View source for Farm Credit Administration

{{Organization
|OrganizationName=Farm Credit Administration
|OrganizationType=Regulatory Commissions
|Mission=To ensure a safe, sound, and dependable source of credit and related services for agriculture and rural America. The FCA regulates and examines the Farm Credit System to promote a stable, competitive credit system that serves all types of agricultural producers fairly and equitably.
|CreationLegislation=Farm Credit Act of 1971
|Employees=300
|Budget=$75 million (Fiscal Year 2023)
|OrganizationExecutive=Chairman and CEO
|Services=Supervision; Examination; Regulation of Farm Credit System institutions
|Regulations=Farm Credit Act; Regulations governing the Farm Credit System
|HeadquartersLocation=38.9317, -77.20207
|HeadquartersAddress=1501 Farm Credit Drive, McLean, VA 22102
|Website=https://www.fca.gov
}}
{{Short description|US federal government independent agency regulating farm loans}}

{{Infobox government agency
|agency_name   = Farm Credit Administration
|type          = 
|nativename    = 
|nativename_a  = 
|nativename_r  = 
|logo          = FCA logo.png
|logo_width    = 
|logo_caption  = Logo of the Farm Credit Administration
|seal          = FCA seal.png
|seal_width    = 200px
|seal_caption  = Seal of the Farm Credit Administration
|picture       = 
|picture_width = 
|picture_caption = 
|formed        = {{Start date|1933|03|27}}
|preceding1    = [[Federal Farm Board]]
|preceding2    = 
<!-- (etc.) -->
|dissolved     = 
|superseding   = 
|jurisdiction  = [[United States]]
|headquarters  = [[McLean, Virginia]]
|coordinates   =
|employees     = 
|budget        = 
|minister1_name  = 
|minister1_pfo   = 
|minister2_name  = 
|minister2_pfo   = 
<!-- (etc.) -->
|chief1_name     = [[Vincent G. Logan]]
|chief1_position = Chairman of the Board and CEO
|chief2_name     = 
|chief2_position = 
<!-- (etc.) -->
|agency_type   =
|parent_department = 
|parent_agency = 
|child1_agency =
|child2_agency = 
<!-- (etc.) -->
|keydocument1 = [[Farm Credit Act of 1971]]
<!-- (etc.) -->
|website       =  {{official URL|https://www.fca.gov/}}
|footnotes     = 
|map       = 
|map_width = 
|map_caption = 
}}

The '''Farm Credit Administration''' is an [[Independent agencies of the United States government|independent agency]] of the [[federal government of the United States]].<ref>{{Cite journal|last=Emmerich|first=Herbert|date=1936|title=Distinguishing Administrative Aspects of the Farm Credit Administration|url=https://www.cambridge.org/core/product/identifier/S0003055400032639/type/journal_article|journal=American Political Science Review|language=en|volume=30|issue=6|pages=1117–1133|doi=10.2307/1948293|jstor=1948293 |s2cid=147195924 |issn=0003-0554}}</ref> Its function is to regulate the financial institutions that provide credit to farmers.

==Authority==
The Farm Credit Administration is an [[Independent agencies of the United States government|independent agency]] of the Executive Branch of the [[federal government of the United States]]. It regulates and examines the banks, associations, and related entities of the [[Farm Credit System]], a network of borrower-owned financial institutions that provide credit to farmers, ranchers, and agricultural and rural [[utility cooperative]]s, as well as provides oversight for [[Federal Agricultural Mortgage Corporation|Farmer Mac]]. It derives its authority from the [[Farm Credit Act of 1971]].<ref>[https://www.fca.gov/about/fca_in_brief.html FCA in brief]</ref> The FCA is headquartered in [[McLean, Virginia]], near [[Washington, DC]].

==History==
The Farm Credit Administration was established by [[Executive Order 6084]], which transferred most of the functions of the [[Federal Farm Board]] to the new [[Agricultural Adjustment Administration]]. The Federal Farm Board was then renamed the Farm Credit Administration.<ref>{{cite web |url=http://www.farmcreditarchive.org/chronology/default.aspx |title=1933 - March 27: President Roosevelt issues Executive Order 6084 creating the Farm Credit Administration, to be effective in 60 days |work=Farm Credit Archive |publisher=Farm Credit System |url-status=dead |archive-url=https://web.archive.org/web/20111106014506/http://www.farmcreditarchive.org/chronology/default.aspx |archive-date=2011-11-06 }}</ref>

The [[Farm Credit Act of 1933]] provides for organizations within the Farm Credit Administration. The Farm Credit Act of 1933 was part of President [[Franklin D. Roosevelt]]'s [[New Deal]], to help farmers refinance mortgages over a longer time at below-market interest rates at regional and national banks. This helped farmers recover from the [[Dust Bowl]]. The Emergency Farm Mortgage Act loaned funds to farmers in danger of losing their properties. The campaign refinanced 20% of farmer's mortgages.

An Executive order by Roosevelt in 1933 placed all existing agricultural credit organizations under the supervision of a new agency, the Farm Credit Administration.<ref>{{cite web |url=http://www.presidency.ucsb.edu/ws/index.php?pid=14599 |title=Franklin D. Roosevelt: "Executive Order 6084 Consolidating Federal Farm Credit Agencies" March 27, 1933 |author1=Peters,Gerhard |author2=Woolley, John T |work=The American Presidency Project |publisher=University of California - Santa Barbara |access-date=June 30, 2013}}</ref> This included the [[Federal Farm Board]]. The Farm Credit Administration was independent until 1939, when it became part of the [[U.S. Department of Agriculture]], but became an independent agency again under the Farm Credit Act of 1953. This Act created a Federal Farm Credit Board with 13 members (one from each of the 12 agricultural districts and one appointed by the Secretary of Agriculture) to develop policy for the Farm Credit Administration.

The [[Farm Credit Act of 1971]] recodified all previous acts governing the Farm Credit System.

==FCA board==
The FCA board consists of three members, who are appointed by the President, by and with the advice and consent of the Senate. The President appoints members of the Board who are experienced or knowledgeable in agricultural economics and financial reporting and disclosure; are experienced or knowledgeable in the regulation of financial entities; or have a strong financial, legal, or regulatory background. A maximum of two members may be members of the same political party. They each serve terms of six years, but they may continue to serve until their successor has been confirmed and taken office. The President designates one of the members to serve as Chairman of the Board for the duration of the member’s term.<ref>{{USC|12|2242}}</ref>

===Board members===
The current FCA board as of September 12, 2024:<ref>{{cite web |url=https://www.fca.gov/about/fca-board |title=FCA board |author=<!--Not stated--> |date=May 6, 2024 |website=FCA.gov |publisher=Farm Credit Administration |access-date=September 12, 2024}}</ref>
{| class="wikitable sortable" style="text-align:center"
! Name
! Party
! Took office
! Term expires
|-
| {{sortname|Vincent G.|Logan}} {{small|(Chair)}}
| {{party shading/Democratic}} | Democratic
| {{dts|2022|10|13}} {{small|(as member)}}<br>{{dts|2022|10|21}} {{small|(as Chair)}}
| {{dts|2026|05|21}}
|-
| {{sortname|Jeffery S.|Hall}}
| {{party shading/Republican}} | Republican
| {{dts|2015|03|17}}
| {{dts|2018|10|13}}
|-
| {{sortname|Glen R.|Smith}}
| {{party shading/Republican}} | Republican
| {{dts|2017|12|14}}
| {{dts|2022|05|21}}
|}

===Nominations===
President [[Joe Biden|Biden]] has nominated the following to fill a seat on the board. They await Senate confirmation.<ref>{{cite web |url=https://www.congress.gov/quick-search/nominations?wordsPhrases=Farm+Credit+Administration&wordVariants=on&congressGroups%5B0%5D=0&congresses%5B0%5D=118&nomCivil=on&nomOther=on&pnNumbers=&nomineeNames=&positions=&organizations=&stateTerritories%5B0%5D=any&nominationAction=&dates=datesReceivedInSenate&dateOperator=equal&startDate=&endDate=&dateIsOption=yesterday&qs_expand=false&seeResult=true&s=6 |title=Quick Search Farm Credit Administration |author=<!--Not stated--> |date=<!--Not stated--> |website=Congress.gov |publisher=Library of Congress |access-date=September 24, 2024}}</ref>
{| class="wikitable sortable" style="text-align:center"
|-
! Name !! Party !! Term expires !! Replacing
|-
| {{sortname|Marcus D.|Graham}} || {{party shading/Democratic}} | Democratic || {{dts|2028|05|21}} || {{sortname|Glen R.|Smith}}
|}

==List of chairpersons==
{| class=wikitable style="text-align:center"
|-
!Portrait<ref>{{cite web|title=History of FCA Governance|url=https://www.fca.gov/about/history-of-fca-governance|website=fca.gov}}</ref>
!Chairpersons
!Took office
!Left office
|-
|[[File:Donald_E._Wilkinson.jpg|100px]]
|[[Donald E. Wilkinson]] (Acting)
|January 23, 1986
|March 28, 1986
|-
|[[File:Kenneth J. Auberger.jpg|100px]]
|[[Kenneth J. Auberger]] (Acting)
|March 29, 1986
|May 21, 1986
|-
|[[File:Frank_W._Naylor.jpg|100px]]
|[[Frank W. Naylor Jr.]]
|May 22, 1986
|November 11, 1988
|-
|[[File:Marvin_Duncan.jpg|100px]]
|[[Marvin Duncan]] (Acting)
|November 12, 1988
|October 9, 1989
|-
|[[File:Harold_B._Steele.jpg|100px]]
|[[Harold B. Steele]]
|October 10, 1989
|September 8, 1993
|-
|[[File:FCA_Bill_Ross_Brown.jpg|100px]]
|[[Billy Ross Brown]]
|August 31, 1993
|October 17, 1994
|-
|[[File:Marsha Pyle Martin.jpg|100px]]
|[[Marsha Pyle Martin]]
|October 17, 1994
|January 9, 2000
|-
|[[File:Michael_M._Reyna.jpg|100px]]
|[[Michael M. Reyna]]
|January 13, 2000
|December 1, 2004
|-
|[[File:Nancy_C._Pellett.jpg|100px]]
|[[Nancy C. Pellett]]
|May 22, 2004
|May 21, 2008
|-
|[[File:Leland A. Strom.jpg|100px]]
|[[Leland A. Strom]]
|May 22, 2008
|November 27, 2012
|-
|[[File:LongThompson.jpg|100px]]
|[[Jill Long Thompson]]
|November 27, 2012
|March 12, 2015
|-
|[[File:Kenneth_A._Spearman.jpg|100px]]
|[[Kenneth A. Spearman]]
|March 13, 2015
|November 21, 2016
|-
|[[File:Tonsager-USEC-RD2.jpg|100px]]
|[[Dallas P. Tonsager]]
|November 22, 2016
|May 21, 2019
|-
|[[File:GlenRSmithFCAofficial.jpg|100px]]
|[[Glen R. Smith]]
|July 17, 2019
|October 21, 2022
|-
|[[File:Vincent G. Logan, FCA Chair.jpg|100px]]
|[[Vincent G. Logan]]
|October 21, 2022
|present
|}

==See also==
* [[Title 12 of the Code of Federal Regulations]]
* [[Commodity Credit Corporation]]
* [[Farm Service Agency]]
* [[Farm Credit System Insurance Corporation]]
* [[List of financial regulatory authorities by jurisdiction]]

==References==
{{Reflist}}

==External links==
* {{Official website|https://www.fca.gov/}}
* [https://www.federalregister.gov/agencies/farm-credit-administration Farm Credit Administration] in the [[Federal Register]]

{{New Deal}}
{{Bank regulation in the United States}}
{{Authority control}}

[[Category:Independent agencies of the United States government]]
[[Category:Financial regulatory authorities of the United States]]
[[Category:McLean, Virginia]]
[[Category:1933 establishments in the United States]]
[[Category:Farm Credit System]]