I 
119TH CONGRESS 
1ST SESSION H. R. 1063 
To affirm that the Farm Credit Administration is the sole and independent 
regulator of the Farm Credit System. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 6, 2025 
Mr. FINSTAD (for himself, Mr. PANETTA, Mrs. MILLER of Illinois, Mr. BAIRD, 
Mrs. FISCHBACH, and Mr. MOOLENAAR) introduced the following bill; 
which was referred to the Committee on Agriculture, and in addition to 
the Committee on Financial Services, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To affirm that the Farm Credit Administration is the sole 
and independent regulator of the Farm Credit System. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Farm Credit Adminis-
tration Independent Authority Act’’. 
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SEC. 2. FARMER LOAN DATA COLLECTION. 
(a) IN GENERAL.—The Farm Credit Act of 1971 (12 
U.S.C. 2001 et seq.) is amended by inserting after section 
4.19 the following: 
‘‘SEC. 4.20. SMALL FARMER LOAN DATA COLLECTION. 
‘‘(a) PURPOSE.—The purpose of this section is to af-
firm that the Farm Credit Administration is the sole and 
independent regulator of the Farm Credit System. 
‘‘(b) DEFINITION.—In this section, the term ‘small 
farmer’ means a ‘small farmer, rancher, or producer or 
harvester of aquatic products’ as defined pursuant to sec-
tion 4.19. 
‘‘(c) COLLECTION OF DEMOGRAPHIC DATA BY FARM 
CREDIT SYSTEM LENDERS.—Notwithstanding any other 
provision of law, Farm Credit System institutions, pursu-
ant to regulations promulgated by the Farm Credit Ad-
ministration, shall— 
‘‘(1) request that loan applicants and borrowers 
that are small farmers disclose information identi-
fying their race, sex, and ethnicity; 
‘‘(2) collect and maintain the information re-
sulting from the requests; and 
‘‘(3) report to the Farm Credit Administration 
on an annual basis the information collected pursu-
ant to the requests. 
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‘‘(d) DIRECTIONS TO THE FARM CREDIT ADMINIS-
TRATION.—The Farm Credit Administration— 
‘‘(1) shall collect the information gathered by 
Farm Credit System institutions under this section 
and make the information available to the public on 
an annual basis; and 
‘‘(2) shall not require, in prescribing regulations 
to implement this section, that any Farm Credit 
System institution contradict the wishes of a cus-
tomer who does not wish to voluntarily report race, 
sex, or ethnicity by requiring the Farm Credit Sys-
tem institution to report the race, sex, or ethnicity 
of the customer based on visual observation, sur-
name, or any other method. 
‘‘(e) PROTECTION OF PERSONALLY IDENTIFIABLE 
INFORMATION.—In reporting the information collected 
under this section, the Farm Credit Administration shall 
not include any information that would reveal the identify 
of any loan applicant or borrower. 
‘‘(f) EFFECTIVE DATE.—This section shall apply 
only to applications received and loans made 1 year or 
more after the date of the enactment of this section.’’. 
SEC. 3. CONFORMING AMENDMENT. 
Section 704B(h)(1) of the Equal Credit Opportunity 
Act (15 U.S.C. 1691c–2(h)(1)) is amended by inserting 
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‘‘, other than any entity that is supervised by the Farm 
Credit Administration’’ before the period at the end. 
SEC. 4. CESSATION OF COMPLIANCE. 
If financial institutions subject to subpart B of part 
1002 of title 12, Code of Federal Regulations, are not re-
quired to comply with the rule promulgated pursuant to 
that subpart, whether because a court invalidates the rule 
or the rule is otherwise repealed, the Farm Credit System 
institutions shall not be required to comply with any regu-
lation promulgated pursuant to the amendments made by 
this Act. 
Æ 
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