Farm Credit Banks and Associations Safety and Soundness Act of 1992

Summary

Farm Credit System Financial Safety and Soundness Act of 1991 - Title I: Improvements to Farm Credit System Safety and Soundness - Amends the Farm Credit Act of 1971 with respect to: (1) cooperative risk management and performance standards; (2) access to association capital; (3) qualifications of Farm Credit Administration (FCA) board members and the duties of the board's Chief Executive Officer; and (4) the Farm Credit System Insurance Corporation (FCSIC). Title II: Farm Credit System Insurance Corporation - Requires the General Accounting Office (GAO) 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; and (5) Farm Credit System (FCS) institutions' overhead expenses. Makes the FCSIC successor to the FCS Assistance Board in the case of capital preservation agreements that certify certain banks as eligible to issue preferred stock to the FCS Assistance Corporation (FAC). Title III: Capital Requirements and Supervision of the Federal Agricultural Mortgage Corporation - Establishes two capital levels for the Federal Agricultural Mortgage Corporation (Farmer Mac), the adequate level and the critical level. Authorizes the FCA to: (1) approve a capital restoration plan if Farmer Mac's capital falls below the adequate level; and (2) promptly appoint a conservator if Farmer Mac's capital falls below the critical level. Requires the FCS to study and report to the Congress on the risk to the Federal Government of Farmer Mac's operations. Requires the FCA to establish an independent Office of Secondary Market Oversight to regulate Farmer Mac. Title IV: Repayment of Farm Credit System Debt Obligations - Amends the Agricultural Credit Act of 1987 with respect to: (1) annual FCS bank payments to FAC; (2) annual payments by distressed institutions to a special surplus account for retirement of preferred stock held by FAC in exchange for financial assistance; (3) FCS bank repayment to the Treasury of interest on FAC debt paid by the Treasury; (4) defaults on payment of interest and principal on all FAC bonds; and (5) extension of FAC's existence. Title V: Miscellaneous - Revises the formula for prescribing the levels of reserves against loan losses maintained by production credit associations. Revises the risk management powers of banks for cooperatives with respect to their ability to buy and sell loan participation from non-system lenders. Permits FCS banks and associations to provide for election of their board members on a sectional or regional basis, as opposed to exclusively (as now) on an at-large basis.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 September 1991

   Reported

   Committee on Agriculture ordered to be reported an original measure.

   Source: Committee

2. 13 September 1991

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 224.

   Source: Calendars

3. 13 September 1991

   Reported

   Committee on Agriculture. Original measure reported to Senate by Senator Leahy. Without written report.

   Source: Committee

4. 13 September 1991

   Reported

   Committee on Agriculture. Original measure reported to Senate by Senator Leahy. Without written report.

   Source: Committee

5. 13 September 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

6. 16 October 1991

   Floor

   By Senator Leahy from Committee on Agriculture filed written report. Report No. 102-191. Additional views filed.

   Source: Floor

7. 16 October 1991

   Committee

   By Senator Leahy from Committee on Agriculture filed written report. Report No. 102-191. Additional views filed.

   Source: Committee

8. 7 May 1992

   Floor

   Measure laid before Senate by unanimous consent.

   Source: Floor

9. 7 May 1992

   Passed

   Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.

   Source: Floor

10. 12 May 1992

    Floor

    Held at the desk.

    Source: Floor

11. 12 May 1992

    Floor

    Message on Senate action sent to the House.

    Source: Floor

12. 12 May 1992

    Floor

    Received in the House.

    Source: Floor

13. 23 September 1992

    Passed

    Passed/agreed to in House: On passage Passed without objection.

    Source: Floor

14. 23 September 1992

    Passed

    The House struck all after the enacting clause and inserted in lieu thereof the provisions of similar measures H.R. 3298, H.R. 4906, H.R. 5237, H.R. 5741, H.R. 5763, and H.R. 5764, each as passed by the House. Agreed to without objection.

    Source: Floor

15. 23 September 1992

    Floor

    Considered under the provisions of rule H. Res. 573.

    Source: Floor

16. 23 September 1992

    Floor

    A similar measure H.R. 3298 was laid on the table without objection.

    Source: Floor

17. 23 September 1992

    Passed

    The title of the measure was amended. Agreed to without objection.

    Source: Floor

18. 23 September 1992

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

19. 23 September 1992

    Passed

    On passage Passed without objection.

    Source: Floor

20. 24 September 1992

    Floor

    Message on House action received in Senate and at desk: House amendments to Senate bill.

    Source: Floor

21. 7 October 1992

    ResolvingDifferences

    Senate concurred in the House amendments with amendment (SP3417) by Voice Vote.

    Source: ResolvingDifferences

22. 7 October 1992

    NotUsed

    Resolving differences -- Senate actions: Senate concurred in the House amendments with amendment (SP3417) by Voice Vote.

    Source: NotUsed

23. 7 October 1992

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

24. 8 October 1992

    Floor

    Message on Senate action sent to the House.

    Source: Floor

Votes

No vote records are attached yet.

Versions

• Engrossed Amendment House · undated · Official file
• Engrossed Amendment Senate · undated · Official file
• Engrossed in Senate · undated · Official file
• Placed on Calendar Senate · undated · Official file

Documents

6 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN

  ViewDownloadOpen at official source

• Engrossed in Senate (text)

  Engrossed in Senate · EN

  ViewDownloadOpen at official source

• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN

  ViewDownloadOpen at official source

• Engrossed Amendment House (text)

  Engrossed Amendment House · EN

  ViewDownloadOpen at official source

• Senate agreed to House amendment with amendment

  summary · EN · 7 October 1992

  Open at official source

• Introduced in Senate

  summary · EN · 13 September 1991

  Open at official source

Sponsors

• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• · ssaf00 · Standing

Related records

• related to → Farm Credit Banks and Associations Safety and Soundness Act of 1992
• related to → Agricultural Credit Improvement Act of 1992
• related to → Rural Electrification Administration Improvement Act of 1992
• related to → Perishable Agricultural Commodities Act Technical Amendments of 1992
• related to → To provide equitable relief to producers of sugarcane subject to proportionate shares.
• related to → To amend the United States Warehouse Act to provide for the use of electronic cotton warehouse receipts.
• related to → Farm Credit Banks and Associations Safety and Soundness Act of 1992
• related to → Housing Improvement Act for Land Management Agencies