Farm Credit Amendments Act of 1985

Summary

Farm Credit System Restructuring and Regulatory Reform Act of 1985 - Title I: Purposes, Organization, and Powers - Amends the Farm Credit Act of 1971 to vest management of the Farm Credit Administration (FCA) in a Farm Credit Administration Board (replacing the Federal Farm Credit Board), to be headed by a Chairman. Sets forth related operating and administrative provisions. Establishes a Farm Credit Advisory Committee. Requires: (1) FCA examinations of Farm Credit System (FCS) institutions; and (2) each institution to make an annual report. Authorizes the FCA to publish reports of such examinations under specified circumstances. Title II: Regulatory Role of the Farm Credit Administration - Amends the Farm Credit Act to remove certain regulatory powers of the FCA regarding the establishment and regulation of Federal banks. Grants the FCA authority to establish minimum levels of capital for FCS institutions and see that such levels are maintained. Sets forth requirements for voluntary single district-wide association mergers. Allows the Chairman of the FCA to require bank mergers where such banks have failed to meet their outstanding obligations. Grants the Chairman the power to appoint a conservator or receiver for any institution of the FCS. Lists the grounds for such an appointment. Title III: Enforcement Powers and Procedures of the Farm Credit Administration - Amends the Farm Credit Act of 1971 to authorize the Farm Credit Administration (FCA) to issue cease and desist orders against any Farm Credit System institution or director, officer, employee, or agent engaged in an unsafe or unsound practice or in violation of any FCA rule or regulation. Provides for written notice and hearing opportunity. Authorizes the FCA to issue temporary cease and desist orders. Permits U.S. district court appeal. Permits FCA appeal to such court for injunctive enforcement. Authorizes the FCA to remove or suspend any Farm Credit System director or officer who has engaged in unsafe or prohibited practices, is in breach of fiduciary duty, or has been indicted for a felony involving dishonesty or breach of trust. Provides for written notice and hearing opportunity. Establishes procedures for administrative hearings and judicial review. Authorizes the FCA to apply to any U.S. district court with jurisdiction for the enforcement of any outstanding notice or order. Provides for civil penalties of up to $1,000 for violations of final orders or of the provisions of the Farm Credit Act of 1971 or regulations. Makes directors and officers who knowingly violate, or permit others to violate, such Act or regulations personally liable for damages. Title IV: Farm Credit System Capital Corporation - Establishes the Federal Farm Credit System Capital Corporation to ensure the continued viability of the FCS. Describes the powers of the Capital Corporation. States that the Capital Corporation shall have the power to acquire property, debts, and assets of institutions of the FCS. Provides initial capitalization through institution contributions. States that the capital, reserves, surplus, and income derived therefrom shall be tax exempt. Title V: Rights of Applicants and Shareholders - Amends the Farm Credit Act to direct the FCA to promulgate regulations regarding: (1) the disclosure of certain interest rate information to borrowers; (2) access to documents and information for applicants, borrowers, and stockholders; and (3) the establishment of credit review committees. Title VI: Miscellaneous Amendments - Amends the Federal Financial Institutions Examination Council Act of 1978 to provide that the Chairman of the FCA shall serve as a nonvoting member of the Council. Requires Federal land banks and associations to carry a reserve account. Subjects Federal intermediate credit banks to the direction of the FCA with regard to dividend payments. Requires Federal land banks, Federal intermediate credit banks, banks for cooperatives, Federal land bank associations, and production credit associations to purchase stock, pay assessments, and make capital contributions to the Capital Corporation. Title VII: Authorization for Borrowing - Authorizes the Secretary of the Treasury to purchase obligations issued by the Capital Corporation.

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

Timeline

1. 23 November 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 23 November 1985

   Introduced

   Read twice and referred to the Committee on Agriculture.

   Source: IntroReferral

3. 3 December 1985

   Discharge

   Senate Committee on Agriculture discharged by Unanimous Consent.

   Source: Discharge

4. 3 December 1985

   Committee

   Senate Committee on Agriculture discharged by Unanimous Consent.

   Source: Committee

5. 3 December 1985

   Floor

   Measure laid before Senate by unanimous consent.

   Source: Floor

6. 3 December 1985

   Vote

   Passed/agreed to in Senate: Passed Senate with amendments and an amendment to the Title by Yea-Nay Vote. 57-34. Record Vote No: 351.

   Source: Floor

7. 10 December 1985

   Vote

   Passed House (Amended) by Yea-Nay Vote: 393 - 32 (Record Vote No: 442).

   Source: Floor

8. 10 December 1985

   Vote

   Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 393 - 32 (Record Vote No: 442).

   Source: Floor

9. 10 December 1985

   Floor

   Called up by House Under Suspension of Rules.

   Source: Floor

10. 17 December 1985

    ResolvingDifferences

    Senate concurred in the House amendment with a further amendment (SP 1420) by Voice Vote.

    Source: ResolvingDifferences

11. 17 December 1985

    NotUsed

    Resolving differences -- Senate actions: Senate concurred in the House amendment with a further amendment (SP 1420) by Voice Vote.

    Source: NotUsed

12. 17 December 1985

    Floor

    Considered by Senate.

    Source: Floor

13. 18 December 1985

    Passed

    House Agreed to Senate Amendments to House Amendments by Voice Vote.

    Source: ResolvingDifferences

14. 18 December 1985

    Passed

    Resolving differences -- House actions: House Agreed to Senate Amendments to House Amendments by Voice Vote.

    Source: NotUsed

15. 20 December 1985

    Floor

    Presented to President.

    Source: Floor

16. 20 December 1985

    President

    Presented to President.

    Source: President

17. 20 December 1985

    Floor

    Measure Signed in Senate.

    Source: Floor

18. 23 December 1985

    Became law

    Signed by President.

    Source: BecameLaw

19. 23 December 1985

    President

    Signed by President.

    Source: President

20. 23 December 1985

    Became law

    Became Public Law No: 99-205.

    Source: President

Votes

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 24 December 1985

  ViewDownloadOpen at official source

• Senate agreed to House amendment with amendment

  summary · EN · 17 December 1985

  Open at official source

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• Introduced in Senate

  summary · EN · 23 November 1985

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Helms, Jesse [R-NC] · R · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Sponsor
• Sen. Hawkins, Paula [R-FL] · R · Sponsor
• · ssaf00 · Standing

Related records

• related to → Farm Credit Amendments Act of 1985
• amends ← In the nature of a substitute.
• amends ← To clarify the extent to which assessments may be made upon farm credit institutions.
• amends ← To provide an opportunity for agricultural borrowers to restructure loans from commercial lenders and Farm Credit System institutions in order to maintain the viability of their farming operation and thus preserve the family farm system as the backbone of American agriculture.
• amends ← To provide substitute language, to provide for shareholder election of Farm Credit system boards of directors, and for other purposes.
• amends ← To provide that the authority provided by section 701 of the bill shall be effective for any fiscal year only to such extent or in such amounts as are provided in advance in appropriation acts.
• amends ← To require that the capital corporation sell or lease farmland under its control to operators of not larger than family-size farms, and to limit the rate of interest on any loan owned or made by the capital corporation to a rate which does not exceed the average rate of interest charged by the farm credit system bank from which the loan originated.
• amends ← To provide substitute language, and to limit the powers of the Capital Corporation.
• amends ← To provide that the power of the capital corporation, to the extent they authorize financial assistance of any type to borrowers and system institutions, shall be limited after December 31, 1990, and for other purposes.

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