Farm Credit System Interest Reduction Act of 1986

Summary

Farm Credit System Interest Reduction Act of 1986 - Title I: Farm Credit Assistance and Interest Reduction - Directs the Secretary of the Treasury to make loans to Farm Credit System (FCS) institutions to: (1) remove high-cost bonds from the FCS's portfolio; and (2) retire or restructure nonaccruing FCS-held loans. Provides for borrower interest rate reductions. Title II: Rights of Borrowers - Sets forth borrower rights relating to: (1) access to files and related information; (2) bank mergers; (3) district board election; and (4) financial disclosure by FCS officials. Directs the Comptroller General to conduct a feasibility study regarding the return of the FCS to local control. Title III: Independent Interest Rate-Setting Authority - Repeals Farm Credit Administration rate-setting authority. Title IV: Funding for Farm Credit Assistance - Repeals: (1) the Legal Services Corporation Act; and (2) the Export-Import Bank Act of 1945. Withholds from obligation and expenditure specified funds from the Foreign Assistance Act of 1961 relating to: (1) population planning; (2) voluntary United Nations contributions; and (3) foreign aid to non-Camp David countries.

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1 official file

• Introduced in Senate

  summary · EN · 1 October 1986

  Open at official source

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