Farm Credit Administration

From USApedia
Farm Credit Administration
Type: Regulatory Commissions
Parent organization:
Employees: 300
Executive: Chairman and CEO
Budget: $75 million (Fiscal Year 2023)
Address: 1501 Farm Credit Drive, McLean, VA 22102
Website: https://www.fca.gov
Creation Legislation: Farm Credit Act of 1971
Wikipedia: Farm Credit AdministrationWikipedia Logo.png
Farm Credit Administration
This map created from a Cargo query (Purge)
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.
Services

Supervision; Examination; Regulation of Farm Credit System institutions

Regulations

Farm Credit Act; Regulations governing the Farm Credit System

Farm Credit Administration
File:FCA seal.png
Seal of the Farm Credit Administration
File:FCA logo.png
Logo of the Farm Credit Administration
Overview
Formed March 27, 1933 (1933-03-27)
Preceding Federal Farm Board
Jurisdiction United States
Headquarters McLean, Virginia
Executive Vincent G. Logan, Chairman of the Board and CEO
Key document Farm Credit Act of 1971
Website
[{{{url}}} Official Site - {{{text}}}]

The Farm Credit Administration is an independent agency of the federal government of the United States.[1] Its function is to regulate the financial institutions that provide credit to farmers.

Authority

The Farm Credit Administration is an 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 cooperatives, as well as provides oversight for Farmer Mac. It derives its authority from the Farm Credit Act of 1971.[2] 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.[3]

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.[4] 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.[5]

Board members

The current FCA board as of September 12, 2024:[6]

Name Party Took office Term expires
Vincent G. Logan (Chair) Democratic October 13, 2022 (as member)
October 21, 2022 (as Chair) 		May 21, 2026
Jeffery S. Hall Republican March 17, 2015 October 13, 2018
Glen R. Smith Republican December 14, 2017 May 21, 2022

Nominations

President Biden has nominated the following to fill a seat on the board. They await Senate confirmation.[7]

Name Party Term expires Replacing
Marcus D. Graham Democratic May 21, 2028 Glen R. Smith

List of chairpersons

Portrait[8] Chairpersons Took office Left office
File:Donald E. Wilkinson.jpg Donald E. Wilkinson (Acting) January 23, 1986 March 28, 1986
File:Kenneth J. Auberger.jpg Kenneth J. Auberger (Acting) March 29, 1986 May 21, 1986
File:Frank W. Naylor.jpg Frank W. Naylor Jr. May 22, 1986 November 11, 1988
File:Marvin Duncan.jpg Marvin Duncan (Acting) November 12, 1988 October 9, 1989
File:Harold B. Steele.jpg Harold B. Steele October 10, 1989 September 8, 1993
File:FCA Bill Ross Brown.jpg Billy Ross Brown August 31, 1993 October 17, 1994
File:Marsha Pyle Martin.jpg Marsha Pyle Martin October 17, 1994 January 9, 2000
File:Michael M. Reyna.jpg Michael M. Reyna January 13, 2000 December 1, 2004
File:Nancy C. Pellett.jpg Nancy C. Pellett May 22, 2004 May 21, 2008
File:Leland A. Strom.jpg Leland A. Strom May 22, 2008 November 27, 2012
File:LongThompson.jpg Jill Long Thompson November 27, 2012 March 12, 2015
File:Kenneth A. Spearman.jpg Kenneth A. Spearman March 13, 2015 November 21, 2016
File:Tonsager-USEC-RD2.jpg Dallas P. Tonsager November 22, 2016 May 21, 2019
File:GlenRSmithFCAofficial.jpg Glen R. Smith July 17, 2019 October 21, 2022
File:Vincent G. Logan, FCA Chair.jpg Vincent G. Logan October 21, 2022 present

See also

References

  1. ↑ Emmerich, Herbert (1936). "Distinguishing Administrative Aspects of the Farm Credit Administration" (in en). American Political Science Review 30 (6): 1117–1133. doi:10.2307/1948293. ISSN 0003-0554. JSTOR 1948293. https://www.cambridge.org/core/product/identifier/S0003055400032639/type/journal_article. 
  2. ↑ FCA in brief
  3. ↑ "1933 - March 27: President Roosevelt issues Executive Order 6084 creating the Farm Credit Administration, to be effective in 60 days". Farm Credit Archive. Farm Credit System. http://www.farmcreditarchive.org/chronology/default.aspx. 
  4. ↑ Peters,Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Executive Order 6084 Consolidating Federal Farm Credit Agencies" March 27, 1933". The American Presidency Project. University of California - Santa Barbara. http://www.presidency.ucsb.edu/ws/index.php?pid=14599. 
  5. ↑ 12 U.S.C. § 2242
  6. ↑ "FCA board". Farm Credit Administration. May 6, 2024. https://www.fca.gov/about/fca-board. 
  7. ↑ "Quick Search Farm Credit Administration". Library of Congress. 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. 
  8. ↑ "History of FCA Governance". https://www.fca.gov/about/history-of-fca-governance. 

External links

Template:New Deal Template:Bank regulation in the United States Lua error in Module:Authority_control at line 158: attempt to index field 'wikibase' (a nil value).

Retrieved from ‘https://openusaproject.com/w/index.php?title=Farm_Credit_Administration&oldid=20455’