Farm Credit for Americans Act of 2022

Bill: 117-s-4954
Sponsor: full_name: Sen. Grassley, Chuck [R-IA]
Introduced: 2022-09-27
Policy area: Agriculture and Food
Latest action: action_date: 2022-09-27
text: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

Summaries:
action_date: 2022-09-27
action_desc: Introduced in Senate
text: <p><b>Farm Credit for Americans Act of 2022</b></p> <p>This bill makes foreign persons ineligible for any credit or financial services provided by a Farm Credit System institution, with specified exceptions. The bill takes effect on January 1, 2024.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4954 IN THE SENATE OF THE UNITED STATES September 27, 2022 Mr. Grassley (for himself and Mr. Brown ) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry A BILL To amend the Farm Credit Act of 1971 to make foreign persons ineligible for Farm Credit System institution financing, and for other purposes.

1. Short title This Act may be cited as the Farm Credit for Americans Act of 2022 . 2. Ineligibility of foreign persons for Farm Credit System institution financing Part G of title IV of the Farm Credit Act of 1971 ( 12 U.S.C. 2219 et seq. ) is amended by adding at the end the following: 4.40. Ineligibility of foreign persons for Farm Credit System institution financing (a) In general Effective beginning on January 1, 2024, except as provided in subsection (b), a foreign person (as defined in section 9 of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3508 )) shall be ineligible for any credit or financial services provided by a Farm Credit System institution. (b) Exceptions The prohibition under subsection (a) shall not apply to— (1) any credit provided pursuant to a written loan agreement entered into prior to January 1, 2024, or any financial services related to such credit; (2) any participation in a loan pursuant to section 1.5(12)(C), 2.2(13), or 3.1(11)(A) originated by a lender that is not a Farm Credit System institution; (3) any participation in a loan to a similar entity pursuant to section 3.1(11)(B)(i) or 4.18A; (4) any credit or financial services provided pursuant to section 3.7(b); (5) any investment made by a Farm Credit System institution pursuant to section 1.5(15), 2.2(10), 3.1(13)(A), or 8.11; (6) any note, bond, debenture, or other similar obligation issued by the Federal Farm Credit Banks Funding Corporation pursuant to this Act; or (7) any security or obligation issued or guaranteed by the Federal Agricultural Mortgage Corporation pursuant to this Act. .