Agricultural Credit Improvement Act of 1992

Summary

Agricultural Credit Improvement Act of 1992 - Title I: Amendments to the Consolidated Farm and Rural Development Act - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to establish a program of assistance (ten-year maximum) for beginning farmers (including aquaculture) and ranchers. Requires an applicant to submit a farm operations plan (plan) to the appropriate county committee, which must be approved by the committee and then by the Secretary of Agriculture. Provides assistance in the form of operating and equipment loans or guarantees. Gives applicants priority for equipment purchases in the Farmers Home Administration inventory. Terminates assistance for avoidable failure to achieve plan goals. Directs the Secretary to establish within the farm ownership loan program a ten-year down payment loan program for beginning farmers and ranchers. Sets forth loan terms. Limits the availability of certain other agricultural loans and guarantees to beginning farmers and ranchers during specified applicable periods. Sets forth debt service margin requirements. Provides for: (1) Federal-State beginning farmer assistance coordination; and (2) the establishment of an Advisory Committee on Beginning Farmers and Ranchers. Directs the Secretary to establish a plan to encourage the graduation of assisted borrowers to private commercial credit. Limits operating loan assistance to ten years and loan guarantee assistance to 15 years. Authorizes hardship waivers. Title II: Amendments to the Farm Credit Act of 1971 - Amends the Farm Credit Act of 1971 to repeal the authority of the Farm Credit System (FCS) Insurance Corporation to designate one of its directors as a nonvoting representative to the board of directors of the Federal Farm Credit Banks Funding Corporation. Expands water and sewer lending authority of banks for cooperatives. Repeals the limitation on FCS bank director compensation. Includes director compensation in the scope of FCS institution examinations. Requires all FCS institutions to be examined at least once every three years. Repeals the prohibition on tax-exempt guarantees. Title III: Effective Date - Sets forth the effective dates of amendments made by this Act.

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

Timeline

1. 2 July 1992

   Introduced

   Read twice and referred to the Committee on Agriculture.

   Source: IntroReferral

2. 2 July 1992

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 31 July 1992

   Referred

   Referred to Subcommittee on Agricultural Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · undated · Official file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 July 1992

  Open at official source

Sponsors

• Sen. Bumpers, Dale [D-AR] · D · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Sen. Glenn, John H., Jr. [D-OH] · D · Cosponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Cosponsor
• Rep. Kasten, Robert W., Jr. [R-WI-9] · R · Cosponsor
• · ssaf00 · Standing

Related records

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