulated futures markets. 

Senator Lugar. And obviously, that would seem to be highly de- 
sirable, given even the semi-anxiety of the panel today, because es- 
sentially, one of the great fears is that if there is a credit risk out 
there, if someone does not get paid, then an unraveling begins to 
occur in other markets, and the repercussions of that ricochet, par- 
ticularly if the sums are very, very large, as they are in many of 
these transactions. But to the extent you have an enclosed entity, 
the damage may occur to the persons who invest wrong, but not 
to the whole system, so it is essentially compartmentalized. 

Ms. Bair. Right, exactly. 

Senator Lugar. That is why I was pleased that you mentioned 
that in your testimony to begin with, and likewise in your answer 
to Senator Leahy, because it seems to me as we look constructively 
at this, as opposed to just looking at the total thing in an a priori 
way, that we can try to look at a constructive way to enclose the 
damage if there is to be damage. 

I just want to inquire — recent press accounts have suggested the 
Chicago future exchanges do not believe they can meet the 1995 
deadline for introducing the hand-held, automated audit trail sys- 
tem. I am sure they have visited with you on that subject. What 
are your views as to whether delay might be justified, or can you 
give us any guidance as to the CFTC position on the Chicago peo- 
ple's plight? 

Ms. Baer. Well, I guess I would feel compelled to say at the out- 
set that, no, this is not something that the exchanges have dis- 
cussed with me personally. I understand that there have been some 
staff discussions, but to my knowledge, there has been no formal 
application or petition made to the Commission at this point for an 
extension of the time by which it was expected that they would 
have electronic audit trail systems in place. 

So it is somewhat hypothetical to even discuss, because there is 
no pending petition. If one were to be filed, I assume it would be 
accompanied by the appropriate underlying documentation. The 
statutory standard which we must be guided by — what is the law — 
which is the Futures Trading Practices Act of 1992, states that we 



16 

can grant an extension if we determine that notwithstanding the 
good faith efforts of the exchanges, due to circumstances beyond 
their control, it simply is not practicable for them to meet the 
guideline. 

So that is the statutory standard that I would apply, and I am 
afraid I cannot say more than that because a request simply has 
not been made yet. 

Senator LUGAR. I think that is important testimony, at least for 
the record, that the legislation of 1992, as you recall it and as I 
recall it, offers an opportunity for evidence to come forward as to 
why this is not feasible or practical, and that the Commission then, 
on the basis of that formal testimony, can consider that. 

Ms. Bair. Exactly. 

Senator Lugar. And at least the committee or the Congress was 
farsighted enough to understand that these are extremely technical 
and very innovative devices, and it was not the purpose of the leg- 
islation to be disruptive, but it was to try to get an audit trail that 
was even more certain to bring satisfaction for all parties — that 
was very clear — and perhaps to the exchanges themselves. 

In any event, I appreciate the response. 

Thank you, Mr. Chairman. 

The Chairman. Thank you very much. 

Senator Baucus. 

Senator Baucus. No questions, thank you. 

The Chairman. Senator Craig. 

Senator Craig. No statement. 

The Chairman. And you had an opening statement, Ms. Bair. I 
apologize. 

Ms. Bair. Yes; I can just put it in the record. 

The Chairman. Feel free to give it, summarize it, put it in the 
record — whatever you like. And I apologize. 

Ms. Bair. I can submit it for the record. I have already covered 
a lot of it already. 

The Chairman. OK Thank you very much, and I thank you both 
for being here and for your cooperation with the staff in coming be- 
fore us. I suspect this will probably not be one of the more difficult 
matters the committee will face this week, and Senator Lugar and 
I will get together and try to find a time when the full committee 
can come together on this matter. 

Thank you very, very much. 

Ms. SCHAPIRO. Thank you. 

Ms. Bair. Thank you. 

The Chairman. Mr. Cook, we are delighted to have you here 
today. Would you stand and raise your right hand? Do you sol- 
emnly swear that the testimony you will give in this matter will 
be the truth, the whole truth, and nothing but the truth, so help 
you Grod? 

Mr. Cook. I do. 

The Chairman. Mr. Cook, we are delighted to have you here, and 
I would note for the record a very strong and positive letter from 
the Speaker of the House, Thomas Foley, in your behalf, saying — 
he even added a handwritten note on the bottom — how strongly he 
supports you, and that will be made part of the record. 



17 

Senator Leahy. I should ask you first, do you have any members 
of your family, or friends, or anybody else here with you today? 

Mr. Cook. Yes, I do, Mr. Chairman. I have my wife, Peggy, and 
my brother-in-law and sister-in-law, Philip and Frances Christie. I 
would like to note that Philip is a retiree from the USDA. I also 
have a nephew, Steve Elfers. 

The Chairman. I would like to yield first to Senator Baucus, who 
I know has some words in your behalf We take a lot of our leader- 
ship on this matter of your nomination, knowing how hotly con- 
tested it is, Mr. Cook, from Senator Baucus, so I will yield to him. 

STATEMENT OF HON. MAX BAUCUS, A U.S. SENATOR 

FROM MONTANA 

Senator Baucus. With that, Mr. Chairman, I will gladly proceed. 

Mr. Chairman, I would like to thank you for scheduling this 
hearing, and I would also like to note at the outset how wonder- 
fully auspicious this hearing is and the precedent that Mr. Cook is 
setting. I think this is a record event. This nomination was an- 
nounced just last week, and now, here, today, we are holding this 
hearing. 

The Chairman. I must say. Senator Baucus, that a good part of 
that is because of the fact that you have also pushed that we have 
this hearing right away, too. So I give you a lot of compliments on 
that. 

Senator Baucus. Thank you, Mr. Chairman. 

Mr. Chairman, I am very honored to present Mr. Doyle Cook, the 
nominee to the board of the Farm Credit Administration. In Mr. 
Cook we have — and I think the letter from the Speaker indicates 
it — an excellent candidate. I am proud to say that this is a can- 
didacy that I have been supporting since the beginning of this year. 

Doyle Cook comes to us with 23 years of experience in agricul- 
tural lending and a lifetime involvement in the industry of agri- 
culture. 

He entered this world in Star City, AR. I believe that, Mr. Chair- 
man, is a good place to enter this world. 

The Chairman. Where is it? 

Senator Baucus. It is in Arkansas; that is all that counts. 

The Chairman. I have heard more names of more small towns 
in Arkansas in the last couple of years than I ever thought I would 
in my life. 

Senator Baucus. However, let me assure you that since his work 
revitalizing the Farm Credit Bank in Spokane, I would like to 
claim him as an honorary Montanan, and I will have a few more 
words about that in a minute. 

Doyle studied vocational agriculture in high school, and his lead- 
ership was recognized at an early age, when the Arkansas FFA 
named him the star farmer of Arkansas. From there, he has never 
looked back. 

Mr. Cook studied at Arkansas A&M for a couple of years and 
then earned a bachelor of science and agricultural economics and 
a master of science in agricultural business from the University of 
Arkansas. 

Along the way, he wed Peggy Rackley, and I am pleased that she 
is here today. And I must say I am pleased that they have been 



18 

married a good length of time, even after a career which has wit- 
nessed over 15 moves. They have two sons, and todaj' Doyle and 
Peggy are joined by Mr. Cook's relatives, Philip and Frances 
Christie, and Doyle also has a nephew here, Steve Elfers. And I 
might mention that Mr. Christie is retired from the USDA. 

Doyle's career began with Ralston Purina, where he eventually 
rose to the position of controller. But it was in January 1975 that 
Doyle started the career track which led him to this room today. 
It was then that Doyle became a regional vice president with the 
Federal Intermediate Credit Bank in St. Louis. He followed with 
similar positions in Louisville and in Texas. 

In 1986, he became the president and chief executive officer of 
Farm Credit Services of Mid-America in Louisville. In that posi- 
tion, he really excelled. While improving the credit quality of that 
institution from 50 percent to 85 percent in just 3 years, he also 
supervised the merger of 30 production credit associations and 53 
Federal land bank associations into one entity. It was a rousing 
success, converting a 1985 loss of $75 million into a 1989 profit of 
$52 milHon. 

In 1989, he took over another bank in trouble and turned it 
around. In fact, in 1989, the Farm Credit Bank of Spokane was de- 
clared on its death bed. At the time, the chairman of Spokane's 
Whitworth College Department of Economics and a member of the 
Spokane Farm Credit Association's Board of Directors, Jay Ken- 
dall, described it as the "laughingstock of the system." Doyle wast- 
ed no time laughing. 

Instead, he rolled up his sleeves and went to work. He accepted 
the goal of reviving the bank. 

He selected a management team which turned the bank around. 
In a tenure of 5 years, he turned a deficit position into a surplus 
of twice the minimum required by law. He turned a negative vol- 
ume of 6 percent into an annual growth of 5 percent. And he ob- 
tained $88 million in Federal financing to stabilize the operation. 

I think it is essential to recognize that this spring, 4 years later, 
that Federal obligation was retired largely due to his efforts — 10 
years early. 

As many of you may know, the Farm Credit Bank of Spokane 
merged with the Bank of Omaha this past April 1st to become the 
Ag-America Farm Credit Bank. Doyle stepped down from his CEO 
position to help create a leaner, stronger bank. Even though this 
left Doyle without a job, he knew it was best for the bank and, 
more importantly, best for the customers. 

I know that his efforts have helped restore the faith of Montana 
farmers and ranchers in this critical financial institution. 

When Mike Espy became Secretary of USDA, Mr. Chairman, he 
described a new, farmer -friendly USDA. I believe that in Doyle 
Cook, we go one step further. We have a man who, indeed, proved 
to be farmer -friendly; he also will be taxpayer-friendly. I cannot 
think of a better combination for this position. 

I am pleased to be able to introduce him, and I strongly rec- 
ommend Doyle Cook as the next member of the board of the Farm 
Credit Administration and look forward to casting my vote in his 
favor. 

Thank you. 



19 

The Chairman. Thank you very much. 

Senator Craig. Mr. Chairman. 

The Chairman. Yes, Senator Craig. 

Senator Craig. I spoke of Doyle in my opening comments. Let me 
only say that I certainly agree with the comments of Senator 
Baucus. Doyle Cook came to Spokane and made tough decisions 
and turned that bank around. Of course, any time any of us make 
tough decisions, there are some who like them and some who do 
not; and there are a few in my State who are disgruntled by that, 
but you cannot in any way mistake the record of success and the 
stability of that bank, and of course, the merger that Senator 
Baucus just spoke to. I think that Doyle Cook is certainly qualified 
to serve in the capacity that this President is asking him to serve. 
For all of us, he will do an excellent job. 

I do apologize. I am going to have to leave for an appointment 
in my office, but I want to say that I, too, will join with Senator 
Baucus in supporting this nomination. 

The Chairman. Well, I thank both of you for being here. I know 
you both have numerous other things on your schedules this morn- 
ing, and I appreciate you taking the time. 

I also think, Senator Baucus, that is as strong a recommendation 
as I have heard of a nominee before this committee in a long, long 
time. 

Senator Baucus. It is well-deserved, Mr. Chairman. 

The Chairman. Well, I know you do not pass out those kinds of 
recommendations easily, and I appreciate that. 

Senator Craig, I was going to say on some of the tough decisions 
that you referenced that Mr. Cook had to make, that working in 
the Farm Credit System, where the problems have occurred have 
been sometimes when people have not made the tough decisions. 

Senator Craig. That is exactly right. 

The Chairman. I, too, do not have many problems with that, 

I would note in going over your background, Mr. Cook, that you 
have a number of past associations within this business, and you 
have filled out all the appropriate forms and listed them rather ex- 
haustively. Have you set up in your own mind, or with your staff 
or whatever, a system of recusal when issues involving some of 
your past associations come up, and can you tell us what you plan 
to do? 

TESTIMONY OF DOYLE COOK, OF WASHINGTON, NOMINATED 
TO BE A MEMBER OF THE FARM CREDIT ADMINISTRATION 
BOARD, FARM CREDIT ADMINISTRATION 

Mr. Cook. I have worked extensively with ethics officials on the 
recusal issue. I was a member of the Farmer Mac Board of Direc- 
tors and also just completed service as president and CEO of the 
Farm Credit Bank of Spokane. I have agreed to recuse myself from 
any action pertaining to the Farm Credit Bank of Spokane for 1 
year. I will also recuse myself from participating in any matter in 
which Farmer Mac is involved for 1 year. We have taken the 
recusals one step further to say that if tnere are any actions relat- 
ing to Farm Credit System institutions in which I participated that 
come before the regulator, I would recuse myself from those actions 
as well. 



20 

The Chairman. Have you set up kind of a system so that you can 
check and monitor — I do not want you coming to work every day 
and having to spend the first 5 hours figuring out what things you 
do not get involved in, because there is going to be more than 
enough to get involved in — but are you pretty sure that you have 
got kind of a warning signal that will go up on issues on a regular 
basis, something that you can go back and look at and monitor and 
say, yes, I did what I was supposed to do? 

Mr. Cook. I believe so, Mr. Chairman. In fact, if you will notice 
in the disclosure forms I submitted to the committee, I have re- 
ported that the Farm Credit System has planned a retirement 
party in my honor in conjunction with the President's Planning 
Committee. I have since felt it best to cancel my attendance be- 
cause of time constraints and the conflict of interest with the use 
of System expenditures for my benefit. So, I am confident that my 
early warning system is beginning to work. 

The Chairman. I was going to bring that matter up, had you not. 
Thank you. 

The FCA has gone from kind of a day-to-day overseer to an arm's 
length regulator. That has worked well in some places and has not 
worked well in others, as you know very well. What is the proper 
role — I mean, your estimation of the FCA — in this day-to-day oper- 
ation? How do you do this arm's length, but at the same time not 
lose sight of what you are supposed to be doing? 

Mr. Cook. To me, the main objective of the FCA is to see that 
the System is run in a safe and sound manner, which, of course, 
involves marketing, credit, and finance. I think that, as a regu- 
lator, it is also the role of the FCA to ensure that the System 
serves eligible farmers and ranchers as it was designed to do. 

The Chairman. Please understand, I come from a State that is 
predominantly rural; I live in a town and have a small tree farm 
in a town that probably, in land area, is the size of the District of 
Columbia and has about 1,200 people — for the last 100 years, there 
have been around 800 people, and suddenly in the last decade, we 
have expanded to 1,200, so I guess we are experiencing the prob- 
lems of urban growth. One of the things I get concerned about is 
the need to build businesses in rural areas. You have all kinds of 
needs in rural areas, but do not always think of small business 
start-up and expansion, with the water and sewer construction, 
and repair of the infrastructure as of them. We also have a lot of 
lower-income communities in rural America, and we also have a lot 
of minority-based communities, if not in my State, certainly in the 
South and Southwest and other areas. 

Is there a role for the Farm Credit System, with expanded lend- 
ing authority, looking at some of these problems not only of rural 
America, but of minority and poverty-driven rural America? 

Mr. Cook. There is quite an effort being put forth by the System 
to do just that. I have some feelings in this area, but as I move 
from the System to the Farm Credit Administration, I do not feel 
that it is my responsibility to try to get those authorities expanded. 
I believe it would be our role at the Farm Credit Administration 
to see that safety and soundness remain the priority if expansion 
comes. 



21 

While I feel strongly that there are some needs that could be met 
by the System, I would work diligently as the regulator to see that 
the System expands lending in a safe and sound manner. 

The Chairman. What about in partnership with private banks? 

Mr. Cook. Any way to do it on a safe and sound basis would be 
fine with me. 

The Chairman. Do you think the System and the private banks 
are working enough together now, or should that partnership be 
expanded? 

Mr. Cook. Personally, I would like very much to see a greater 
partnership. 

The Chairman. To see what — to see it expanded? 

Mr. Cook. To see more cooperation. Not everyone in the Farm 
Credit System shares that view, but that is mine. I would like to 
see us work together any way we can to promote safety and sound- 
ness and assist rural America. 

The Chairman. If they could work together more than they are 
now, doesn't that give you a greater reach into rural areas? 

Mr. Cook. Yes. Improved participation would be excellent. 

The Chairman. And I should ask you the usual questions: If you 
are confirmed by the Senate, will you faithfully execute the laws 
passed by Congress regardless of any prior statements you have 
made or biases you may have had? 

Mr. Cook. Yes, I will. 

The Chairman. And if your nomination is approved by the com- 
mittee and the Senate, do you promise to respond to requests to ap- 
pear and testify before this committee or other duly constituted 
committees of the Senate? 

Mr. Cook. Yes, I will. 

The Chairman. Thank you. 

Senator Lugar. 

Senator Lugar. Thank you, Mr. Chairman. 

Mr. Cook, I think you made the distinction, correctly, between 
your role as a management person in the banking system and as 
a regulator. As you look at the role of regulator, are there aspects 
of the Farm Credit System that give you some pause as you take 
a look at them? We have been through rocky times, and you have 
been a leader in trying to work with the committee and the 
Congress in getting us through that situation. And obviously, 
things are so much improved that there is almost a euphoria over 
the situation. But are there any aspects of operations that have 
drawn your attention and are bobbing up and may require at least 
some concern on your part as a regulator? 

Mr. Cook. I am not sure there is anything of major significance 
that I see now. However, I have served the last 3 years as the 
chairman of the Contractual Inter-Bank Performance Agreement 
(CIPA), and also as chairman of the Market Access Committee. As 
chairman of these committees, I have worked very hard to see that 
the System is self-policing and self-monitoring. We have tried to 
detect our own problems and not wait until the regulator tells us 
what our problems are. 

I have worked very hard at that, and I think the System has 
made a lot of progress. I believe those two agreements will help the 



22 

System a great deal. But I have spent all of my career working 
with System safety and soundness. 

Also, as chairman of the Credit and Operations Committee, I 
looked at ways to try to improve the System. 

Senator Lugar. Senator Leahy mentioned things the System 
might become involved in in working with people in rural commu- 
nities and those who are poor. Various components of the System 
have been fairly aggressive in making suggestions as to new loans 
that Farm Credit ought to have an opportunity to get into. In that 
respect, I want your judgment in terms, both of the continuity and 
strength of the System, as well as the risks involved in doing that. 
Clearly, there has been a contraction of the amount of credit in the 
System as a whole, and this has led to the feeling on the part of 
some member banks that they ought to have opportunities for more 
aggressive lending, both in terms of mortgages or community devel- 
opment, or even export sales. 

Do you have any pause about these extensions of authority if 
they should be granted by legislation of the Congress or by regu- 
latory authority, if that is appropriate? 

Mr. Cook. Yes, I do, but let me comment about Senator Leahy's 
position. In the northeast region of the country, there is a high per- 
centage of the agricultural business with the Farm Credit System. 
In the districts in which I have worked, we have gotten down to 
10 and 15 percent. Frankly, in these districts, I see a need for them 
to work with the farmers and do business with the people who are 
already there, but who have left farm credit in the past. 

If I were in the Northeast, I would want expanded authority so 
I could continue to grow. But, I do think the System needs to con- 
tinue to emphasize cutting expenses and streamlining the organi- 
zation. I would put emphasis on building business rather than get- 
ting different types of business, but that is prompted by my experi- 
ence with troubled institutions. 

There are areas where I think Farm Credit should be allowed to 
expand, and one of those areas is the feed and fertilizer dealerships 
serving agriculture. We are presently limited in the types of busi- 
ness we are able to conduct with them. As far as areas that we are 
not serving, I would be very cautious and make sure that we have 
the right type of expertise before we expand. 

Senator Lugar. Thank you very much. 

The Chairman. Thank you. Senator Lugar. 

Senator Baucus. 

Senator Baucus. I have no questions; thank you. 

The Chairman. Senator Conrad. 

Senator Conrad. Thank you, Mr. Chairman. 

Senator Lugar asked a question that is very much on my mind. 
That is, we are seeing the Farm Credit System go through an eval- 
uation process, and in that evaluation process, they have concluded 
that if they are to have a future, they need to expand their authori- 
ties; that the marketplace that they are serving is changing, chang- 
ing dramatically, and that they are heavily restricted in terms of 
the coverage that they can provide to their client base. 

They are telling me, at least, that unless they are given those ex- 
panded authorities that there would be some question about the fu- 
ture role that they play. Also, I am wondering if you could come 



23 

at this perhaps in a different way and tell this committee, do you 
believe that expanded authority for the System is justified, or is 
the role that it currently plays the appropriate role? 

Mr. Cook. You have presented some caveats that make this a 
difficult question. Again, my experience indicates there are produc- 
ers that we are not doing business with now that we need to do 
business with — but again, I am not coming from a district that has 
a high penetration. I believe there are some operations that Farm 
Credit is in a very good position to finance. We have field offices 
located in many small towns that could meet this need, and if there 
is a shortage of credit available, then Farm Credit should be al- 
lowed to meet that need. 

If the credit problems experienced during the mid-1980's still ex- 
isted, we would need to concentrate on rectifying those problems. 
Farm Credit has come through a good economic cycle and has im- 
proved financially such that we need to explore other possibilities. 
But again, as the regulator, I would look at it very carefully to see 
that it is done safely and soundly. 

Senator Conrad. Thank you. 

The Chairman. Thank you, Senator Conrad. 

Thank you very much, Mr. Cook. I will offer you congratulations 
and condolences both; your job is a difficult one, and, as you know, 
because of the work done by this committee a few years ago, one 
that this committee follows very closely, so I suspect you will be 
hearing from Senator Lugar and myself and other Members of the 
committee as we go along. 

Thank you very much. 

Mr. Cook. Thank you, Mr. Chairman. 

The Chairman. Our next two nominees are Marilyn Peters of 
South Dakota, nominated to be a member of the board of the direc- 
tors of the Federal Agricultural Mortgage Corporation, and Clyde 
Arlie Wheeler, Jr., of Oklahoma, nominated to be a member of the 
Board of Directors of the Federal Agricultural Mortgage Corpora- 
tion. 

I would note, Ms. Peters, that as you know. Senator Daschle was 
here earlier; he also made it a point to contact me well before this 
hearing to tell me of his strong support of you, and I will put a 
statement of his in the record. He does state that he has known 
both you and your husband. Emerald, for a long, long time. 

If I could, I would ask both of you to please stand and raise your 
right hands. Do you solemnly swear that the testimony you will 
give in this matter will be the truth, the whole truth, and nothing 
but the truth, so help you God? 

Ms. Peters. I do. 

Mr. Wheeler. I do. 

The Chairman. Thank you very much. 

First, Ms. Peters, do you have any family members, friends, or 
others here in the committee room that you would like to intro- 
duce? 

Ms. Peters. Yes, Senator. I would be happy to introduce my hus- 
band, Emerald Peters. We are farmers in northeastern South 
Dakota. 

The Chairman. It is nice to have you here, Mr. Peters. 



24 

Oh yes, Mr. Wheeler, do you have anyone with you today whom 
you would like to introduce? 

Mr. Wheeler. Yes, Senator. I have two long-time friends, and 
one friend of about 10 or 15 years. Mary Haught is the wife of Bob 
Haught, who was the administrative assistant to Senator Bellmon. 
She is from North Carolina and Oklahoma. Dawson "Tack" Nail, 
with Television Digest, a long-time friend; and Mike Massie, with 
Kidder, Peabody and Company; and Bill Sallee, whom I went to 
Oklahoma State University College. There are probably some more 
Oklahomans here I have missed. 

The Chairman. Thank you. 

As you know. Senator Bellmon — Governor Bellmon — was a val- 
ued Member of this committee and also a very good friend of mine. 
He traveled to Vermont with me on one occasion. I, in turn, spent 
one of the most delightful weekends, during my Senate career, with 
him at his home. We bounced around that area in his pickup truck; 
went out to breakfast at the local diner, that I thought was a movie 
set for "The Last Picture Show" — the Peter Bogdanovich movie of 
years ago — it was the most enjoyable time. I look forward every so 
often — when Henry is back in town — to seeing him. I think he was 
one of the most respected Members of the Senate, on both sides of 
the aisle, whom I have known since I have been here. 

Mr. Wheeler. I agree. 

The Chairman. Did either of you have an opening statement you 
wish to make? Ms. Peters. 

Ms. Peters. I do not. Thank you. 

The Chairman. Mr. Wheeler. 

Mr. Wheeler. No, Senator. 

TESTIMONY OF MARILYN PETERS, OF SOUTH DAKOTA, AND 
CLYDE ARLIE WHEELER, JR., OF OKLAHOMA, NOMINATED 
TO BE MEMBERS OF THE BOARD OF DIRECTORS OF THE 
FEDERAL AGRICULTURAL MORTGAGE CORPORATION 

The Chairman. Let me ask the same question of both of you. If 
you are confirmed by the Senate, will you faithfully execute the 
laws passed by Congress, regardless of any prior statements you 
have made or biases you may have held? 

Ms. Peters. 

Ms. Peters. I will. 

The Chairman. Mr. Wheeler. 

Mr. Wheeler. Yes, I will. 

The Chairman. If your nomination is approved by the committee 
and the Senate, do you promise to appear and testify before this 
committee or any other duly constituted committee of the Senate? 

Ms. Peters. 

Ms. Peters. Yes. 

The Chairman. Mr. Wheeler. 

Mr. Wheeler. Yes. 

The Chairman. Ms. Peters, as you know from my opening state- 
ment, I have expressed some concern about Farmer Mac. In 1987, 
when we created it, I remember thinking this was great for those 
of us who live in rural America, that we would see competitively 
priced credit. I do not see it living up to its expectations, certainly 
not the expectations I had in 1987. It continues to use its invest- 



25 

ment capital to fund operations, and that reduces stockholders eq- 
uity and so on. 

What have been the major factors behind the slow development 
of Farmer Mac's loan pooling program — I am thinking both in rural 
housing and in the agricultural mortgage sectors. 

Ms. Peters. I do not have an extensive background in this par- 
ticular area. I represent — I hope — the agricultural community of 
rural America and of the world and feel it is a very important part 
of our global economy. 

I would hazard a guess that the whole credit history in the last 
5 years has been quite different than when Farmer Mac was origi- 
nated, and that might have something to do with it. I really feel 
it is very important for us to get the cooperation of all the lending 
agencies. As a member of the private sector, I would hope that I 
would be able to be instrumental in helping to provide that cooper- 
ative effort for expanding the credit where it is needed, and at a 
lower rate than currently is prevalent. 

The Chairman. Don't we have to expand the number of certified 
loan poolers to do that? 

Ms. Peters. Yes; the broader the base that we would have, the 
better it would be. My understanding at this time is very limited, 
but I've been told that currently farm credit moneys are readily 
available to the lenders, so there has not been an incentive to 
broaden the base as we need to do. I would hope the public sector 
could help the banking and insurance and farm credit people see 
that it is to their advantage as well as to the overall economy, and 
especially to the rural economy, to have that base broadened. 

The Chairman. Would you go there with the idea of pushing 
them to expand that kind of a base? 

Ms. Peters. I do not view myself as a pusher. I would certainly 
be a facilitator and hope to be someone who could help them see 
that there would be advantages to all sides in such an expansion. 

I have a strong feeling as a farmer that what happens to the ag- 
ricultural community has a direct effect on the entire economy, not 
only in the United States, but the global economy. 

The Chairman. Mr. Wheeler, let me ask you this. We put all 
these different safety features into the Farmer Mac mechanism. 
Did we put too many in there? Is this one of the reasons why it 
has moved a little bit slowly, or are there other reasons? 

Mr. Wheeler. I have had only limited exposure to Farmer Mac 
so far. I think that as to safety factors, I would hesitate to say. I 
feel, though, that Farmer Mac has done a better job than a lot of 
people realize. It is fairly new; it is something like 6- or 7-years- 
old, and it is just getting started. From what exposure I have had, 
I have the feeling that it is getting up more momentum. And I 
have heard people talk around the table here about people leaving 
the rural communities, and that is certainly true in Oklahoma and 
everyplace else. I think they are aware of that, and I am hopeful 
to review what we do and what can be done to help stop that exo- 
dus. But I think Farmer Mac has got the tools, and I think they 
just need to live a little longer. 

The Chairman. Well, even though one of the most distinguished 
residents of Vermont was Norman Rockwell, and I admire his 
paintings and so on, I do not have some kind of view of rural 



26 

America that is such that nothing is ever going to change; that the 
same things I knew as a boy will remain the same today, half a 
century later. However, I do know that one of the problems in rural 
America is the inability to create jobs because of lack of financing, 
lack of an understanding that things can be different, that some- 
times, risks have to be taken. There are an awful lot of people who 
leave rural America who want to stay there, but they just do not 
have the jobs or the opportunity; while I realize there will be some 
in rural America who have decided they want city life, or other 
urban living, and that is always going to happen. 

But what I am concerned about as a resident of rural America 
is that if people want to stay, and if people want to start busi- 
nesses and so on, that they at least have the opportunity to get the 
financing necessary to do it. 

Mr. Wheeler. I sure agree with you. Governor Bellmon put me 
on the High Plains Economic Development Council in northwestern 
Oklahoma, and we worked at trying to stimulate economic develop- 
ment to create jobs so that people could stay out there. We lost 300 
people — we did not have but 1,500 people in this little town, and 
we lost 300 people in 10 years. That is a lot of people, and that 
is what is happening all over. 

But I think the key is job creation, because people do want to 
stay out there, and supplemental income will keep a lot of them out 
there, because they do not want to move to Kansas City and Okla- 
homa City and Denver; they want to stay out in the rural areas. 
And I am hoping that we can turn that around. 

The Chairman. Thank you. 

Senator Lugar. 

Senator Lugar. Thank you, Mr. Chairman. 

You have obviously been heavily involved in the farming system 
and come onto this board as representatives of agriculture and the 
general public; but you come onto a board in which Farmer Mac, 
originally capitalized at about $22 million — $10 million from the 
Farm Credit System and $12 million from banks, insurance compa- 
nies, and other institutions — has seen its capital eroded to approxi- 
mately $13 million plus, without showing a profit during this pe- 
riod of time. And that must be of some concern to you as you join 
this board. 

Mr. Wheeler. It sure is. 

Ms. Peters. That is right. 

Senator Lugar. Both of you have been involved in businesses 
and have been invited, I am certain, to serve in various capacities 
and as trustees of those institutions, and have offered your good 
counsel. And obviously, one of the responsibilities before you here, 
is that you are not personally liable, but you are public trustees of 
a situation in which some public money as well as a good bit of pri- 
vate money is involved. 

Have either of you thought about that picture? In other words, 
after the honor of the nomination sunk in, with the possibilities for 
public service, what are your views about coming onto a board of 
an institution that has not shown a profit and, as a matter of fact, 
has shown considerable erosion of the original capital? 



27 

Ms. Peters. Well, I certainly was honored to be appointed and 
would be honored to be confirmed. I did look at the bottom line, 
and I see that it is improving. I think they have just included the 
linked portfolio strategy, which will help make it more highly com- 
petitive. 

I am getting a crash course on banking and fmd that this strat- 
egy is a very legitimate way for them to improve. I think the secret 
is, as Senator Leahy said, to broaden the base and to make it more 
widely used by the credit institutions that involve the other direc- 
tors and the stockholders. 

I do see that there is a need for understanding that should be 
developed among the lending agencies that the farm lenders them- 
selves will benefit by lower interest margins if there is a much 
broader base. The more assured the lenders can be of getting a 
broad-based, stable income, the more incentive there will be to help 
rural borrowers establish their financial planning over a longer pe- 
riod of time. I think the linked portfolio strategy has been a good 
addition in this last year, and I think that if you look at the bottom 
line, it is improving quite rapidly. We are hoping — as I understand, 
Farmer Mac is hoping — to get some more poolers also, and go into 
the rural housing element of it, although I also understand that 
Fannie Mae is being involved in that consideration. So I hope that 
we can get into the rural housing development area also. 

Senator Lugar. Mr. Wheeler, what is your analysis? 

Mr. Wheeler. I think the situation has to be turned around, ob- 
viously, and I think if we were to sit here a year from now, and 
there is not a better picture, it will be unfortunate. But what I see 
in place is competent people and good policies, and I think it is just 
going to take a hard selling job. I think a lot of lending institutions 
do not know about Farmer Mac. But I am concerned about the 
rural impact and new jobs that it can create for worthy new starts 
and that sort of thing, so for me to say this and this has to be done, 
I cannot do it. But I see willing people and good people, and I think 
they sure want to do it. I expect it to turn around. 

Senator Lugar. I appreciate the thought that both of you have 
given to the situation as business persons. Obviously, this commit- 
tee receives the nominations from the President of the United 
States; we do not make the nominations. We are interested in how 
Farmer Mac turns out. As Chairman Leahy pointed out at the be- 
ginning, this is an outgrowth of important farm credit legislation, 
and I am hopeful that as we all gather a year from now, as you 
suggest, that there will be a turnaround. And of course, one meth- 
od of doing that is through the development of strong leaders such 
as yourselves, who not only understand farm credit, but also the 
particular institution that you are serving as trustees. 

I would like to add for the record, Mr. Chairman, a very strong 
statement of endorsement of Senator Nickles of Mr. Wheeler, in 
which he points out their long association in Oklahoma; as well as 
a statement by Senator Mitch McConnell with regard to all of the 
nominees, in which he congratulates them and raises some ques- 
tions which you and I have covered during the course of the hear- 
ing on these nominees. 



28 

The Chairman. Thank you. I would also note that Senator Boren 
has a strong statement in favor of Mr. Wheeler, and we will in- 
clude that in the record, too. 

If there are no further questions, we thank you both for being 
here. 

The committee stands adjourned. 

[Whereupon, at 10:59 a.m., the committee was adjourned.] 



APPENDIX 



PREPARED STATEMENTS 

Sheila C. Bair 

Mr. Chairman, and Members of the committee. I am honored to appear before you 
today as a nominee to continue as commissioner of the Commodity Futures Tramng 
Commission. 

When I first appeared before this committee 3 years ago, the CFTC had just 
emerged — albeit victorious — from a bruising battle with the SEC over who should 
have jurisdiction over stock index futures. I testified then that improved relations 
between the SEC and CFTC should be a priority. I also hoped that this was an area 
where I could make a contribution, given my working relationships with the SEC 
and securities industry stemming from my position as legislative counsel to the New 
York Stock Exchange. 

Today — through the determined efibrts of the commissioners and stafi"s of both 
agencies — relationships between the SEC and CFTC have never been better. In this 
regard, I would like to pay particular tribute to Arthur Levitt, whose consensus- 
building style and exceptional diplomatic skills, have helped set the tone. 

Consistent with the new era of cooperation and harmony between our two agen- 
cies, Mary Schapiro, an SEC commissioner, has been nominated to serve as chair- 
man of the CFTC. I have known Mary for several years. I believe she will make 
an excellent chairman, and am pleased to be appearing with her at the same hear- 
ing. She is well qualified to lead our agency and to strengthen our ties to the SEC 
and other members of the financial regulatory community. This, I believe, will, in 
turn, strengthen the influence and stature of tne CFTC. 

Being a commissioner at the CFTC for the past 3 years has presented me with 
many unique challenges and opportunities. 

In December of 1991, I was made chairman of the Commission's Financial Prod- 
ucts Advisory Committee. This group — also known as FPAC — is composed of promi- 
nent regulators and industry members who provide input to the Commission on is- 
sues relating to financial derivative instruments. I am very proud of FPAC's record 
of accomplishment during the time I have served as its chairman. 

FPAC's work on the proper definition of modern-day hedging strategies helped 
prompt the IRS to draft regulations to address tax uncertainties in the treatment 
of hedging resulting from the Supreme Court's Arkansas Best decision. In recogni- 
tion of FPAC's en"orts, IRS commissioner Margarct Richardson personally addressed 
our group and sought our input on the temporary and proposed regulations. 

FPAC's efforts to facilitate greater harmony between SEC and CFTC regulations, 
particularly in the regulatory treatment of collective investment vehicles, has led 
both agencies to engage in rulemakings to ease mutual fund access to futures mar- 
kets. FPAC's work on interagency coordination issues generally has been favorably 
cited in the Market Reform Reports submitted to Congress by both the SEC and 
CFTC. 

Finally, FPAC has provided a highly visible forum for exploring issues related to 
the complex new world of off-exchange derivative instruments. We have played a 
particular leadership role in encouraging efforts to develop a clearinghouse for OTC 
derivatives — efforts which I believe, in the long run, hold out the promise of sub- 

(29) 



CiA 1 rt/1 



30 

stantially reducing — if not eliminating — credit risk, from a large segment of the 
OTC derivatives market. 

In addition to my work on FPAC, I was privileged to have the opportunity to 
serve from August to December of last year as acting chairman of the CFTC. 

During my tenure as acting chairman, I oversaw the completion of a major Com- 
mission study on OTC derivatives markets. The central recommendation of that 
study was for greater interagency coordination to address issues of common concern 
to ILS. financial regulators, such as reporting and disclosure, internal controls, and 
clearing. Shortly ailer our report was released. Treasury Secretary Lloyd Bentsen, 
citing the CFTC's recommendation, wrote the members of the Working Group on Fi- 
nancial Markets requesting that they examine issues relating to OTC derivative 
markets. Consistent with Secretary Bentsen's request, both the principals and staff 
of the Working Group have been meeting on a regular basis for quite some time 
now, and the CFTC's report has provided a useful framework for much of their work 
and discussions. 

Challenges presented by the growth of OTC derivative markets loom large on the 
CFTC's horizon. As the only financial regulator whose sole mission is the regulation 
of derivative instruments, the CFTC will continue to play a leadership role in Work- 
ing Group efforts to develop appropriate regulatory policies for OTC derivative mar- 
kets. In addition, the CFTC can be expected to finalize risk assessment rules that 
will facilitate expanded financial oversight of certain OTC derivative market partici- 
pants. In light of increasing concerns about risks associated with OTC derivatives, 
we may also — in consultation with other regulators — wish to review regulatory ex- 
emptions we have previously granted for certain types of OTC products. 

As we grapple with demands for increased regulation of the OTC derivatives mar- 
kets, we wiU also need to continue to search for ways to streamline or eliminate 
unnecessary regulatory requirements for exchange traded markets. This process 
must not, however, in any way undermine core regulatory protections central to the 
honesty and financial integrity of those markets. It will be particularly important 
for the CFTC to move ahead firmly with needed improvements to exchange audit 
trail systems. And in that endeavor, I hope the Commission can continue to count 
on this committee for support. 

Mr. Chairman. I have greatly enjoyed my tenure at the CFTC and am grateful 
that I will be able to continue my service to the Commission, if confirmed. I will 
be happy to answer any questions that you might have. 



Office of Government Ethics, 

Washington. DC. June 14, 1994. 

Hon. Patrick J. Leahy, 

Chairman, Committee on Agriculture. Nutrition, and Forestry. 

U.S. Senate, Washington. DC. 

Dear Mr. Chairman: In accordance with the Ethics in Government Act of 1978, 
I enclose a copy of the financial disclosure report filed by Ms. Sheila C. Bair, who 
has been nominated by President Clinton for the position of commissioner, Commod- 
ity Futures Trading Conrmiission. 

We have reviewed the report and have also obtained advice from the Commodity 
Futures Trading Commission concerning any possible conflict in light of its func- 
tions and the nominee's proposed duties. Ms. Bair has agreed to recuse herself from 
participation in any particular matter that would have a direct and predictable ef- 
fect on a financial interest that she holds or that is imputed to her under 18 U.S.C. 
§ 208. 

Based thereon, we believe that Ms. Bair is in comphance with applicable laws and 
regulations governing conflicts of interest. 
Sincerely, 

Stephen D. Potts, 

Director. 

Enclosure 



31 



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38 

BIOGRAPHICAL INFORM ^TION (PUBLIC) 

L Full name (include any former names used). 
Sheila Colleen Bair 

2. Address: List current place of residence and office address(es). List all office and 
home telephone numbers where you may be reached. 

3704 Brandywine Street, N.W. 
Washington, D.C. 20016 
(202) 363-3873 -- home 

2033 K Street, Suite 802 
Washington, D.C. 20581 
(202) 254-6354 - office 

3. Date and place of birth. 

April 3, 1954 
Wichita, Kansas 

4. Marital Status (include maiden name of wife or husband's name). List spouse's 
occupation, employer's name and business address(es). 

Married: 

Scott Cooper 

Professional Staff 

Subcommittee on Transportation and Hazardous Waste 

324 Annex 2 

House Office Building 

Washington, D.C. 20545 

5. Education : List each college and graduate or professional school you have attended, 
including dates of attendance, degrees received, and dates degrees were granted. 

Kansas University 
Lawrence, Kansas 

BA: 1975 
JD: 1978 

6. Employment Record : List (by year) all business or professional corporations, 
companies, firms, or other enterprises, partnerships, institutions and organizations, 
nonprofit or otherwise, including farms, with which you were connected as an officer. 



39 



director, partner, proprietor, or employee since graduation from college; include a 
title and brief job description. 



From 
5/91 



lo 
Present 



Position 

Commodity Futures Trading Commission, 
Commissioner. Serve as one of five 
commissioners on the independent 
financial regulatory agency responsible for 
oversight of the nation's commodity 
futures and options markets. Position 
requires Presidential appointment/Senate 
confirmation. Since December 1991, have 
served as Chairman of the CFTC's 
Financial Products Advisory Committee 
(FPAC) and have specialized in issues 
relating to the dramatic growth of financial 
hedging instruments. From August to 
December 1993, served as agency's Acting 
Chairman and oversaw the completion of 
a major study of OTC derivatives. The 
study's central recommendation for an 
interagency coordinating group for OTC 
derivatives was adopted by the Working 
Group on Financial Markets. 



7/88 



5/91 



New York Stock Exchange, Counsel 
Legislative Affairs. (Excluding a 10 month 
period from 1/90 - 10/90 during which I 
was a candidate for Congress in the 
Kansas 5th District GOP Primary). Served 
as a legal counsel to the New York Stock 
Exchange in its Washington office, working 
with Congress and its committees, the 
Securities Exchange Commission, and the 
Commodity Futures Trading Commission 
on a wide array of financial issues, with 
emphasis on derivative products and 
intermarket coordination. 



40 



1/87 7/88 Kutak Rock & Campbell, Of Counsel 

(Excluding a 6 month leave to work for 
Dole campaign, below). Represent firm's 
clients before Congress an federal 
agencies, dealing primarily with tax, 
banking and related matters. 

10/87 3/88 Dole for President, Campaign, Research 

Director. Headed the Research Division 
of the Dole for President campaign. 
Responsibilities included briefing the 
candidate on major policy issues; 
preparing for debates; and coordinating 
campaign position papers and policy 
statements. 

1/85 7/86 Omce of the Senate Majority Leader, 

Deputy Counsel to Majority Leader 
Robert Dole. Served as general legal 
counsel to Majority Leader Dole. Major 
issue areas included civil and constitutional 
rights, international human rights, 
antitrust, intellectual property, tort liability 
reform, and judicial nominations. 

10/81 12/84 Senate Judiciary Committee Counsel, 

Subcommittee on Courts. Advised 
Senator Dole in his capacity as 
Subcommittee Chairman, with particular 
emphasis on civil and constitutional rights, 
women's issues, criminal law, antitrust, and 
intellectual property. 

5/79 10/81 HEW/Department of Education, 

Attorney/Advisory. Served as legal counsel 
in Department's civil rights compliance, 
findings, negotiations, and administrative 
enforcement proceedings. Responded to 
agency requests for legal advice 
concerning FOIA, Privacy Act, and 
Administrative Procedures Act. 



41 



8/78 5/79 Teaching Fellow, University of Arkansas 

School of Law. Taught first year law 
students legal writing, appellate advocacy, 
and ran the moot court competition. 
Teaching fellows were selected annually by 
the law school in a national competition. 

7. Military Service : Have you had any military service? If so, give particulars, including 
the dates, branch of service, rank or rate, serial number and type of discharge 
received. 

None 

8. Government Service : State (chronologically) your government service or public 
offices you have held, including the terms of service grade levels and whether such 
positions were elected or appointed. 

May 1979 - October 1981, Attorney Advisor, DHEW/Department of 
Education, GS11-GS13: 

October 1981 - December 1984, Counsel, Courts Subcommittee, Senate 
Judiciary Committee; and 

January 1985 - July 1986, Deputy Counsel, Senate Majority Leader's Office. 

May 1991 - Present, Commissioner, Commodity Futures Trading Commission. 
Presidential Appointment requiring Senate confirmation. 

9. Honors and Awards : List any scholarships, fellowships, honorary degrees, and 
honorary society memberships that you received and believe would be of interest to 
the Committee. 

1978 - 1979: Teaching Fellow, University of Arkansas School of Law, 
Fayetteville, Arkansas 

10. Other Memberships : List all organizations to which you belong, excluding religious 
organizations. 

American Bar Association 

WISH LIST 

Women's Leadership Network 

Women's Campaign Fund -- Board of Directors (Uncompensated) 



42 



11. Published Writings : List the titles, publishers, and dates of books, articles, reports, 
or other published materials (including published speeches) you have written. Please 
include on this list published materials on which you are listed as the principal editor. 
It would be helpful to the Committee if you could provide one copy of all published 
material that may not be readily available. ^AJso, to the maximum extent practicable, 
please supply a copy of all unpublished speeches you made during the past five years 
on issues involving agriculture, nutrition, forestry or commodity futures policy or 
related matters. 

"Why 'Offshore' Doesn't Mean 'Off Limits'," Futures Magazine, January 1992. 

"Is There a 'Future' in Swaps?," Mortgage Banking Magazine, September 
1992. 

"The Worst of Arkansas Best ," The University of Kansas Law Review, Spring 
1993, (lead author). 

"U.S. Regulation of Derivative Instruments: Reflections from a Crucial 
Crossroads" Paper Submitted to the University of London Institute of 
Advanced Legal Studies for Inclusion in Proceedings of the International 
Conference on Derivative Instruments, October 1993. 

"Change and Challenge in the Marketplace Meeting the Darwinian 
Challenge," Futures Industry, September/October 1993. 

"The Future of Past Performance Reporting," Managed Account Reports, Inc., 
January 1994. 

"Regulatory Issues Presented by the Growth of OTC Derivatives: Why OfT- 
Exchange is No Longer Off-Limits," in the Handbook of Derivatives and 
Synthetics (to be published). 

12. Health : What is the present state of your health? 

Excellent 



43 

FINANCIAL DATA AND CONFLICT OF INTEREST (PUBLIC) 



1. Have you severed all connections with your immediate past private sector employers, 
business firms, associations, and/or organizations? 

Yes. 

2. List sources, amounts and dates of all anticipated receipts from deferred income 
arrangements, stock options, incompleted contracts and other future benefits which 
you expect to derive from previous business relationships, professional services, =firm 
memberships, former employers, clients, or customers. 

None. 

3. Do you, or does any partnership or closely held corporation in which you have an 
interest, own or operate a farm or ranch? (If yes, please give a brief description 
including location, size and type of operation.) 

No. 

4. If confirmed, do you have any plans, commitments, or agreements to pursue outside 
employment or engage in any business or vocation, with or without compensation, 
during your service with the government? (If so, explain.) 

No. 

5. Do you have any plans to resume employment, affiliation, or practice with your 
previous employers, business firms, associations, or organizations after completing 
government service? (If yes, give details.) 

No. 

6. Has anyone made a commitment to employ you or retain your services in any 
capacity after you leave government service? (If yes, please specify.) 

No. 

7. Identify all investments, obligations, liabilities, or other relationships which involve 
potential conflicts of interest in the position to which you have been nominated. 

Employment by the New York Stock Exchange -- See below. 



44 



8. Have you ever received a government guaranteed student loan? If so, has it been 
repaid? 

No. 

9. If confirmed, explain how you will resolve any potential conflict of interest, including 
any that may be disclosed by your responses to the above items. 

Prior to my appointment to the CFTC, I worked for the NYSE. Consistent 
with my answer to this question when I was first appointed, I will continue my 
commitment to recuse myself should there ever be any adjudicatory 
proceeding or other particular matter before the Commodity Futures Trading 
Commission to which the New York Stock Exchange is a party. If any other 
situation arises where there might be a question of conflict, I will seek the 
opinion of agency ethics counsel. It should be noted that the NYSE recently 
divested itself of its futures subsidiary, the New York Futures Exchange. 



45 

Doyle L. Cook 

Mr. Chairman, and Members of the committee, it is an honor to appear before 
you today as you consider my nomination for appointment to the board of the Farm 
Credit Administration. 

I would like to thank Senator Baucus for taking the time to introduce me here 
today. I appreciate his words of support. 

Agriculture has always been an integral part of my life. I was raised on a farm 
and worked my way through college by raising livestock. The formative years of 
many Members of this committee are similar, so I know you can understand how 
my roots have guided my career in agriculture. 

During the first 13 years of my career with the Ralston Purina Company, I had 
the uniaue opportunity to work directly with farmers and to gain both marketing 
and creait experience. One thing I learned about myself while at Ralston Purina 
was that I liked working in the business side of agriculture, which led me to my 
career with the Farm Credit System. During my 18 years with the System, I worked 
in the Texas Farm Credit District and the former St. Louis and Louisville districts 
and served the last 4 years as president and chief executive officer of the Farm 
Credit Bank of Spokane until April of this year. 

I recognize there may be concern that someone, who has worked as many years 
with the Farm Credit System as I have, may have difficulty making the change 
from banker to regulator. I believe my experience in handling difficult situations in 
both Ralston Purina and Farm Credit were the building blocks that have prepared 
me for the responsibilities I would have as a member of the Farm Credit Adminis- 
tration Board. Furthermore, I have great respect for the role the Farm Credit Ad- 
ministration has played in restoring the System to financial health. I believe the 
Farm Credit System provides an important and needed service to American agri- 
culture. But in order for the System to face the challenges of the future, the Farm 
Credit Administration must continue its vigilance as a strong, effective, arm's length 
regulator. 

Mr. Chairman, I hope I will be granted the opportunity of serving the agricultural 
producer, as well as those who invest in American agriculture, as a member of the 
Farm Credit Administration Board. 



Office of Government Ethics, 

Washington, DC, June 16, 1994. 

Hon. Patrick J. Leahy, 

Chairman, Committee on Agriculture, Nutrition, and Forestry, 

U.S. Senate, Washington, DC. 

Dear Mr. Chairman: In accordance with the Ethics in Government Act of 1978, 
I enclose a copy of the public financial disclosure report filed by Doyle L. Cook, who 
has been nominated by President Clinton for the position of Member, Board of Di- 
rectors, Farm Credit Administration (FCA). 

We have reviewed the report and have also obtained advice from the FCA con- 
cerning any possible conflict in light of its functions and the nominee's proposed du- 
ties. Also enclosed is a letter from the FCA's ethics official, dated June 14, 1994, 
which discusses Mr. Cook's ethics agreements with respect to recusals and certain 
other matters. 

Based thereon, we believe that Mr. Cook is in compliance with applicable laws 
and regulations governing confiicts of interest. 
Sincerely, 

Stephen D. Potts, 

Director. 

Enclosures 



46 



Farrn Credit Administration 1501 Farm credit Dnve 

McLean. Virginia 22102-5090 
(703) 883-4000 




Fjim ciioiT jDminori jTion 



June 14, 1994 



Mr. Stephen A. Potts, Director 

United States Office of Government Ethics 

Suite 500 

12 01 New York Avenue, N.W. 

Washington, D.C. 20005-3917 

Dear Mr. Potts: 

This letter concerns our review of the public financial disclosure 
report (278 Report) of Doyle L. Cook, nominee to the position of 
Member of the Board of the Farm Credit Administration (FCA) . 
Mr. Cook has spent much of his career with institutions in the Farm 
Credit System. His most recei'.t position was President and Chief 
Executive Officer of the Farm Credit Bank (FCB) of Spokane. 
Mr. Cook resigned from this position on March 31, 1994, when the 
FCB of Spokane merged with another Farm Credit Bank, the FCB of 
Omaha, to form a new Farm Credit System institution known as 
AgAmerica . 

The FCA is an independent regulatory agency, administered by a 
three-member board that oversees the Farm Credit System. The Farm 
Credit System is a nationv;ide system of lending institutions that 
provides credit and related services to farmers, ranchers, 
producers and harvesters of aquatic products, rural homeowners, 
certain farm-related businesses, agricultural and aquatic 
cooperatives, and rural utilities. The banks and associations in 
the Farm Credit System are cooperatively owned, directly or 
indirectly, by their respective borrowers. In his role as Board 
Member, Mr. Cook, along with the other two Board Members, would be 
responsible for directing the implementation of the policies and 
regulations adopted by the Board and executing the administrative 
functions and duties of the FCA. " More specifically, his duties 
would include prescribing the rules and regulations necessary for 
the implementation of the Farm Credit Act of 1971, as amended, and 
providing for the examination of Farm Credit System institutions 
and for the perforrriance of all the powers and duties vested in the 
agency. 

In addition, at present, the FCA Board also functions as the Board 
of Directors for the Farm Credit System Insurance Corporation (the 
Corporation). The Corporation is a Government-controlled 
corporation established to insure the timely payment of principal 
and interest on notes, bonds, debentures, and other obligations 



47 



issued by the Farm Credit System banks. As a Corporation director, 
Mr. Cook would administer the business of the Corporation, which 
includes insurance, financial assistance, receivership, and 
examination functions. 

Based on our review of Mr. Cook's 27 8 Report and follow-up 
discussions with him, there appear to be no present financial 
conflicts of interest that would violate 18 U.S.C. 208(a) or 5 
C.F.R. § 2635, subpart D. However, we have issued a cautionary 
letter (in draft) to Mr. Cook, a copy of which is enclosed, 
concerning his retained health benefits, life insurance, and 
retirement plans with two Farm Credit System institutions. The 
retirement plans with those institutions, AgAmerica and the FCB of 
Texas, are both fully funded, independently managed, defined 
benefit plans. I do not anticipate any matter coming before Mr. 
Cook in his role as FCA Board Member that would have a direct and 
predictable effect on his retained interests. However, in the 
unlikely event that such a matter should arise during his tenure, 
the cautionary letter serves as advance notice to avoid acting on 
a matter involving a conflict of interest by disqualifying himself. 

We note that, pursuant to 5 C.F.R. § 2635.502, Mr. Cook is in a 
covered relationship with certain Farm Credit System institutions 
due to his former positions.^ Within the past year, Mr. Cook has 
been a board member of the Federal Agricultural Mortgage 
Corporation (Farmer Mac) and President and Chief Executive Officer 
of the FCB of Spokane, which merged with the FCB of Omaha in March 
1994 to become AgAmerica. In order to avoid any appearance of loss 
of impartiality with regard to these institutions, we will ask 
Mr. Cook to execute the enclosed recusals. The recusals prohibit 
Mr. Cook's participation in matters involving the particular 
interests of AgAmerica, Northwest Farm Credit Services, ACA (the 
only association in the former FCB of Spokane district), and 
Farmer Mac for a period of one year from his dates of resignations 
from these institutions. 

I am of the opinion that neither the retained interests nor the 
recusals will impede Mr. Cook from effectively fulfilling his 
responsibilities as Board Member of the FCA. 



^ Although Mr. Cook is in a covered relationship with all of the entities 
in which he served within the past year, only those entities that are part of or 
related to the Farm Credit System or that do business with FCA will be the 
subject of written recusals. 



48 



Please let me know if you have any questions about this opinion or 
the enclosed material. 



Best regards, 



y\[i\t^i 



TiSf. 



Kcithleen V. Buff on 

Designated Agency Ethics Official 

Enclosures 

Copy to: Cheryl Piasecki 



49 






To: Doyle L. Cook 

Board Member 

From: Kathleen V. Buffon 

Designated Agency Ethics Official and 

Associate General Counsel, Administrative Law and 

Enforcement Division 

Subject: Cautionary Letter 

We have reviewed the public financial disclosure report (278 
Report) that you filed on April 18, 1994. Your 278 Report 
indicates that you have potentially conflicting interests with 
AgAmerica and the Farm Credit Bank (FCB) of Texas. Specifically, 
you have retained medical, dental, and life insurance benefits with 
AgAmerica.^ In addition, you have retained retirement plans with 
AgAmerica and the FCB of Texas. ^ 

These retained interests represent potential conflicts of interest 
in that, in your official capacity, you could be asked to 
participate in a matter that would have a direct and predictable 
effect on them. You are barred by criminal statute, as well as by 
the standards of ethical conduct applicable to all Executive Branch 
employees, from involvement in matters that would so affect your 
personal financial interests. Although we do not anticipate that 
any action that might be considered or taken by the agency during 
your tenure as a Member of the FCA Board would be likely to affect 
your retained interests, if this should occur you should refrain 
from involving yourself in the matter and consult with me, in my 
capacity as Designated Agency Ethics Official, as soon as possible. 



' It is our understanding that you pay your medical and dental insurance 
premiums, but that AgAmerica pays your life insurance premiums. We also 
understand that these medical, dental, and insurance benefits will terminate on 
March 3, 1996. 

' Your retirement plan with the FCB of Spokane (now part of the newly 
formed AgAmerica) was entered into September of 1989. Your retirement plan with 
the FCB of Texas was entered into April of 1983. Our understanding is that both 
of these retirement plans are fully funded, independently managed, defined 
benefit plans. The AgAmerica plan is managed by Minnesota Mutual Insurance 
Company. The FCB of Texas plan is managed by Nations Bank. 



I 



H 



»«-»^ r 



^^ i 



A determination will then be made regarding the need for you to 
disqualify yourself from acting on the matter. 

If you have any questions about this or other ethical concerns, 
please contact me at your convenience. 



51 



To: Kathleen V. Buff on 

Designated Agency Ethics Official and 

Associate General Counsel, Administrative Law and : 

Enforcement Division 

From: Doyle L. Cook 
Board Member 

Subject: Conflict of Interest Disqualification 

In accordance with the uniform standards of ethical conduct at 5 
C.F.R. § 2635.502, the possibility of an appearance of loss cl*" 
impartiality in the performance of my official duties requires that 
I disqualify myself from participation in any particular matter 
involving specific parties in which AgAmerica or Northwest Farm 
Credit Services, ACA is or represents a party for a period of one 
year beginning on March 31, 1994, the date of my resignation from 
my position as Chief Executive Officer of the Farm Credit Bank 
(FCB) of Spokane, or until April 1, 1995. 

This disqualification does not prohibit me from participating in 
matters affecting the interests of the Farm Credit System 
generally, even though such matters may also affect the interests 
of AgAmerica and Northwest Farm Credit Services, ACA. However, if 
I believe that I may be unable to remain impartial in any matter as 
a result of my former position with the FCB of Spokane (which has 
now merged with the FCB of Omaha to form AgAmerica) , I will 
disqualify myself from participating in that matter. 



Doyle L. Cook, Board Member Date 



52 






To: Kathleen V. Buff on 

Designated Agency Ethics Official and 

Associate General Counsel, Administrative Law and : 

Enforcement Division 

From: Doyle L. Cook 
Board Member 

Subject: Conflict of Interest Disqualification 

In accordance with the uniform standards of ethical conduct at 5 
C.F.R. § 2635.502, -the possibility of an appearance of loss of 
impartiality in the performance of my official duties requires that 
I disqualify myself from participation in any particular matter 
involving specific parties in which the Federal Agricultural 
Mortgage Corporation (Farmer Mac) is or represents a party for a 
period of one year beginning on May 13, 1994, the date of my 
resignation from my position as Board Member of Farmer Mac, or 
until May 14, 1995. 

This disqualification does not prohibit me from participating in 
matters affecting the interests of the Farm Credit System 
generally, even though such matters may also affect the interests 
of Farmer Mac. However, if I believe that I may be unable to 
remain impartial in any matter as a result of my former position 
with Farmer Mac, I will disqualify myself from participating in 
that matter. 



Doyle L. Cook, Board Member Date 



53 



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58 



Mutual Funds List 
Market Value Summary as of 4/16/94 



Doyle Cook 














4/16/94 














Security Name 


JS& 


Mkt Price 


AYilCo^t 


%Gain 


Shares 


MkJ.YAiJiS 


(American Funds) 














BALFUND 


Mutual 


11.990 


11.940 


0.4 


11,262 


$135,033 


ICAFUND 


Mutual 


18.060 


17.270 


4.6 


3,013 


54,411 


NPERSP 


Mutual 


14.860 


12.254 


21.3 


5,977 


88.823 



Total Market Value 7.1 $278,267 

(Balanced Fund, Equity Fund, and New Perspectives--a global fund. All are EIFs.) 

Interest Earnings on Funds 1-1-93 to 3-31-94 

Balanced Fund: $10,048 

ICA Fund: $4,305 

New Perspective Fund: $19,788 



59 



Stocks Owned in Doyle Cook's IRA 
As of 4-18-94 Held by Merrill Lyncb 



Stock 


Market Value 


Boeing 


45-1/4 


Chase Maohattan 


33-3/4 


GTE 


30 


IBM 


53 


Lilly 


47-1/2 


Norom (ArkLa) 


6-1/2 


Wesdnghouse 


11-1/2 


Ca.sh 





Shares Total 

100 $4^25 

200 6.750 

100 3,000 

50 2,650 

200 5,675 

1.000 6,500 

500 5,750 

3.0S0 

$47,400 



Dividends Received from 1-1-93 to 3-31-94 

Boeing $200 

Chase Manhattan 216 

GTE 28 

IBM 50 

Lilly 548 

Norom E 140 

Westinghousc Q (recently purchased) 

$1,182 



60 



Stodcs Owned in Peggy Cook's IRA 
As of 4-18-94 Held by Merrill Lynch 



StocH 


Marliet Value 


Shares 


Total 


Bank America pf 


28-1/4 


200 


$5,650 


Boeing 


45-1/4 


200 


9,050 


Borden Inc. 


12-1/2 


500 


6,250 


IBM 


53 


50 


2,650 


Laidlaw b 


6 


100 


600 


Texaco pf 


50-1/4 


2 


101 


Cash 






5,50P 



$29,801 



Dividends Redeved from 1-1-93 to 3-31-94 



Bank America pf 

Boeing 

Borden 

IBM 

Laidlaw b 

Texaco pf 



$275 
200 

(Recently Purchased) 

62 

18 

8 
$563 



61 



Stock Owned Jointly by Doyle and Peggy Cook 
As of 4-18-94 Held by Merrill Lynch 



Shares 



Stock 


Market Value 


Boiden Inc. 


12-1/2 


Gticorp pf 


25-7/8 


Chase Manhattan pf 


27-7/8 


GTE 


30 


IBM 


53 


Merck 


28-3/8 


Sallie Mae 


39-7/8 


Westingbouse 


11-1/2 



Total 



soo 


$6,250 


200 


5,176 


200 


5,576 


400 


12,000 


100 


5,300 


800 


22.704 


100 


3,988 


500 


^,750 



$66,744 



Dividends Received from 1-1-93 to 3-31-94 



Boiden Inc. 
Citicorp pf 
Chase Manhattan pf 
GTE 


(recently purchased) 
$228 
262 
113 


IBM 


125 


Merck 


241 


Sallie Mae 


160 


Westinghouse 


(recently purchased) 
$1,129 



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65 

June 14, 1994 

1. " Full name (include any former names used). 

Doyle L. Cook 

2. Address: List current place of residence and office address(es). List all office and 
home telephone numbers where you may be reached. 

428 W. High Drive 
Spokane, Washington 99203 
(509) 838-6494 Home 
(509) 838-9510 Office 

3. Date and place of birth. 

February 24, 1938 
Star City, Arkansas 

4. Marital Status (include maiden name of wife or husband's name). List spouse's 
occupation, employer's name and business address(es). 

Peggy Rackley Cook— Housewife 

5. Education : List each college and graduate or professional school you have attended, 
including dates of attendance, degrees received, and dates degrees were granted. 

College Dares Degrees Date conferred 

Arkansas A&M 9/56 to 5/58 Associate in Agriculture 5/58 

University of Arkansas 9/58 to 6/60 Bachelors ofAg Economics 6/60 

University of Arkansas 6/60 to 6/62 Masters in Ag Business 1/63 

6. Employment Record : List (by year) all business or professional corporations, 
companies, firms, or other enterprises, partnerships, institutions and organizations, 
nonprofit or otherwise, including farms, with which you were connected as an officer, 
director, partner, proprietor, or employee since graduation from college; include a title 
and brief job description. 

Brief description as follows. See Resume for detail 

PRESroENT AND CHIEF EXECUTIVE OFTICER 

FARM CREDIT BANK OF SPOKANE 9/89 - 4/94 



Responsible for bank operations and supervision of lending and funding in five states. Total loan volume $2.7 
billion. Includes 45 branches and 650 employees. 

PRESIDENT AND CHIEF EXECUTIVE OmCER 

FARM CREDIT SERVICES OF MID-AMERICA 3/86 - 9/89 



Responsible for $3 billion association with 950 employees that provided credit to 66, 000 farmers in four states. 



66 



SENIOR VICE PRESIDENT-CREDIT 

FARM CREDIT RANKS OF TEXAS 1/85 - 3/86 

Responsible for all credit operations of the Federal Land Bank of Texas, Federal Intermediate Credit Bank and the 
Bank of Cooperatives, including 49, 050 borrowers for a loan volume of $4.2 billion. 

SENIOR VICE PRESIDENT 

FEDERAL INTERMEDIATE CREDIT BANK OF TEXAS 4/83 - 1/85 

Supervised 30 production credit associations throughout texas. Responsible for loans in excess of $1 billion to 
over 14,000 farmers. 

SENIOR VICE PRESIDENT - ASSOCUTION OPERATIONS 

FEDERAL INTERMEDIATE CREDIT BANK OF LOUISVILLE 6/79 - 4/83 

Supervised 34 production credit associations with 450 employees located in four states. Loan volume was $2.8 
billion and they served over 100, 000 farmers. 

REGIONAL VICE PRESIDENT 

FEDERAL INTERMEDIATE CREDIT BANK OF ST. LOUIS 11/75 - 6/79 

Supervised seven production credit associations in Arkansas. Loans were in excess of $500 million to over 5,000 
farmers. 

RALSTON PURINA COMPANY 7/62 - 11/75 

Positions held: Controller Regional Credit Manager 

General Manager Credit Manager 

Marketing Manager Trainee 

OTHER EMPLOYMENT 2: 7/62 - 11/75 

In addition I own a 320 acre farm in Atkins, Arkansas that is rented out on a crop share basis. At present time we 
are producing rice, soybeans and wheat. 

7. Military Service : Have you had any military service? If so, give particulars, including 
the dates, branch of service, rank or rate, serial number and type of discharge received. 

None 

8. Government Service : State (chronologically) your government service or public offices 
you have held, including the terms of service grade levels and whether such positions 
were elected or appointed. 

None 

9. Honors and Awards : List any scholarships, fellowships, honorary degrees, and 
honorary society memberships that you received and believe would be of interest to the 
Committee. 

Working Scholarship for the first four years of college 
Star Farmer of Arkansas Award 
American Farmer Degree 
Graduate Research Fellowship 
National Honor Society 



67 



10. Other Memberships : List all organizations to which you belong, excluding religious 
organizations. 

All responsibilities in various organizations have been terminated 

1 1 . Published Writings : List the titles, publishers, and dates of books, articles, reports, or 
other published materials (including published speeches) you have written. Please 
include on this list published materials on which you are listed as the principal editor. 
It would be helpful to the Committee if you could provide one copy of all published 
material that may not be readily available. Also, to the maximum extent practicable, 
please supply a copy of all unpublished speeches you made during the past five years 
on issues involving agriculture, nutrition, forestry or commodity fiitures policy or 
related matters. 

/ have not had any items published. My speeches have all been in outline form and 
normally consists of financial condition of the organization being served. These 
speeches normally take the form of overheads where explanations are given. 

12. Health : What is the present state of your health? 

My present health status is very good. I have never had a serious illnesses and 
have had no treatmerui. 



68 

FINANCIAL DATA AND CONFLICT OF INTEREST (PUBLIC) 



1. Have you severed all connections with your immediate past private sector employers, 
business firms, associations, and/or organizations? 

All responsibilities with previous employers and previous organizations have been 
severed, (traditional post retirement dinner to be held on June 27, 1994. This has 
been a standing tradition that when president's retire, they come to the next meeting 
to be honored. This invitation was extended in January 1994.) 

2. List sources, amounts and dates of all anticipated receipts from deferred income 
arrangements, stock options, incompleted contracts and other future benefits which you 
expect to derive from previous business relationships, professional services, firm 
memberships, former employers, clients, or customers. 

/ am receiving the following items of compensation from my previous employers. 

1. Retirement due to merger of Spokane and Omaha Farm Credit Banks 

a. Minnesota Mutual Insurance Company 3,500/month 

b. Nations Bank of Texas 500/month 

2. Benefits are provided by AgAmerica.FCB, until 3/31/96 in the form of medical, 
dental, and life insurance. Employee pays most of the premiums. 

3. Do you, or does any partnership or closely held corporation in which you have an 
interest, own or operate a farm or ranch? (If yes, please give a brief description 
including location, size and type of operation.) 

We own a 320 acre farm in Atkins, Arkansas. We rent the Farm to Mr. Troy Austin 
who is not a Farm Credit Borrower. We receive 50% of the Rice proceeds and 
25% of the soybean and wheat proceeds. We pay one half of the crop expenses of 
rice and none of the soybean and wheat expenses. 

4. Have you, or any partnership or closely held corporation in which you have an interest, 
ever participated in Federal commodity price support programs? (If yes, provide all 
details including amounts of direct government payments and loans received or 
forfeited by crop and farm, etc. during the past five years.) 

No Federal Support proceeds have been received by myself. 

5. Have you, or any partnership or closely held corporation in which you have an interest, 
ever received a direct or guaranteed loan from or cosigned a note to the Farmers Home 
Administration? (If yes, give details of any such loan activity during the past five 
years.) 

No FmHA loans have ever been used by myself. 



69 



6. Have you, or any partnership or closely held corporation in which you have an interest, 
ever received payments for crop losses from the Federal Crop Insurance program? (If 
yes, give details.) 

/ have never received any payment for crop losses from the Federal Crop Insurance 
Program. 

I. If confirmed, do you have any plans, commitments, or agreements to pursue outside 
employment or engage in any business or vocation, with or without compensation, 
during your service with the government? (If so, explain.) 

/ have no agreements or intentions to engage in other employment during my service 
with the government. 

8. Do you have any plans to resume employment, affiliation, or practice with your 
previous employers, business firms, associations, or organizations after completing 
government service? (If yes, give details.) 

/ have no plans to resume affiliation with anyone after employment with the 
government. 

9. Has anyone made a commitment to employ you or retain your services in any capacity 
after you leave government service? (If yes, please specify.) 

No one has committed to employ me after government service. 

10. Identify all investments, obligations, liabilities, or other relationships which involve 
potential conflicts of interest in the position to which you have been nominated. 

/ know of no items that present conflicts of interest except 

• previous employment with Spokane Bank. 

• Previous Board Member of Farmer Mac Organization. 

II. Have you ever received a government guaranteed student loan? If 
so, has it been repaid? 

No government loan has been received. 

12. If confirmed, explain how you will resolve any potential conflict of interest, including 
any that may be disclosed by your responses to the above items. 

Agreements to recuse will be signed on 

• Spokane Bank - One year from March 31, 1994 

• Farmer Mac — One year from May 13, 1994 



70 

Office of Government Etphcs, 

"Washington, DC, May 23, 1994. 

Hon. Patrick J. Leahy, 

Chairman, Committee on Agriculture, Nutrition, and Forestry, 

U.S. Senate, Washington, DC. 

Dear Mr. Chairman: Under the Ethics in Government Act of 1978, presidential 
nominees requiring Senate confirmation who are not expected to serve in their Gov- 
ernment positions for more than 60 days in a calendar year are not required to file 
public financial disclosure reports. The Act, however, contains a provision in section 
101(b) which allows the committee holding the confirmation hearing to request any 
financial information it deems appropriate from the nominee. 

We understand that your committee desires to receive a financial disclosure re- 
port (SF-278) from any presidential nominee for whom your committee holds a con- 
firmation hearing, along with a written opinion from this Office regarding any pos- 
sible confiicts of interest. 

Therefore, I am forwarding a copy of the financial disclosure report of Clyde A. 
Wheeler, Jr., who has been nominated by President Clinton to serve as a member 
on the Board of Directors of the Federal Agricultural Mortgage Corporation (Farmer 
Mac). Because Mr. Wheeler is not expected to serve more than 60 days in any cal- 
endar year, the enclosed report and this letter are subnaitted to you in accordance 
with your committee's confirmation procedures and will be available for public in- 
spection only to the extent provided oy your practices. There is no authority under 
the Act for public release of this material by the executive branch. 

We have reviewed the report and have obtained advice from Farmer Mac concern- 
ing any possible confiict in light of its functions and the nominee's proposed duties. 
We note that Mr. Wheeler will not be subject to normal executive branch standards 
of conduct, since Farmer Mac is not considered to be an executive agency but rather 
is one of a group of entities known as Government Sponsored Enterprises, and be- 
cause its Board members are not employees of the Federal Government. Nonethe- 
less, Board members are subject to conflict of interest and disclosure regulations is- 
sued by the Farm Credit Administration at 12 C.F.R. Part 650 and Farmer Mac's 
own conflict of interest requirements. 

Based thereon, we believe that Mr. Wheeler will be in compliance with applicable 
laws governing conflicts of interest. 
Sincerely, 

Stephen D. Potts, 

Director. 

Enclosure 



71 



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77 



REVIEWER'S COMMENTS 

Continuation of Comments from Cover Page of SF 278 for 

Clyde A. Wheeler. Jr., Nominee 

May 18, 1994 



The information in this report (SF 278) was reviewed and corrections (to pages 
identified as "revised 5/18/94") and clarifying explanations were made on the basis of 
information provided by the nominee and other relevant sources to the extent necessar>' to 
formulate the opinion of the reviewer expressed on the cover page of the report. The 
nominee reviewed a copy of the report as revised and stated to the reviewer by telephone . 
that the information provided is true, complete and correct to the best of his knowledge. 
Explanatorv' comments regarding certain entries on the report, keyed to the relevant page 
and item numbers of the report (as revised) follow: 



Schedule A: 

P g. 2. item #1 : Clear Creek Ranch - The ranch consists of 2040 acres of land 

owned by the filer, plus an additional 700 acres of land rented by the filer from another 
owner. The ranch is primarily operated by the filer's son. Alfalfa, hay and wheat are 
raised for use on the ranch and for sale. In addition, a cow/calf operation, which involves 
the purchase of calves and grazing them for sale, is conducted on the ranch. About 300 
head of cattle are currently being raised on the ranch. Income from the farming operation 
is divided between the filer and his son, but the son has no ownership interest in the ranch 
at this time. 

NOTE: Farm ownership and/or operation does not necessarily create a 

conflict or appearance of conflict with service on the Board of Farmer Mac in 
view of the statutory requirement that at least 2 of the 5 Presidentially appointed 
members of the Board "be experienced in farming or ranching" (12 U.S.C. 
2279aa-2(b)(2)(c)(iv)). Further, service by the nominee on the Board of Farmer 
Mac would not appear to have any direct and predictable effect on the value of the 
nominee's farmland as an investment. 

Pg. 2. item #2 : Cattle — This asset consists of about 295 head of cattle currently 

being raised on the filer's ranch. The filer owns half of the cattle jointly with his wife. 
The other half of the cattle are owned by the filer's son. Cattle are purchased as calves 
and grazed for sale which typically occurs after one year. 

P g. 2. item #3 : Sho-Bar Energy, Inc. -- Sho-Bar is a small oil and gas company 

formed by the filer's nephew. This company owns and operates oil and gas wells. The 
filer contributed money to the formation of Sho-Bar retaining an equity interest in some 
of the wells being operated, estimated by the filer to be about a 3% interest. This asset 
earns royalties on gas and oil produced. 



78 



P g. 2. item #4 : Unit Drilling -- This asset consists of two gas and oil wells located 

on the filer's ranch and owned by the filer. 

P g. 2. item #6 : ORYX Energy Co. explores for and produces oil and natural gas in 

the U.S. and abroad. In 1988 ORYX was spun off from the Sun Company as Sun 
Exploration and Production, but changed its name in 1989. This company is one of the 
largest independent oil and gas exploration companies in the world. 

P g. 3. item #1 : Sun Company, Inc. is engaged in production of natural gas and oil. 

P g. 3. item #2 : MPS Municipal Bond Fund is a widely held investment fund, 

which is publicly traded and available, and consists of a wide diversity of municipal 
bonds. The filer does not exercise control over the assets held by the fund. Accordingly, 
because the asset is an excepted investment fund, the underlying holdings of the fund are 
not required to be separately listed. 

P g. 3. item #5 : Premium Account Fund, held in the filer's wife's name but jointly 

owned by the filer, is a money market fund maintained by Kidder. Peabody for 
investment of client funds. This fund is a widely held investment fund, which is publicly 
traded and available, and consists of a wide diversity of securities totaling approximately 
$750 million in value. The filer's spouse does not exercise control over the assets held by 
the fund. Accordingly, because the asset is an excepted investment fund, the underlying 
holdings of the fund are not required to be separately listed. 



Schedule C — 

Part 11 - 

P g. 5. item #1 : The filer participates in a pension program provided by his former 
employer the Sun Company, described as follows: Receives income of about $80,000 
annually from a company pension plan. The pension is a defined benefit plan which 
provides an annual cash benefit to the filer based on his years of service and level of 
compensation while employed by Sun Company. No plan assets are managed by the filer. 
The filer's participation in the pension plan began in April 1984. Benefits under the plan 
continue until the filer's death, after which the filer's wife will receive payments under 
the plan at 50% of the level previously being paid. 



79 



Schedule D — 

Pan I - 

P g. 6. item #2 : "Centennial Farm & Rancli Program, Oklahoma Historical Society, 

Wiley Post Historical Building, Oklahoma City, OK 73105. A state sponsored 
organization that identifies and provides recognition to family farms held for 100 years or 
more in the same family. This organization meets infrequently and has not met in the last 
two years. The filer has ser\'ed as member of the Review Panel for the organization, 
without compensation, since his appointment by the Governor of Oklahoma in 1988." 

P g. 6. item #3 : "Oklahoma Academy for State Goals, 121 East Sheridan Avenue, 

Suite 106. Oklahoma City, OK 73101 . This is a non-profit private organization that 
studies and promotes state education and economic policies (think tank type operation). 
Quarterly meetings are held by the Academy members. The filer has served as Vice 
President since 1989, without compensation." 

Pg. 6. item #4 : "Oklahoma Foundation for Excellence, 621 N. Robinson, Suite 

350. Oklahoma City. OK 73102. The Foundation is a non-profit private organization 
founded by Senator Boren in the late 1980"s. The purpose of the Foundation is to 
promote and recognize excellence in education in the state. The filer has served as 
member of the Board of the Foundation, without compensation, since his appointment by 
Senator Boren in 1991. 

NOTE: Mr. Wheeler has indicated his present intention is to retain the positions 
he holds with these organizations after his confirmation as a member of the 
Farmer Mac Board. 




Thomas R. Clark, Reviewer 

Vice President - Corporate Relations 

Federal Agricultural Mortgage Corporation 



80 



BIOGRAPHICAL INFORMATION (PUBLIC) 
Clyde A. "C. A." Wheeler, Jr. 

1. Full name (include any former names used). 

Clyde Arlie Wheeler, Jr. ("C. A.") 

2. Address: List current place of residence and office 
address(es). List all office and home telephone numbers where 
you may be reached. 

Clear Creek Ranch 
R.R. 1, Box 386 
Laverne, OK 73848 

Home Phone Number (405) 837-5521 

3. Date and place of birth. 

March 21 , 1921 
Laverne, Oklahoma 

4. Marital Status (include maiden name of wife or husband's 
name). List spouse's occupation, employer's name, and 
business address (es). 

Married 

Barbara Ann (Dodd) Wheeler 

Occupation: Housewife 

5. Education : List each college and graduate or professional 
school you have attended, including dates of attendance, 
degrees received, and dates degrees were granted. 

See attached resume--page 1 . 

6. Employment Record . List (by year) all business or 
professional corporations, companies, firms, or other 
enterprises, partnerships, institutions and organizations, 
nonprofit or otherwise, including farms, with which you were 
connected as an officer, director, partner, proprietor, or 
employee since graduation from college; include a title and 
brief job description. Are you now or have you ever been an 
officer or director of any financial institution or entity? 

Have had farming interests since 1959. 

1968 to present--Clear Creek Ranch, a 2,000 acre hay and 
ranch operation; owner and operator. 



81 



Biographical Information (Public) 
Clyde A. "C. A." Wheeler, Jr. 

Page 2 

1986-1989--Bishop, Cook, Purcell and Reynolds; 
Legislative Consultant 

1984-1 986--Riddel 1 , Fox, Holyroyd and Jackson; 
Legislative Consultant 

1 961-1 984--Sun Company, Inc., Vice President 

1959-1960--President Dwight D. Eisenhower; Staff 
Assist ant -Congressional Relations 

1954-1 959--Secretary of Agriculture Ezra Taft Benson; 
Special Assistant-Congressional Relations 

1 951-1 954--U . S. Congressman Page Belcher, Executive 
Secretary-Treasurer of Office 

See attached resume--pages 2 and 3. 

No. 

Military Service : Have you had any military service? If so, 
give particulars, including the dates, branch of service, rank 
or rate, serial number, and type of discharge received. 

Yes. 

U. S. Navy 

August 1943-February 1963 

Aviation Cadet until September 1945 
Navy Reserves until 1963 

Discharged as a Lt . J. G. 

USNR (Honorable) in 1963 

#530346/1355 

U. S. Army 

Civilian Pilot Training Program 

July 1942-August 1943 

Discharged Private Enlisted Reserve Corps 
(Honorable) in August 1943 

#17,115,352 



82 



Biographical Information (Public) 
Clyde A. "C. A." Wheeler, Jr. 

Page 3 

8. Government Service : State (chronologically) your government 
service or public offices you have held, including the terms 
of service grade levels and whether such positions were 
elected or appointed. 

1951-1954--Executive Secretary to U.S. Congressman Page 
Belcher 

$5,000 per year 
Appointed 

1954-1959--Special Assistant (Congressional Relations) to 
Secretary of Agriculture Ezra Taft Benson 
GS 15 
Appointed 

1959-1 960--Staff Assistant to President Dwight D. 
Eisenhower 
GS 17 
Appointed 

9. Honors and Awards : List any scholarships, fellowships, 
honorary degrees, and honorary society memberships that you 
received and believe would be of interest to the Committee. 

See attached resume--page 3. 

10. Political Affiliation : The statue creating the Federal 
Agricultural Mortgage Corporation requires that no more than 
three public members of the Board be from the same political 
party. List your current political party registration or 
affiliation. 

Republican. 

11. Other Memberships : List all organizations to which you 
belong, excluding religious organizations. 

See attached resume--pages 2 and 3. 

12. Published Writings : List the titles, publishers, and dates of 
books, articles, reports, or other published materials 
(including published speeches) you have written. Please 
include on this list published materials on which you are 
listed as the principal editor. It would be helpful to the 
Committee if you could provide one copy of all published 
material that may not be readily available. Also, to the 
maximum extent practicable, please supply a copy of all 
unpublished speeches you made during the past five years on 



83 



Biographical Information (Public) 
Clyde A. "C. A." Wheeler, Jr. 

Page 4 

issues involving agriculture, nutrition, forestry or commodity 
futures policy or related matters. 

None . 

13. Health : What is the present state of your health? 

Good. 



84 



FINANCIAL DATA AND CONFLICT OF INTEREST (PUBLIC) 

Clyde A. "C. A." Wheeler, Jr. 

If confirmed, do you have any plans, commitments, or 
agreements to pursue or continue outside employment or engage 
in any business or vocation, with or without compensation, 
during your service with the government? (If so, explain.) 

Plan to continue operating our cattle and hay ranch as I 
have been--nothing more. 

List sources, amounts, and dates of all anticipated receipts 
from deferred income arrangements, stock options, incompleted 
contracts and other future benefits which you expect to derive 
from previous business relationships, professional services, 
firm memberships, former employers, clients, or customers. 

None. 



Do you, or does any partnership or closely held corporation in 
which you have an interest, own or operate a farm or ranch? 
(If yes, please give a brief description including location, 
size, and type of operation.) 

Yes. 

My wife and I own and operate with my son, Clyde A. 
Wheeler III, a 2,000 plus acre cattle and hay ranch in 
northern Ellis County in Northwestern Oklahoma. We lease 700 
acres of dry grassland. We have 300 acres of alfalfa under 
sprinklers and 220 acres of bluestem grass under sprinklers. 
We have 130 acres of dryland farm ground and 1,346 acres of 
dry grassland plus the 700 acres of leased grassland. We 
usually run around 250 to 300 cows and calves each year. 

Have you, or any partnership or closely held corporation in 
which you have an interest, ever received a direct or 
guaranteed loan from or cosigned a note to the Farmers Home 
Administration or Farm Credit System? (If yes, give details 
of any such loan activity during the past five years.) 

My son, Clyde A. Wheeler III, has a Farmers Home 
Administration guaranteed loan in the amount of $119,000. I 
have a regular Federal Land Bank loan in the amount of 
$525,000 at 9% interest. 

Do you have any plans to resume employment, affiliation, or 
practice with your previous employers, business firms, 
associations, or organizations after completing government 
service? (If yes, give details.) 

I plan to continue operating our cattle and hay ranch as 
I have been. 



85 



Financial Data and Conflict of Interest (Public) 

Clyde A. "C. A." Wheeler, Jr. 

Page 2 

6. Has anyone made a commitment to employ you or retain your 
services in any capacity after you leave government service? 
(If yes, please specify.) 

No. 

7. Identify all investments, obligations, liabilities, or other 
relationships which involve potential conflicts of interest in 
the position to which you have been nominated. 

The only one I can think of is the Federal Land Bank 
loan, and I have been assured that it presents no problem. 

8. If confirmed, explain how you will resolve any potential 
conflict of interest, including any that may be disclosed by 
your responses to the above items. 

I don't plan to involve myself in any activity that will 
present a conflict of interest. If any conflict does 
develop, I will back up from whatever it is that might cause 
a problem. 



86 

RESUME 
CLYDE A. WHEELER, JR ■ 



Address : 



Vital Statistics: 



Route 1, Box 386 
Clear Creek Ranch 
Laverne, Oklahoma 
(405) 837-5521 



73848 



Born March 1 2 , 
Oklahoma 
Married former 
Enid, Oklahoma 
Three children 



1921, Laverne, 
Barbara Ann Dodd of 



Barbara Ruth 
Clyde Arlie, 
Jane Dodd 
Five grandchildren 



III 



Military Service : 



Veteran of World War II, 3 years and 
2 months of active service. (Aviation 
--pilot training and aircraft 
testing.) Honorable discharge with 
rank of Lieutenant Junior Grade from 
United States Navy 



Education: 



Elementary and Secondary education and 4-H Club leader in 

Harper County Public Schools, Oklahoma 
American Business College, Wichita, Kansas (1938-40) 

Graduate of two-year Business Administration course 
Oklahoma City University, Oklahoma City, Oklahoma (1949) 

Life Teaching Certificate 
Oklahoma State University, Stillwater, Oklahoma (1946-47; 

1949-50) B.A. Degree in History, August, 1947 

M.A. Degree in Government, August, 1950 (degree received 

in 1951 ) 

Political Activities: 

Young Republican Affairs, 1946-54 

Oklahoma Republican State Central Committee (1950), field 

man in gubernatorial, senatorial, and congressional 

campaigns 
National Committeeman, Oklahoma Young Republican Federation, 

1952-54 
National Vice President, National Young Republican Federation, 

1953-54 



87 



Clyde A. Wheeler, Jr. 
Page 2 



Political Activities (Contin ued): 



U.S. Congressional candidate. Sixth District of Oklahoma, 

1960. Won by 188 votes in the general election but lost by 

76 votes in a recount, December 16, 1960. 
Chairman, State Advisory Committee, Bud Wilkinson U.S. Senate 

Campaign, 1964 
Active participant in Bellmon, Belcher, and Bartlett campaigns 

as fundraiser and advisor in Oklahoma 
First District Campaign Chairman and State Finance Chairman, 

Oklahoma Nixon for President Committee, 1968 
Oklahoma Member of Electoral College, 1968 
Active participant in all Republican Presidential and Oklahoma 

Campaigns since 1952 
Oklahoma Co-Chairman of Burns Hargis for Governor Committee 

O rqanizations (Member or Former Member): 

United Methodist Church, Laverne, Oklahoma 

McLean Presbyterian Church, McLean, Virginia 

Tulsa Scottish Rite, Tulsa, Oklahoma 

International Club, Washington, D.C. 

Capital Hill Club 

The Washington Golf and Country Club 

The Tulsa Club 

The American Legion 

Oklahoma Northwest, Inc. 

Business-Government Relations Council 

Independent Petroleum Association of America 

American Petroleum Institute 

National Association of Manufacturers 

U.S. Chamber of Commerce 

Who's Who in America, 1960 

Who's Who in Commerce and Industry, 1966 

Who's Who in South and Southwest, 1969 

Who's Who in Oil and Gas, 1970 

Who's Who in Finance and Industry, 1972 

Agricultural Round Table 

Agriculuture Council of America 

Arts and Sciences Centennial Planning Commission of OSU 

Life Member of the OSU Alumni Association 

Oklahoma Farm Bureau 

Oklahoma Cattlemen's Association 

Oklahoma Agriculture/Rural Council 

Member or Former Member - Board of Directors: 

Centennial Farms 
The Carlton Club 



88 



Clyde A. Wheeler, Jr. 
Page 3 

Member or Former Member - Board of Directors (Continued): 

College of Business Administration Associates, Oklahoma State 

University 
Mid-Continent Oil and Gas Association 
Goodwill Industries, Washington, D.C. 
Public Affairs Council 
Business-Government Relations Council 
Ford's Theater 
NAM "Washington Representatives Advisory Council to the NAM 

President" 
American Association of Political Consultants 
Capital Hill Club 
American League of Lobbyists 

Oklahoma State Regents for Higher Education, Chairman, 1968 
Boy Scouts of America, Indian Nations Council 
Oklahoma Public Expenditures Council 
Oklahoma State Chamber of Commerce 
Tulsa Council of Churches 

Junior Achievement of Greater Tulsa, Inc. 
Salvation Army 

Goodwill Industries, Oklahoma 
Oklahoma Council on Economic Education 

Thomas Gilcrease Institute of American History and Art 
Boston Avenue Methodist Church 
Board of Governors, Oklahoma State University Foundation 

(Board of Trustees) 
Bryce Harlow Foundation 
Oklahoma Center for the Advancement of Science and Technology 

(Vice-chairman) 
High Plains Economic Council 

Oklahoma Academy for State Goals, Vice President 
Oklahoma Foundation for Excellence 
Oklahoma School of Science and Mathematics 



Awards : 



Distinguished Alumnus Award, 1978, Oklahoma State University 
Fellow, Academy of Arts and Sciences, 1979; Oklahoma State 

University 
Award of Appreciation, 1968; Goodwill Industries 
Lincoln Award, Ford's Theater, 1984 
Hall of Fame, OSU Alumni Association (1988) 
Clyde A. Wheeler, Jr., Sun Company Chair in Hydrogeology 

(OSU-1988) 



89 



Clyde A. 



Wheeler, Jr. 
Page 4 



Employment Record: 

1989 - Present 
1984 - 1989 



1974 



1970 



1984 



1974 



1970 - January/ 
November 



1968 



1966 



1964 



1969 



1968 



1966 



1961 - 1964 

1959 - Present 

1959 - 1960 

1954 - 1959 



1951 



1954 



1950 - 1951 

1949 - 1950 

1948 - 1949 

1947 - 1948 



1942 
1940 



1947 
1942 



Farmer /Rancher 

Consultant, Bishop, Cook, 

Purcell & Reynolds 

Vice President, Government 

Relations, Sun Company, Inc., 

(Formerly Sun Oil Company) 

Director, Government Relations, 

Sun Oil Company 

Washington Representative, Sun 

Oil Company 

Vice President, Public Affairs 

and Public Relations, Sun Oil 

Company-DX Division , and Merger 

Management Staff 

Vice President, Public Affairs 

and Public Relations, Sunray DX 

Oil Company 

Director, Public Affairs and 

Public Relations, Sunray DX Oil 

Company 

Public Affairs Representative, 

Sunray DX Oil Company 

Owner and operator of a ranch in 

Northwestern Oklahoma 

Staff Assistant to President 

Dwight D. Eisenhower 

Special Assistant (Congressional 

Relations) to Secretary of 

Agriculture Ezra Taft Benson 

Executive Secretary to 

Congressman Page Belcher of 

Enid, Oklahoma 

Field man for Oklahoma 

Republican State Committee 

Teaching Fellow at Oklahoma 

State University 

Sales Manager and Partner of 

Masonry Products Manufacturing 

and Construction Company , Garden 

City, Kansas 

Principal, Eureka Public 

Schools, Wichita, Kansas 

Military Service 

Office Manager and Clearance 

Officer, Municipal Airport, 

Wichita, Kansas 



90 



ClydeA. 



Employment Record (Continued) 



Wheeler , Jr . 
Page 5 



1938 



1940 



Various part-time jobs while 
attending American Business 
College, Wichita, Kansas 



11-93 



91 



CLYDE A. (C.A.) WHEELER, JR. 
Fanner/Rancher/Consultaiit 

Clyde Wheeler's public service career began in the Nation's Capitol in 
1951, when as Administrative Assistant he helped form the staff of Representative 
Page Belcher (R-Okla.)- Three years later he became Special Assistant to Secretary 
of Agriculture Erza Taft Benson. In 1959 Mr. Wheeler was named Staff Assistant to 
President Eisenhower. He was a Veteran of World War II with three years and two 
months active service. He received an honorable discharge with the rank of 
Lieutenant Junior Grade from the United States Navy. 

In 1960 he was declared the victor in Oklahoma's Sixth District 
Congressional race, but in December of that year, was counted out by 76 votes in a 
special recount. He has held many positions in the Republican Party, from Campaign 
Manager to National Committeeman of the Oklahoma Young Republican Federation to 
National Vice-President of the National Young Republican Federation. 

Mr. Wheeler's business career began when he joined Sunray DX Oil Company 
in Tulsa in 1961. Three years later he was named Director of Public Affairs and 
Public Relations. He was elected Vice President in 1967 and was appointed to the 
Merger Manager's staff following Sunray 's merger with Sun Company, Inc. in 1969. He 
served as Sun's Washington Corporate Representative from 1970 to 1984. In 1974 he 
was elected Corporate Vice-President and retired from that position in April of 
1984. After that he was a Consultant to Sun Company, Inc. and Liie American 
Petroleum Institute until 1989. 

Mr. Wheeler graduated from Oklahoma State University with a Bachelor's 
Degree in History and Master's in Political Science. He is also a graduate of the 
American Business College. He obtained a Life's Teaching Certificate in 1949 from 
study at Oklahoma City University. (He taught two years.) From OSU he received the 
Distinguished Alumnus Award in 1978 and Fellow, Academy of Arts and Sciences in 
1979. On March 18, 1988, he was inducted into the OSU Alumni Hall of Fame. On 
November 8, 1988, Sun Company, Inc. endowed a Chair in his name, the Clyde A. 
Wheeler, Jr. Sun Company Chair in Hydrogeology . 

He has long been active in energy, agriculture, education, political and 
other community activities. He has served as Chairman of the Oklahoma State Regents 
for Higher Education and is currently a member of the Oklahoma State University 
Foundation Board of Governors. He is a board member or former board member of many 
state and national petroleum and business trade associations, as well as several 
church, civic and cultural groups. He served on the Executive Committee and as 
Vice-chairman of the Board of Directors of the Oklahoma Center for the Advancement 
of Science and Technology. He currently serves on the Executive Committee of the 
Oklahoma Academy for State Goals and as a trustee of the Oklahoma Foundation of 
Excellence, the Oklahoma School of Science and Mathematics and the Board of the 
Oklahoma Heritage Association. He is serving as a member of the Community 
Empowerment Group of the Oklahoma Futures and Oklahoma Department of Commerce. 

Mr. Wheeler has had farming interests since 1960. He is a member of 
various farm organizations such as the Farm Bureau, the Oklahoma Cattlemen's 
Association and the Oklahoma Agricultural Council. 

He and his wife, Barbara, live at Clear Creek Ranch, Laverne, Oklahoma, a 
cattle and hay ranch, which he and his son jointly operate. They have two 
daughters, Ruth and Jane, and a son, Clyde A., Ill, and five grandchildren. 



92 

Office of Government Ethics, 
Washington, DC, April 25, 1994. 

Hon. Patrick J. Leaiiy, 

Chairman, Committee on Agriculture, Nutrition, and Forestry, 

U.S. Senate, Washington, DC. 

Dear Mr. Chair.MAN: Under the Ethics in Government Act of 1978, presidential 
nominees requiring Senate confirmation who are not expected to serve in their Gov- 
ernment positions for more than 60 days in a calendar year are not required to file 
public financial disclosure reports. The Act, however, contains a provision in section 
101(b) which allows the committee holding the confirmation hearing to request any 
financial information it deems appropriate from the nominee. 

We understand that your committee desires to receive a financial disclosure re- 
port (SF-278) from any presidential nominee for whom your committee holds a con- 
firmation hearing, along with a written opinion from thiis Office regarding any pos- 
sible confiicts of interest. 

Therefore, I am forwarding a copy of the financial disclosure report of Marilyn F. 
Peters, who has been nominated by President Clinton to serve as a member on the 
Board of Directors of the Federal Agricultural Mortgage Corporation (Farmer Mac). 
Because Ms. Peters is not expected to serve more than 60 days in any calendar year, 
the enclosed report and this letter are submitted to you in accordance with your 
committee's confirmation procedures and will be available for public inspection only 
to the extent provided by your practices. There is no authority under the Act for 
public release of this material by the executive branch. 

We have reviewed the report and have obtained advice from Farmer Mac concern- 
ing any possible conflict in light of its functions and the nominee's proposed duties. 
We note that Ms. Peters will not be subject to normal executive branch standards 
of conduct, since Farmer Mac is not considered to be an executive agency but rather 
is one of a group of entities known as Government Sponsored Enterprises, and be- 
cause its Board members are not employees of the Federal Government. Nonethe- 
less, Board members are subject to conflict of interest and disclosure regulations is- 
sued by the Farm Credit Administration at 12 C.F.R. Part 650 and Farmer Mac's 
own conflict of interest requirements. 

Based thereon, we believe that Ms. Peters wiU be in compliance with applicable 
laws governing conflicts of interest. 
Sincerely, 

Stephen D. Potts, 

Director. 

Enclosure 



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REVIEWER'S COMMENTS 

Continuation of Comments from Cover Page of SF 278 for 

Marilyn F. Peters, Nominee 

April 21, 1994 



The information in this report (SF 278) has been reviewed and clarifying 
explanations were obtained from the nominee and other relevant sources to the extent 
necessary to formulate the opinion of the reviewer expressed on the cover page of the 
report. Explanatory comments regarding certain entries on the report, keyed to the 
relevant page and item numbers of the report follow: 

Cover page — 

Under the heading "Reporting Status" the block marked "Calendar Year Covered by the 
Report" should be blank given that the reporting individual is a new entrant or nominee. 

The Senate committee considering the nomination should be marked as the "Committee 
on Agriculture, Nutrition, and Forestry." 

The "No" block should be marked in response to the question regarding creation of a 
qualified diversified trust because the nominee does not intend to create a qualified 
diversified trust. 

Schedule A: 

Pg. 1, item#l: Agricultural land in Dumarce and White Twps., Marshall County, 

SD ~ This land is rented to another operator. The rental agreement provides for payment 
in the form of commodities produced on the land by the operator, one third to the 
nominee and her husband and two thirds to the operator. Production expenses are 
similarly shared under the agreement. The nominee and her husband do not control 
farming activities on this land. 

NOTE: Farm ownership and/or operation does not necessarily create a conflict or 

appearance of conflict with service on the Board of Farmer Mac in view of the statutory 
requirement that at least 2 of the 5 Presidentially appointed members of the Board "be 
experienced in farming or ranching" (12 U.S.C. 2279aa-2(b)(2)(c)(iv)). Further, service 
by the nominee on the Board of Farmer Mac would not appear to have any direct and 
predictable effect on the value of the nominee's farmland as an investment. 

P^. 1. item #4: AIM Charter Fund -- This asset is a growth and income mutual 

fund managed by AIM. The identity of the indi\ idual stocks and other assets that make 
up the fund is not readily available, but the fund assets are described as widely 

diversified. 



101 



Pg. 1. item #5: First Variable Life Annuity (IRA) -- This asset is a fixed rate 

annuity offered by First Variable Life Insurance Company, Kansas City, MO. First 
Variable Life Insurance Company is not a Farmer Mac stockholder and is not known to 
be involved in agricultural lending. 

Pg. 2. item #12: FHLMC - This asset consists of interest bearing CMOs 

(collateralized mortgage obligations) issued by the Federal Home Loan Mortgage 
Corporation (Freddie Mac) and backed by pools of residential housing mortgage loans. 

P g. 3. item #13: FNMA — This asset consists of interest bearing CMOs issued by 

the Federal National Mortgage Association (Fannie Mae) and backed by pools of 
residential housing mortgage loans. 

P g. 3. item #14: John G. Kinnard & Co. Prime Cash Money Market Fund ~ The 

fund name of this asset is actually Federated Securities Fund. Kinnard. the nominee's 
broker, subscribes to this funds on behalf of its clients. Money deposited in the Federated 
Securities Fund is invested in a diversified portfolio of stocks and bonds. Information on 
the specific securities in the Fund is not readily available. 

Pg. 3. item #16: A new item (#16) "37 acres of agricultural land in Marshall 

County. SD" should be added to Schedule A. The nominee advised that, in addition to 
the rental of farm land reflected on pg. 1. item #1 of Schedule A, she and her husband 
farm 37 acres of land on their ov\ti. "Asset value" of this land should be indicated as 
"$1,001 - $15,000". Gross income from the property should be listed under the "other" 
category as "proceeds from the production of agricultural commodities" in the amount of 
approximately $7,000 annually. The land farmed by the nominee and her husband was 
not enrolled in any government agricultural programs during the reporting period. 

NOTE: See note regarding ownership and'or operation of farmland as a potential 

conflict of interest. 

Schedule D: 

Part II: The block for "None" should be marked. 



^- W^^W^ 



Thomas R. Clark, Re\ iewer 

Vice President - Corporate Relations 

Federal Agricultural Mortgage Corporation 



102 



Hay 3, 1994 

United States Senate 

Committee on Agriculture, Nutrition, and Forestry 

Washington, D. C. 20510-6000 

Re: Nomination to be a Member of the Board of Directors 
of the Federal Agricultural Mortgage Corporation, 
aka Farmers MAC . 

To the Honorable Senator Leahy and all Members of the Committee 



BIOGRAPHICAL INFORMATION (PUBLIC) 

Full name (include any former names used). 

MARILYN PETERS (middle name,FAL ; maiden name NELSON) 

Address: List current place of residence and office 
address(es). List all office and home telephone numbers 
where you may be reached. 

RR 1 BOX 64 
BRITTON, SD 57430-9730 
Phone: (605) 448-2578 

Date and place of birth. 

AUGUST 24, 1929 - BRITTON (MARSHALL COUNTY), SU 

Marital Status ( include maiden name of wife or husband's 
name) . List spouse' s occupation, employer's name and 
business address(es). 

MARRIED: EMERALD PETERS; self-employed farmer; 
RRl Box 64 
Britten , SD 57430-9730 

Education : List each college and graduate or professional 
school you have attended, including dates of attendance, 
degrees received, and dates degrees were granted. 

NORTHERN STATE UNIVERSITY, Aberdeen SD; (1947-48, 

1949-1951) Bachelor of Science Degree in Education 
with a major in mathematics, 1951. 
HAMLINE UNIVERSITY, St. Paul, MN : 1948-1949 
ALSO: Numerous short-term courses at both the 

undergraduate and graduate levels in colleges/ 
universities in SD, lA, and ND to update 
professional standing. 



103 




1 952- Cu rrent : Except for 
my husband 
have been 
him of our 
and 1 i vest 
ret i red an 
and pastur 
1961-1968: Part-time phy 
Britton, SD; 
t ra ck coach . 
1986-1991: DISCOVERY TOY 
Consultant. 
I have never been an of 
financial institution o 



t, 

igh 

Eng 

th 

se 

a j 

fa 

ock 

d r 

e 1 

si c 

als 



SD: 

Sc 
lis 
e t 
rve 
oi n 
rm 

). 

ent 
and 
al 
9 



hool faculty- m6 ^,,c...u ^ . ^. 
,h and physical education. 
;wo years (1953-55) when 
id i n the U.S. Army , I 
It owner/operator with 
operation (small grain 
We are currently semi- 
out most of our crop 

education teacher (K-12) 
ymnas ti cs and girls 



S, Martinez CA; Educational 

ficer or director of any 
r entity. 



7. Military Service : Have you had any military service? 

If so, give particulars, including dates, branch of service, 
rank or rate, serial number and type of dischare received. 

NONE 

8. Government Service : State (chronologically) your government 
service or public offices you have held, including the terms 
of service grade levels and whether such positions were 
elected or appointed. 

1985-1987: SD Job Training Coordinating Council and 
SD Private Industry Council - appointed 
by the Governor. 

1985-1992: SD Council on Vocational Education, and 

National Association of State Councils on 
Vocational Education, a representative of 
agriculture and small business - appointed 
by the Governor. For NASCOVE I served as 
chair of meetings for members respresenting 
agriculture. 

1985-1988: SD Professional Administrators Practices 
and Standards Commission - appointed by 
the Governor . 

1 991 -Cu rrent : School Board Member, Britton Public 
Schools - public election. 



104 



In public political service, I am a longtime 
Precinct Commi tteewoman for the Marshall County 
Republican Party and have served, by election, 
in the following positions: 

State Central Commi tteewoman ; 

1979-1983, 1987-1991 
County Chairman; 

1983-1987, 1991-1993 
I am also currently appointed by the Bishop of the 
Dakotas Area United Methodist Church to serve on 
the Episcopacy Committee. 

9. Honors and Awards : List any scholarships, fellowships, 
honorary degrees, and honorary society memberships that you 
received and believe would be of interest to the Committee. 

In the academic field, I was graduated with highest 
honors (1951) and inducted into mathematics, English, 
and Education fraternities. 

1984: Recipient of the Marshall County SD 

Stewardship of Soil Conservation Award- 
EmeraldandMarilynPeters 

10. Political Af f i 1 i ati on : The statute creating the Federal 
Agricultural Mortgage Corporation requires that no more than 
three public members of the Board be from the same political 
party. List your current political party registration or 
affiliation. 



Registered Republican 



11. Other Memberships : List all organizations to which you 
belong, excluding religious organizations. 



Marshall County Republican Party 

SD Fa rmers Un i on 

SD Chapter BG, P. E. 0. 

Britton Study Club 

Marshall County Historical Society 

12. Publi shed Writings : List the titles, publishers, and dates 
of books, articles, reports, or other published materials 
(including published speeches) you have written. Please 
include on this list published materials on which you are 
listed as the principal editor. It would be helpful to the 
Committee if you could provide one copy of all published 
material that may not be readily available. Also, to the 
maximum extent practicable, please supply a copy of all 
unpublished speeches you made during the past five years 
on issues involving agriculture, nutrition, forestry or 
commodity futures policy or related matters. 

"Rose of the Prairie": South Dakota Magazine ; 
May 1989 Pioneer Edition^ (I give Chautauqua 
portrayals of this 1882 Dakota pioneer woman; 



105 



Dr. Abbie Jarvis, one of SD's first licensed women 
pharmacists and doctors; and Mary Montgomery Borglum, 
wife of sculptor Gutzon Borglum.) 

13. Health : What is the present state of your health? 

Good. 



106 



FINANCIAL DATA AND CONFLICT OF INTEREST (PUBLIC; 



If confirmed, do you have any plans, commitments, or 
agreements to pursue or continue outside employment or 
engage in any business or vocation, with or without 
compensation, during your service with the government? 
(If so, explain.) 



I would continue my role in our farming operation, 
which at this time is substantially reduced from 
earlier years , 




-Our Conservation Reserve Program (CRP) contract 

129 acres, for $5800/year ends in 1999. 
-Other income from our farm operation is predominantly 

on a share basis with our rentor, and from pasture 

rent, plus crops sold from the 37 acres we continue 

to farm ourselves. 
-My per diem reimbursement as a school board member. 
-Cenex, unpaid accumulated dividends of $7,026 



Do you, or does any partnership or closely held corporation 
in which you have an interest, own or operate a farm or 
ranch? (If yes, please give a brief description including 
location, size and type of operation.) 

YES - a farm in Dumarce and White Townships of 

Marshall County SD - 1020 acres of crop land 
(diversified small grain) and pasture (cattle). 

Have you, or any partnership or closely held corporation in 
which you have an interest, ever received a direct or 
guaranteed loan from or cosigned a note to the Farmers Home 
Administration or Farm Credit System? (If yes, give details 
of any such loan activity during the past five years.) 

NO 



Do you have any plans to resume employment, affiliation, or 
practice with your previous employers, business firms, 
associations, or organizations after completing government 
service? (If yes, give details.) 



I have no plans to change 
status . 



my current employment 



Has anyone made a commitment to employ you or retain your 
services in any capacity after you leave government service? 
(If yes, please specify.) 



NO 



107 



Identify all investments, obligations, liabilities, or 
other relationships which involve potential conflicts of 
interest in the position to which you have been nominated, 



NONE 

If confirmed, explain how you will resolve any potential 
conflict of interest, including any that may be disclosed 
by your responses to the above items. 

If any unforseen conflict of interest should arise, 
I believe it could be handled expeditiously to avoid 
continued concern. 



108 

Office of Government Ethics, 

Washington, DC, June 14, 1994. 

Hon. Patrick J. Leaiiy, 

Chairman, Committee on Agriculture, Nutrition, and Forestry, 

U.S. Senate, Washington, DC. 

Dear Mr. Chairman: In accordance with ihc Ethics in Government Act of 1978, 
I enclose a copy of the financial disclosure report filed by Mary L. Schapiro, who 
has been nominated by President Clinton for the position of chairman and commis- 
sioner of the Commodity Futures Trading Commission (CFTC). 

We have reviewed the report and have obtained advice from the CFTC concerning 
any possible conflict in light of its functions and Ms. Schapiro's proposed duties. 

Based thereon, we believe that Ms. Schapiro is in compliance with applicable laws 
and regulations governing confiicts of interest. 
Sincerely, 

Stephen D. Potts, 

Director. 

Enclosure 



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BIOGRAPHICAL INFORMATION (PUBLIC) 

1. Full name (include any former names used) . 
Mary L. Schapiro 

2. Address: List current place of residence and office 
address (es) . List all office and home telephone numbers where 
you may be reached. 

5207 38th Street, NW ,. 

Washington, DC 20015 

202-686-1723 

US SEC 

450 5th Street, KW 

Washington, DC 20549 

202-942-0700 

3. Date and place of birth. 
June 19, 1955 

New York, NY 

4. Marital Status (include maiden name of wife or husband's 
name) . List spouse's occupation, employer's name and business 
address (es) . 

Charles A. Cadwell (attorney) 

University of Maryland 

IRIS Center 

2105 Morrill Hall 

College Park, MD 20742 

5. Education : List each college and graduate or professional 
school you have attended, including dates of attendance, 
degrees received, and dates degrees were granted. 
Franklin and Marshall College (1973-1977) BA 1977 
National Law Center, George Washington Univ. (1977-1980) JD1980 

6. Employment Record : List (by year) all business or 
professional corporations, companies, firms, or other 
enterprises, partnerships, institutions and organizations, 
nonprofit or otherwise, including farms, with which you were 
connected as an officer, director, partner, proprietor, or 
employee since graduation from college; include a title and 
brief job description. 

1980 - 1981 Trial Attorney - Commodity Futures Trading Comm. 

1981 - 1984 Counsel to Commissioner, and later Chairman, Susan 
Phillips, CFTC 

1984 - 1988 General Counsel, Futures Industry Association 
1988 - present Commissioner, DS Securities and Exchange Comm. 



117 



Military Service : Have you had any military service? If so, 
give particulars, including the dates, branch of service, rank 
or rate, serial number and type of discharge received. 
None 

8. Government Service : State (chronologically) your government 
service or public offices you have held, including the terms 
of service grade levels and whether such positions were 
elected or appointed. 

Trial attorney, CFTC, grade 11-12 
Counsel to Commissioner, grade 13-14 
Counsel to Chairman, grade 15-16 
SEC Commissioner, ES level 4 (appointed) 

9. Honors and Awards : List any scholarships > fellowships, 
honorary degrees, and honorary society memberships that you 
received and believe would be of interest to the Committee. 
Member, Board of Trustees, Franklin and Marshall College 
(1994) 

10. Other Memberships : List all organizations to which you 
belong, excluding religious organizations. 

American Bar Association, DC Bar 

11. Published Writings : List the titles, publishers, and dates 
of books, articles, reports, or other published materials 
(including published speeches) you have written. Please 
include on this list published materials on which you are 
listed as the principal editor. It would be helpful to the 
Committee if you could provide one copy of all published 
material that may not be readily available. Also, to the 
maximum extent practicable, please supply a copy of all 
unpublished speeches you made during the past five years on 
issues involving agriculture, nutrition, forestry or commodity 
futures policy or related matters. 

Fair and Efficient Administrative Proceedings: Report of the 
Task Force on Administrative Proceedings (attached) 
I have attached my speeches of the past five years. 

12. Health : What is the present state of your health? 
Excellent. 



FINANCIAL DATA AND CONFLICT OF INTEREST (PUBLIC) 



Have you severed all connections with your immediate past 
private sector employers, business firms, associations, and/or 
organizations? 
Yes. 



118 



2. List sources, amounts and dates of all anticipated receipts 
from deferred income arrangements, stock options, incompleted 
contracts and other future benefits which you expect to derive 
from previous business relationships, professional services, 
firm memberships, former employers, clients, or customers. 
None. 

3. Do you, or does any partnership or closely held corporation 
in which you have an interest, own or operate a farm or ranch? 
(If yes, please give a brief description including location, 
size and type of operation.) 

No. 

4. If confirmed, do you have any plans, commitments, or 
agreements to pursue outside employment or engage in any 
business or vocation, with or without compensation, during 
your service with the government? (If so, explain.) 

No. 

5. Do you have any plans to resume employment, affiliation, or 
practice with your previous employers, business firms, 
associations, or organizations after completing government 
service? (If yes, give details.) 

No. 

6. Has anyone made a commitment to employ you or retain your 
services in any capacity after you leave government service? 
(If yes, please specify.) 

No. 

7. Identify all investments, obligations, liabilities, or other 
relationships which involve potential conflicts of interest 
in the position to which you have been nominated. 

None. 

8. Have you ever received a government guaranteed student loan? 
If so, has it been repaid? 

Yes. I am current in my payments. 

9. If confirmed, explain how you will resolve any potential 
conflict of interest, including any that may be disclosed by 
your responses to the above items. 

In consultation with ethics counsel, I will recuse myself as 
appropriate from specific matters. 



119 



THOMAS S FOLEY 

THE SPEAKER 
nCASf nryr to 

COMCRtSSKWAt OtftCt 
d )20l LOMCWOMTM HOB 
W*5«.«.cio»» OC 20515-4705 
AaCA Coof (202) 225-2006 



Congrc£l£( of ttjc ^nitcb States 

J^oust of iRtprefitntattbcS 
aaasfiington. J3(C 20515 



D 



June 17, 1994 



nt*S£ WPVT TO 

OlSTftiCT o'ncts 

WIST 601 FmsT AvtMUf 

Secomd Floo« wist 

SfOKAME. WA 99204 

Ant* Cooe (5091 353-2155 

] E 12929 Smacue 

SK>«ane WA 992I6-0736 

AjiE* Cooe 1509) 926-4434 



n 28 W Maim 

Walla Walla. WA 39362-26 I 
AjtEA Cooe (509) 522-6372 



My dear Mr. Chairman: 

It is a ciistinct pleasure for me to write in strong support of 
the nomination of Doyle Cook of Spokane, Washington, to be a member 
of the Farm Credit Administration Board. 

Doyle Cook is a remarkably talented individual who has 
extensive experience that demonstrates his commitment to efforts to 
strengthen the financial safety and soundness of the Farm Credit 
System. His leadership was instrumental in the financial recovery 
of the Spokane Farm Credit District Bank prior to its merger. 

I am confident that Doyle Cook will work well with the other 
members of the Farm Credit Administration Board. He is committed 
to regulatory efforts that will protect both the safety and 
soundness of the Farm Credit System and the farmer borrowers who 
are the backbone of the system. His intelligence, broad 
experience, and objectivity will make him a very important member 
of the Farm Credit Administration Board. 



I strongly recommend that the nomination of Doyle Cook be 
approved, and I will appreciate your advising the other Senators 
who serve on the Committee of my endorsement of his nomination. 

With best wishes. 




Foley 
Member of Congress 



The Honorable Patrick Leahy 

Chairman 

Committee on Agriculture, Nutrition and Forestry 

United States Senate 

Washington, D. C. 20510 ^ V 




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