Chairman Mike Reyna of the Farm Credit Administration gave a very important presentation at the annual meeting of the Farm Credit Council in January 2003 which should be distributed widely within the banking community as well as within the FCS. Reyna's statement that everything has changed referred to somewhat ancient history - the 1985 amendments to the Fair Credit Act that preceded the 1987 taxpayer bailout of the FCS. He stated that a regulator that is not both independent and objective really has no credibility and cannot truly speak with authority. For FCA, it means that as it tackles regulatory issues, it must be open to input provided by both the FCS and the broader general public.