The Farm Credit Act of 1971 (Pub. L.Tooltip Public Law (United States) 92–181, 85 Stat. 583, enacted December 10, 1971) recodified all previous acts governing the Farm Credit System (FCS), a cooperatively owned government-sponsored enterprise (GSE) that provides credit primarily to farmers and ranchers.
Farm Credit Act of 1971
Long title
An Act to further provide for the farmer-owned cooperative system of making credit available to farmers and ranchers and their cooperatives, for rural residences, and to associations and other entities upon which farming operations are dependent, to provide for an adequate and flexible flow of money into rural areas, and to modernize and consolidate existing farm credit law to meet current and future rural credit needs, and for other purposes.
The legislation was enacted by the United States government to "further provide for the farmer-owned cooperative system of making credit available to farmers and ranchers and their cooperatives, for rural residences, and to associations and other entities upon which farming operations are dependent, to provide for an adequate and flexible flow of money into rural areas, and to modernize and consolidate existing farm credit law to meet current and future rural credit needs, and for other purposes."[1]
The Farm Credit Act of 1933 (48 Stat. 257) was first passed on June 16, 1933, the last day of President Franklin D. Roosevelt's "Hundred Days" initiative, an effort by his administration to quickly put in place measures to fight the Great Depression. The Act eliminated earlier provisions relating to government capitalization of the System, and expanded the lending authorities of many System institutions.
Amendmentsedit
The Agricultural Credit Act of 1987, a major piece of legislation modifying the 1971 Act, authorized up to $4 billion in federal financial assistance to FCS institutions to assist in their recovery from the agricultural credit crisis of the 1980s. The Act created a System entity to issue up to $4 billion in federally guaranteed bonds, required the U.S. Treasury to pay a portion of the interest on these bonds, and also required the FCS to ultimately repay the Treasury for this assistance. The Act also mandated the merger of certain System banks within each farm credit district and expanded other merger authorities, and gave delinquent FCS borrowers certain rights.
A separate System institution was established by the Act to insure the timely repayment of principal and interest on consolidated Systemwide debt issues. Farm Credit Banks and Associations Safety and Soundness Act of 1992 (Pub. L.Tooltip Public Law (United States) 102–552, 106 Stat. 4102, enacted October 28, 1992) was designed to enhance the financial safety and soundness of FCS banks and associations by establishing new mechanisms to ensure repayment of Farm Credit System debt resulting from federal financial assistance provided to the System under the 1987 Act. The Farm Credit System Reform Act of 1996 (Pub. L.Tooltip Public Law (United States) 104–105 (text) (PDF), 110 Stat. 162, enacted February 10, 1996) included numerous provisions to provide regulatory relief for the FCS.
^Department of Agriculture. (PDF). Archived from the original (PDF) on 3 February 2011. Retrieved 30 March 2011.
Further readingedit
Nixon, Richard M. (May 2, 1971). "Radio Address: "A Salute to Agriculture." - May 2, 1971". Internet Archive. Washington, D.C.: National Archives and Records Service. pp. 614–617.
Nixon, Richard M. (May 19, 1971). "Statement About Federal Assistance for Farmers in Drought-Stricken Areas of the Southwest - May 19, 1971". Internet Archive. Washington, D.C.: National Archives and Records Service. pp. 647–648.
Nixon, Richard M. (July 23, 1971). "Message to the Congress Transmitting First Annual Report on Financial Assistance to Rural Areas - July 23, 1971". Internet Archive. Washington, D.C.: National Archives and Records Service. pp. 823–825.
External linksedit
Farm Credit Act of 1971 (PDF/details) as amended in the GPO Statute Compilations collection
farm, credit, 1971, tooltip, public, united, states, stat, enacted, december, 1971, recodified, previous, acts, governing, farm, credit, system, cooperatively, owned, government, sponsored, enterprise, that, provides, credit, primarily, farmers, ranchers, long. The Farm Credit Act of 1971 Pub L Tooltip Public Law United States 92 181 85 Stat 583 enacted December 10 1971 recodified all previous acts governing the Farm Credit System FCS a cooperatively owned government sponsored enterprise GSE that provides credit primarily to farmers and ranchers Farm Credit Act of 1971Long titleAn Act to further provide for the farmer owned cooperative system of making credit available to farmers and ranchers and their cooperatives for rural residences and to associations and other entities upon which farming operations are dependent to provide for an adequate and flexible flow of money into rural areas and to modernize and consolidate existing farm credit law to meet current and future rural credit needs and for other purposes Enacted bythe 92nd United States CongressEffectiveDecember 10 1971CitationsPublic law92 181Statutes at Large85 Stat 583CodificationTitles amended31 U S C Money and FinanceU S C sections created31 U S C ch 7 742Legislative historyIntroduced in the Senate as S 1483 by Herman Talmadge D GA on April 22 1971Passed the House on November 1 1971 331 19 in lieu of H R 11232 Signed into law by President Richard M Nixon on December 10 1971 Contents 1 Background 2 Amendments 3 See also 4 References 5 Further reading 6 External linksBackground editThe legislation was enacted by the United States government to further provide for the farmer owned cooperative system of making credit available to farmers and ranchers and their cooperatives for rural residences and to associations and other entities upon which farming operations are dependent to provide for an adequate and flexible flow of money into rural areas and to modernize and consolidate existing farm credit law to meet current and future rural credit needs and for other purposes 1 The Farm Credit Act of 1933 48 Stat 257 was first passed on June 16 1933 the last day of President Franklin D Roosevelt s Hundred Days initiative an effort by his administration to quickly put in place measures to fight the Great Depression The Act eliminated earlier provisions relating to government capitalization of the System and expanded the lending authorities of many System institutions Amendments editThe Agricultural Credit Act of 1987 a major piece of legislation modifying the 1971 Act authorized up to 4 billion in federal financial assistance to FCS institutions to assist in their recovery from the agricultural credit crisis of the 1980s The Act created a System entity to issue up to 4 billion in federally guaranteed bonds required the U S Treasury to pay a portion of the interest on these bonds and also required the FCS to ultimately repay the Treasury for this assistance The Act also mandated the merger of certain System banks within each farm credit district and expanded other merger authorities and gave delinquent FCS borrowers certain rights A separate System institution was established by the Act to insure the timely repayment of principal and interest on consolidated Systemwide debt issues Farm Credit Banks and Associations Safety and Soundness Act of 1992 Pub L Tooltip Public Law United States 102 552 106 Stat 4102 enacted October 28 1992 was designed to enhance the financial safety and soundness of FCS banks and associations by establishing new mechanisms to ensure repayment of Farm Credit System debt resulting from federal financial assistance provided to the System under the 1987 Act The Farm Credit System Reform Act of 1996 Pub L Tooltip Public Law United States 104 105 text PDF 110 Stat 162 enacted February 10 1996 included numerous provisions to provide regulatory relief for the FCS See also editFarm Credit Administration Farm Credit SystemReferences edit Department of Agriculture Farm Credit Act of 1971 PDF Archived from the original PDF on 3 February 2011 Retrieved 30 March 2011 Further reading editNixon Richard M May 2 1971 Radio Address A Salute to Agriculture May 2 1971 Internet Archive Washington D C National Archives and Records Service pp 614 617 Nixon Richard M May 19 1971 Statement About Federal Assistance for Farmers in Drought Stricken Areas of the Southwest May 19 1971 Internet Archive Washington D C National Archives and Records Service pp 647 648 Nixon Richard M July 23 1971 Message to the Congress Transmitting First Annual Report on Financial Assistance to Rural Areas July 23 1971 Internet Archive Washington D C National Archives and Records Service pp 823 825 External links editFarm Credit Act of 1971 PDF details as amended in the GPO Statute Compilations collection nbsp This article incorporates public domain material from Jasper Womach Report for Congress Agriculture A Glossary of Terms Programs and Laws 2005 Edition PDF Congressional Research Service Retrieved from https en wikipedia org w index php title Farm Credit Act of 1971 amp oldid 1153979325, wikipedia, wiki, book, books, library,
