GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Improvements to Farm Credit System Safety and Soundness
Amends the Farm Credit Act of 1971 to set forth qualifications for Farm Credit Administration (FCA) board members. Redefines "permanent capital."
Farm Credit System Insurance Corporation
Makes the Farm Credit System Insurance Corporation (FCSIC) successor to the Farm Credit System (FCS) Assistance Board in the case of capital preservation agreements that certify certain banks as eligible to issue preferred stock to the Farm Credit System Assistance Corporation (Corporation). Requires the General Accounting Office to study and report to the Congress on: (1) risk-based FCSIC premiums; (2) possible Farm Credit System Insurance Fund (Fund) authority to assess associations directly; (3) possible supplemental FCSIC insurance premiums; (4) the benefits of consolidating district banks into regional banks; (5) FCS institutions' overhead expenses; and (6) potential savings if FCS institutions and FCA were required to comply with certain Government office standards.
Repayment of Farm Credit System Debt Obligations
Amends the Farm Credit Act to require an institution terminating FCS status to pay to the Corporation the estimated present value of future principal otherwise required had it remained in the FCS. Recognizes any such amount as a Corporation claim against the estate of a liquidating bank. States that the other banks' obligations shall not be reduced in anticipation of such recoveries, but only upon their receipt by the Corporation. Requires each institution to make annual payments to the Corporation to ensure debt repayment. Requires each institution that issued preferred stock, beginning in 1992, to appropriate specified earnings into an account to fund such stock's retirement. Requires each bank to: (1) record as an expense the annual increase of its bond repayment obligation; and (2) repay Treasury-paid interest on FCS obligations (through bank assessments). Makes banks (currently institutions) primarily liable to repay certain Corporation interest and obligations. Excludes banks in liquidation from such requirement. Expands default provisions to include all bank obligations with respect to Corporation bond principal and interest, except certain preferred stock-related bonds. Extends the Corporation termination date until two years after the last Corporation bond maturity date.
Clarification of Certain Authorities
Amends the Agricultural Credit Act of 1987 to require the Federal Intermediate Credit Bank of Jackson (Bank) to merge with a Farm Credit Bank. States that: (1) FCA merger approval shall be given only if the Bank merges in its entirety with a Farm Credit Bank; (2) the Bank shall have limited operating authority and limited lending authority (lending authorities in Alabama, Louisiana, and Mississippi limited to pre-merger constituent bank's authorities); and (3) the FCA shall order the merger of the Bank and the Farm Credit Bank of Texas if the Bank fails to negotiate a merger within a specified period of time. Requires a referendum of farmer-borrowers in such States with respect to the structure of such association. Sets forth the long-term lending authority of the Farm Credit Bank of Texas with respect to Alabama, Louisiana, and Mississippi.
Amends the Farm Credit Act to revise production credit association application of earnings requirements. Limits a bank for cooperatives' loan risk participation authority. Sets forth voting guidelines with respect to one director of each bank for cooperatives. Expands bank for cooperatives' water and sewer lending authority. Makes qualifying private agricultural entities eligible to borrow from a bank for cooperatives. Repeals the tax-exempt guarantee prohibition. Authorizes the FCA to approve competitive charters among FCS institutions. Authorizes the FCSIC to examine FCS institutions (current authority is limited to FCS banks). Provides for financial disclosure and conflict of interest reporting by FCS directors, officers, and employees. Directs the Secretary of Agriculture to use specified funds to purchase, process, and distribute additional commodities for the emergency food assistance program. Terminates such authority as of September 30, 1993.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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