spearman. mr. tonsager. your role as chairman of farm credit system is to ensure farm credit funds in order to safeguard the timely payment of danceable and adjust on the debt issued by the system banks. this funding comes from a collective of premiums and system banks that issue noted in your written testimony and 2013 when times are pretty good, the farm credit system insurance corporation and the federal financing banks entered into a 10 billion-dollar line of credit please explain what financial conditions prompted this decision when we were in a much better situation and what authority exists allowing the insurance corporation to take out this line of credit? >> the line of credit can only be used in times of economic emergency for the united states in general, not for agriculture specifically. it is a liquidity line designed to ensure the flow of capital to the farm credit system should there be an event similar to 2008 that might occur again. so we simply cannot use it unless the federal funding bank

spearman. mr. chairman, we appreciate your joining us. while you recover from a a medical procedure, note that you're under doctor's orders to wear your cha poe, i think that's the proper term. as i told you in the back room, i was going the give you a black cowboy hat. [laughter] a cowboy hat as we say in dodge city. but we don't want this to be a hearing with black hats, so -- [laughter] but you're permitted, and you're looking good. mr. spearman appointed to serve on the farm credit system board by president obama, october 13 of 2009, has an extensive background working in finance agriculture cooperatives from 1980-1991. mr. spearman served as controller of a 100 million citrus co-op in orlando where he handled financial management reporting and supervision of taffe accounts. after serving in this capacity, mr. spearman went on to become director of internal audit for florida's natural growers and outside director on the ag first farm credit bank board until his appointment to the farm credit ad

spearman. mr. chairman, we appreciate your joining us body recover from a medical procedure, note that you were under doctor's orders to wear your cheval. i think that's the proper term. as i told you in the back room i was going to give you a black cowboy hat, a cowboy hat as a we say in dodge city, but we don't want this to be a hearing with black hats. but you are committed and you're looking good. mr. spearman was appointed serve on the farm credit system board by president obama, october 13, 2009, has an extensive background working in finance agriculture cooperatives from 1980-1991. mr. spencer as a controller of a 100 million citrus co-op in orlando we handle financial management reporting and supervision of staff account. after serving in this capacity he went on to become director of internal audit for florida's natural growers and then serve as an outside director on the bank board until his appointment to the farm credit administration board. mr. spearman is also a u.s. army and vietnam

spearman. mr. tonsager. your role as chairman of farm credit system is to ensure proper maintenance of the farm credit funding order to safe guard the timely payment. this funding comes from a collection of premiums on the system banks. as you noted in your written testimony in 2013 when times were pretty good the farm credit system insurance corporation and the federal financing bank entered into a $10 billion line of credit agreement. please explain what financial conditions within the farm credit system prompted this decision when we were in a much better situation, and what authority exists allowing the insurance corporation to take out this line of credit? >> the line of credit can only be used in times of economic emergency for the united states in general, not for agriculture specifically. it is a liquidity line designed to assure the flow of capital to the farm credit system should there be an event similar to 2008 at might occur again. and so we simply cannot use it unless the federal funding bank a

spearman. mr. tonsager. your role as chairman of farm credit system is to ensure farm credit funds in order to safeguard the timely payment of danceable and adjust on the debt issued by the system banks. this funding comes from a collective of premiums and system banks that issue noted in your written testimony and 2013 when times are pretty good, the farm credit system insurance corporation and the federal financing banks entered into a 10 billion-dollar line of credit please explain what financial conditions prompted this decision when we were in a much better situation and what authority exists allowing the insurance corporation to take out this line of credit? >> the line of credit can only be used in times of economic emergency for the united states in general, not for agriculture specifically. it is a liquidity line designed to ensure the flow of capital to the farm credit system should there be an event similar to 2008 that might occur again. so we simply cannot use it unless the federal funding bank

of the storm shows the power of the wind of the storm hitting the ground southeast of the town of spearman. so far there are no reports of damage or injuries. today's forecast calls for better weather in that area with cloudy skies and temperatures in the upper 80s. >>> and parts of west texas also dealt with severe weather yesterday. look at this, two tornadoes were reported near the community of big spring. the storms destroyed one home. the family that lived in that house escaped injury by taking shelter in the closet while the damage was widespread. no one was hurt. >>> now your "nbc 10" first alert neighborhood weather with chief meteorologist glenn hurricane schwartz. >> we've had quite a chilly weekend, but temperatures are already warmer than at any time over the weekend across most of the area. philadelphia up to 69 degrees. didn't even get that warm over the weekend. lehigh valley, warm spot with the sunniest weather at 71. some of the coolest weather of the weekend was in delaware, especially southern delaware, but today it's a different story. 70 degrees. claymont, 70 degrees.

you're looking at pictures of a tornado that touched down near spearman, texas, yesterday. so far there are no reports of any injuries or damages. look at that dramatic video. >> i know. we've got a little sunshine here today, at least so far. >> it's about time, tom. my goodness. >> we deserve it. >> we do. >> you know, 19 of the 23 days so far in may we've had at least a trace of rain in washington, don't we know it. and we're going to finish up the month with a few more sunny days to come, so let's look forward to that. there's a live view from the storm team 4 tower camera overlooking there's ten litown, middle friendship heights, foreground montgomery county, bethesda. it's not sunny south and east of us, that's where the moving rain now in southern maryland, northern neck of virginia down to near where williamsburg is, william and mary, down that way, that college is getting a little bit wet today. we've got a group of their students here, great to see you all. and as we are going to be looking the rest of the day we're going to be on the dry side of that and going fo

>> reporter: biting hail and violent winds gusting up to 70 miles per hour pounded residents in spearmanept many hunkered down in their homes as the region braces for yet another cluster of storms today. >> and that was nbc's kerry sanders reporting. >>> we have a sad twist to tell you about. in a photo that went viral, it shows a baby bison loaded in the back of a car by two tourists at yellowstone national park. officials say that the calf had to be euthanized after it was rejected by its herd when they tried to return it. the tourists apparently thought they were doing the right thing trying to protect the animal but their actions ignored park rules intended to keep both wildlife and people safe. this picture snapped by a witness is not photoshopped and it is not something to laugh about, say officials at yellowstone park. two tourists came across this bison calf on the road last week and brought it to a rangers station, reportedly worried because the calf was near cars and looked cold. rangers immediately took the calf back where the tourist had found it but the bison herd wouldn't a

look at this tornado that was caught on camera near spearman, texas.ng the border with the oklahoma panhandle. you can see how huge that tornado was. fortunately, it was in more of a rural area. it was caused e ed by the stor chasers. 27 tornadoes yesterday across the western plains. that's the area we could see more storms fire up late they are afternoon and into tonight. sioux falls seeing pockets of rain. rain moving through oklahoma city. cloud-to-ground lightning north of dallas. major cities should be spared today. dodge city, storms, isolated hail and tornadoes will be the concern. tomorrow, it moves slowly to the east. that's the weather. local forecast is coming up in just 30 seconds. >>> good morning, everybody. outside, still mostly cloudy, areas of fog around here early this morning and pockets of heavy rain down across parts of charles county and st. mary's county, western toward fredericks burg, and we're rain free currently across maryland. temperatures in the 50s, and a few breaks of sunshine today. warm, enough sun >> that's your lates

look at this tornado that was caught on camera near spearman, texas.ng the border with the oklahoma panhandle. you can see how huge that tornado was. fortunately, it was in more of a rural area. it was caused by the storm chasers. 27 tornadoes yesterday across the western plains. that's the area we could see more storms fire up late they are afternoon and into tonight. sioux falls seeing pockets of rain. rain moving through oklahoma city. cloud-to-ground lightning north of dallas. major cities should be spared today. dodge city, storms, isolated hail and tornadoes will be the concern. tomorrow, it moves slowly to the east. that's a look at the weather across the country. your local forecast is coming up in 30 seconds. ook at the weathe across the >>> good morning. i'm meteorologist kari hall. it's cool as you head out the door. temperatures in the 50s for most of the bay area. upper 40s for the north bay and 57 in the east bay. a mix of sun and clouds. we'll see that continuing as we go through the rest of the day. highs in the 60s for san francisco. 6

reporter: fighting hail and violent winds gusting up to 70 miles per hour, pounded residents in spearman, texas. back in oklahoma, heavy winds and rain kept many hunkered down in their homes, as the region braces for yet another cluster of storms today. it's been an especially violent hail season so far this year. insurance companies estimate there has been more than a billion dollars in damage to roofs and cars. and forecasters say more hail is forecast today. matt, savannah? >> kerry sanders, thank you. >> we were talking, the people in that area that dealt with an awful lot in the last year or so. >> they're going to deal with more this week. we're looking at more strong storms along the texas/oklahoma border. it's going to continue today. we have 16 million people at risk for strong storms today, especially in the late afternoon into the evening hours. large hail, two inches in diameter, damaging winds. storm system after storm system moving across. the flood threat will increase over the next several days. tomorrow, we have a risk of severe storms. heavy rain for the hill country of

look at this tornado that was caught on camera near spearman, texas.ng the border with the oklahoma panhandle. you can see how huge that tornado was. fortunately, it was in more of a rural area. it was caused e ed by the stor chasers. 27 tornadoes yesterday across the western plains. that's the area we could see more storms fire up late they are afternoon and into tonight. sioux falls seeing pockets of rain. rain moving through oklahoma city. cloud-to-ground lightning north of dallas. major cities should be spared today. dodge city, storms, isolated hail and tornadoes will be the concern. tomorrow, it moves slowly to the east. that's a look at the weather across the >>> good morning, i'm meteorologist bill henley. clouds but some sunshine. don't forget your umbrella. a big warm-up for each of these locations. cooler at the jersey shore. the clouds will linger. 67 degrees in wildwood with just the chance of a shower. showers are more likely inland for haddonfield and glassboro. it will affect delaware as well. temperatures warming into the 70s later tod