Farm Credit Administration Independent Authority Act

Bill: 117-hr-7768
Sponsor: full_name: Rep. Davis, Rodney [R-IL-13]
Introduced: 2022-05-13
Policy area: Agriculture and Food
Latest action: action_date: 2022-06-08
text: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Summaries:
action_date: 2022-05-13
action_desc: Introduced in House
text: <p><strong>Farm Credit Administration Independent Authority Act </strong></p> <p>This bill prohibits the Consumer Financial Protection Bureau from issuing, implementing, or continuing any policy or guidance issued after January 1, 2021, that affects the Farm Credit Administration (FCA), Farm Credit System, or FCA Board.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7768 IN THE HOUSE OF REPRESENTATIVES May 13, 2022 Mr. Rodney Davis of Illinois (for himself, Mr. Panetta , Mrs. Fischbach , Ms. Spanberger , and Ms. Craig ) 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 determined 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.

1. Short title This Act may be cited as the Farm Credit Administration Independent Authority Act . 2. Affirmation that the Farm Credit Administration is the sole and independent regulator of the Farm Credit System Section 5.7 of the Farm Credit Act of 1971 ( 12 U.S.C. 2241 ) is amended by adding at the end the following: The Bureau of Consumer Financial Protection may not issue, implement, or continue in effect any policy or guidance issued after January 1, 2021, to the extent that the policy or guidance affects the Farm Credit Administration, Farm Credit System, or Board. . 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 “, and that is not supervised by the Farm Credit Administration” before the period.