NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
S-3, EX-23.1, 2000-05-31
MISCELLANEOUS BUSINESS CREDIT INSTITUTION
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<PAGE>   1

                                                                    EXHIBIT 23.1

                   CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation by
reference in this Registration Statement of our report dated July 16, 1999
included in National Rural Utilities Cooperative Finance Corporation's Form 10-K
for the year ended May 31, 1999 and to all references to our Firm included in
this Registration Statement.

ARTHUR ANDERSEN LLP

Vienna, VA
May 31, 2000


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