What is the Federal farm loan act of 1916?

The Federal Farm Loan Act of 1916 established a system of Federal Land Banks to provide long-term credit to farmers in the United States. It aimed to help farmers secure loans at lower interest rates for purchasing land and improving their agricultural operations. This act was part of broader efforts to support rural America and stabilize agricultural production during a time of economic challenges. The legislation marked a significant step in federal involvement in agricultural financing.