586 
consistent with direct loans pursuant to chapter 4 of 
subtitle A of the Consolidated Farm and Rural De-
velopment Act’’; 
(2) in subsection (b)(1)— 
(A) by striking ‘‘pursuant to section 205(c) 
of the Indian Land Consolidation Act (25 
U.S.C. 2204(c))’’; and 
(B) by inserting ‘‘or to intermediaries in 
order to establish revolving loan funds for the 
purchase of highly fractionated land under that 
section’’ before the period at the end; and 
(3) by adding at the end the following: 
‘‘(c) CONSULTATION
REQUIRED.—In determining 
regulations and procedures to define eligible purchasers of 
highly fractionated land under this section, the Secretary 
of Agriculture shall consult with the Secretary of the Inte-
rior.’’. 
SEC. 5103. REMOVAL OF DUPLICATIVE APPRAISALS. 
Notwithstanding any other law (including regula-
tions), in making loans under the first section of Public 
Law 91–229 (25 U.S.C. 488), borrowers who are Indian 
tribes, members of Indian tribes, or tribal corporations 
shall only be required to obtain 1 appraisal under an ap-
praisal standard recognized as of the date of enactment 
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of this Act by the Secretary or the Secretary of the Inte-
rior. 
SEC. 5104. COMPENSATION DISCLOSURE BY FARM CREDIT 
SYSTEM INSTITUTIONS. 
(a) FINDINGS.—Congress finds that— 
(1) the reasonable disclosure to stockholders by 
Farm Credit System institutions regarding the com-
pensation of Farm Credit System institution senior 
officers is beneficial to stockholders’ understanding 
of the operation of their institutions; 
(2) transparency regarding compensation prac-
tices reinforces the cooperative nature of Farm 
Credit System institutions; 
(3) the unique cooperative structure of the 
Farm Credit System should be considered when pro-
mulgating rules; 
(4) the participation of stockholders in the elec-
tion of the boards of directors of Farm Credit Sys-
tem institutions provides stockholders the oppor-
tunity to participate in the management of their in-
stitutions; 
(5) as representatives of stockholders, the 
boards of directors of Farm Credit System institu-
tions importantly establish and oversee the com-
pensation practices of Farm Credit System institu-
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tions to ensure the safe and sound operation of 
those institutions; and 
(6) any regulation should strengthen and not 
hinder the ability of Farm Credit System boards of 
directors to oversee compensation practices. 
(b) IMPLEMENTATION.—Not later than 60 days after 
the date of enactment of this Act, the Farm Credit Admin-
istration shall review its rules to reflect Congressional in-
tent that a primary responsibility of the boards of direc-
tors of Farm Credit System institutions, as elected rep-
resentatives of their stockholders, is to oversee compensa-
tion practices. 
TITLE VI—RURAL 
DEVELOPMENT 
Subtitle A—Reorganization of the 
Consolidated Farm and Rural 
Development Act 
SEC. 6001. REORGANIZATION OF THE CONSOLIDATED FARM 
AND RURAL DEVELOPMENT ACT. 
Title III of the Agricultural Act of 1961 (7 U.S.C. 
1921 et seq.) is amended to read as follows: 
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