12 U.S.C. § 2151 (BANKS AND BANKING)
§ 2151. Revolving fund
The revolving fund established by this section (in effect immediately before January 6, 1988) shall be available to the Farm Credit Administration and the Assistance Board during the periods, and for the purposes, provided for in sections 2278a–13 and 2278a–7 of this title, respectively.
(Pub. L. 92–181, title IV, § 4.0, Dec. 10, 1971, 85 Stat. 609; Pub. L. 99–205, title I, § 101(1), Dec. 23, 1985, 99 Stat. 1678; Pub. L. 100–233, title II, § 202, Jan. 6, 1988, 101 Stat. 1605; Pub. L. 100–399, title II, § 202, Aug. 17, 1988, 102 Stat. 992.)
heading: References in Text
text: For explanation of the revolving fund established by this section (in effect immediately before January 6, 1988), referred to in text, see Revolving Funds note below.
heading: Amendments
text: 1988—Pub. L. 100–399 amended section generally. Prior to amendment, section read as follows:
“(a) Revolving Fund.—The revolving fund established by this section (in effect immediately before January 6, 1988) shall be available to the Farm Credit Administration during the period, and for the purposes provided for, in sections 2278a–7(b) and 2278a–13 of this title.
“(b) Farm Credit Insurance Fund.—On the date the first premium is due and payable under section 2277a–5(c) of this title, any funds remaining in the revolving fund shall be transferred to the Farm Credit Insurance Fund in accordance with the terms and conditions established by the Farm Credit Administration.”
Pub. L. 100–233 amended section generally. Prior to amendment, section read as follows: “The revolving fund established by Public Law 87–343, 75 Stat. 758, as amended, and the revolving fund established by Public Law 87–494, 76 Stat. 109, as amended, and continued by Public Law 96–592, shall be merged and shall be available to the Farm Credit Administration for the purchase, on behalf of the United States, of capital stock of the Capital Corporation. The Farm Credit Administration may make such purchases of stock as the Farm Credit Administration determines, in its discretion, are necessary to achieve the purposes of this chapter.”
1985—Pub. L. 99–205 substituted provisions relating to revolving funds and investments for provisions respecting stock purchased by the Governor for the Farm Credit Administration, retirement, and franchise tax.
heading: Effective Date of 1988 Amendment
text: Amendment by Pub. L. 100–399 effective as if enacted immediately after enactment of Pub. L. 100–233, which was approved Jan. 6, 1988, see section 1001(a) of Pub. L. 100–399, set out as a note under section 2002 of this title.
heading: Effective Date of 1985 Amendment
text: Amendment by Pub. L. 99–205 effective thirty days after Dec. 23, 1985, see section 401 of Pub. L. 99–205, set out as a note under section 2001 of this title.
heading: Revolving Funds
text: The revolving fund established by this section (in effect immediately before January 6, 1988), referred to in text, means the revolving fund created by former provisions of this section, which merged the revolving fund established by Public Law 87–343, 75 Stat. 758, as amended (described below as “first fund”), with the revolving fund established by Public Law 87–494, 76 Stat. 109, as amended (described below as “second fund”), which was regarded as continued by Pub. L. 96–592.
At the time of enactment of former section 2152 of this title (see second par. of note under former section 2152 of this title) by Pub. L. 92–181 funds for temporary investment by the Governor of the Farm Credit Administration in the farm credit system were available from two revolving funds.
The first fund, providing moneys for investment in production credit associations and intermediate credit banks, was covered by former section 1131i of this title. Such fund was itself the result of an earlier merger of two revolving funds, the first having been created by the Farm Credit Act of 1933 and the second having been created by the Federal Farm Mortgage Corporation Act of 1934. These two were combined into a single fund pursuant to Pub. L. 87–343, § 2(1), Oct. 3, 1961, 75 Stat. 758. Each of the statutory steps in the establishment of such fund was cast in the form of an amendment to the Farm Credit Act of 1933. Since such Farm Credit Act of 1933 has been repealed by section 5.26 of Pub. L. 92–181, section 1131i of this title is carried as repealed. Notwithstanding such apparent repeal, statements of Congressional intent indicate an intention to retain the fund using as its statutory base the law (Pub. L. 87–343) which had effected the consolidation in 1961.
The second fund, providing moneys for investment in banks for cooperatives, is covered by section 1141d of this title. Although the basic authority for such fund would be the Agricultural Marketing Act of 1929, a more updated authority for such fund is the Agricultural Marketing Act Amendment of 1962, Pub. L. 87–494, June 25, 1962, 76 Stat. 109, under which the fund was reduced to $150,000,000 and the amount in such fund in excess of such figure was returned to the Treasury as miscellaneous receipts.
Pub. L. 96–592, referred to above as continuing the revolving fund established by Pub. L. 87–494, is the Farm Credit Act Amendment of 1980, Pub. L. 96–592, Dec. 24, 1980, 94 Stat. 3437. For complete classification of this Act to the Code, see Short Title of 1980 Amendment note set out under section 2001 of this title and Tables.