S. 1709 (102nd): Farm Credit Banks and Associations Safety and Soundness Act of 1992

Introduced:
Sep 13, 1991 (102nd Congress, 1991–1992)
Status:
Enrolled Bill
See Instead:

H.R. 6125 (same title)
Signed by the President — Oct 28, 1992

Sponsor
Patrick Leahy
Senator from Vermont
Party
Democrat
Related Bills
H.R. 6125 (Related)
Farm Credit Banks and Associations Safety and Soundness Act of 1992

Signed by the President
Oct 28, 1992

H.R. 3298 (Related)
Farm Credit Banks and Associations Safety and Soundness Act of 1992

Passed House
Last Action: Sep 23, 1992

 
Status

This bill was passed by Congress on October 7, 1992 but was not enacted before the end of its Congressional session. (It is possible this bill is waiting for the signature of the President.)

Progress
Reported by Committee Sep 12, 1991
Introduced Sep 13, 1991
Passed Senate May 07, 1992
Passed House Sep 23, 1992
Senate Agreed to Changes Oct 07, 1992
 
Full Title

An original bill to amend the Farm Credit Act of 1971 to enhance the financial safety and soundness of the Farm Credit System, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Agriculture, Nutrition, and Forestry

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


10/7/1992--Senate agreed to House amendment with amendment.
Farm Credit Banks and Associations Safety and Soundness Act of 1992 -
Title I - 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."
Title II - 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.
Title III - 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.
Title IV - 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.
Title V - Miscellaneous
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

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of S. 1709 (102nd) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus