Farm Credit Adjustment Act

Bill: 118-hr-6564
Sponsor: full_name: Rep. Spanberger, Abigail Davis [D-VA-7]
Introduced: 2023-12-01
Policy area: Agriculture and Food
Subjects: Agricultural prices, subsidies, credit

Banking and financial institutions regulation
Latest action: action_date: 2024-01-24
text: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Summaries:

tv_txt: I 118th CONGRESS 1st Session H. R. 6564 IN THE HOUSE OF REPRESENTATIVES December 1, 2023 Ms. Spanberger (for herself and Mr. LaMalfa ) introduced the following bill; which was referred to the Committee on Agriculture A BILL To allow the Farm Credit Administration the option to examine low-risk Farm Credit System institutions under a 24-month cycle.

1. Short title This Act may be cited as the Farm Credit Adjustment Act . 2. Farm Credit Administration option to examine low risk Farm Credit System institutions on a 24 -month cycle (a) In general Section 5.19(a) of the Farm Credit Act of 1971 ( 12 U.S.C. 2254(a) ) is amended in the 1st sentence— (1) by striking in no event and inserting not ; and (2) by inserting , except that the Farm Credit Administration, in its sole discretion, may extend the time period between mandatory examinations of institutions deemed by the Farm Credit Administration to be low-risk institutions to not more than 24 months before the period. (b) Effective date The amendments made by subsection (a) shall take effect on October 1, 2024.