Senate Banking and Currency Committee hears Secretary Wallace. Washington, D.C., June 7. Secretary of Agriculture, Henry Wallace, today told the Senate Banking and Currency Committee that he approved the bill to revamp the Farm Credit System because farmers need relief from 'excessive interest charges and debts which they cannot pay. In addition,' he said, '60 percent of all the National Farm Loan Associations have had their capitol so impaired that they cannot make new loans. Beyond question there is room for improvement in both the general farm credit situation and the Federal Land Bank System'