The Farm Credit Administration is an independent agency of the federal government of the United States. 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.FCA in brief 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.
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. 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.
Board members The current FCA board : Position Name Party Took office Term expires Chair Republican Member Vacant Member Vacant
Nominations President Trump has nominated the following to fill a seat on the board. They await Senate confirmation. Name Party Term expires Replacing Republican Republican Reappointment Republican Democratic
List of chairpersons List of chairpersons since 1986:
PortraitChairpersonsTook officeLeft officeActingDonald E. WilkinsonJanuary 23, 1986March 28, 1986ActingKenneth J. AubergerMarch 29, 1986May 21, 19861Frank W. Naylor Jr.May 22, 1986November 11, 1988ActingMarvin DuncanNovember 12, 1988October 9, 19892Harold B. SteeleOctober 10, 1989September 8, 19933Billy Ross BrownAugust 31, 1993October 17, 19944Marsha Pyle MartinOctober 17, 1994January 9, 20005Michael M. ReynaJanuary 13, 2000December 1, 20046Nancy C. PellettMay 22, 2004May 21, 20087Leland A. StromMay 22, 2008November 27, 20128Jill Long ThompsonNovember 27, 2012March 12, 20159Kenneth A. SpearmanMarch 13, 2015November 21, 201610Dallas P. TonsagerNovember 22, 2016May 21, 201911Glen R. SmithJuly 17, 2019October 21, 202212Vincent G. LoganOctober 21, 2022January 20, 202513January 20, 2025present
See also Title 12 of the Code of Federal Regulations Commodity Credit Corporation Farm Service Agency Farm Credit System Insurance Corporation List of financial supervisory authorities by country
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