The Farm Credit Administration is an independent agency of the federal government of the United States.[1] Its function is to regulate the financial institutions that provide credit to farmers.
 Seal of the Farm Credit Administration | |
 Logo of the Farm Credit Administration | |
| Agency overview | |
|---|---|
| Formed | March 27, 1933 |
| Preceding agency | |
| Jurisdiction | United States |
| Headquarters | McLean, Virginia |
| Agency executive |
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| Key document | |
| Website | www |
Authority
editThe Farm Credit Administration is an independent agency of the Executive Branch of the federal government of the United States. It regulates and examines the banks, associations, and related entities of the Farm Credit System, a network of borrower-owned financial institutions that provide credit to farmers, ranchers, and agricultural and rural utility cooperatives, as well as provides oversight for Farmer Mac. It derives its authority from the Farm Credit Act of 1971.[2] The FCA is headquartered in McLean, Virginia, near Washington, DC.
History
editThe Farm Credit Administration was established by Executive Order 6084, which transferred most of the functions of the Federal Farm Board to the new Agricultural Adjustment Administration. The Federal Farm Board was then renamed the Farm Credit Administration.[3]
The Farm Credit Act of 1933 provides for organizations within the Farm Credit Administration. The Farm Credit Act of 1933 was part of President Franklin D. Roosevelt's New Deal, to help farmers refinance mortgages over a longer time at below-market interest rates at regional and national banks. This helped farmers recover from the Dust Bowl. The Emergency Farm Mortgage Act loaned funds to farmers in danger of losing their properties. The campaign refinanced 20% of farmer's mortgages.
An Executive order by Roosevelt in 1933 placed all existing agricultural credit organizations under the supervision of a new agency, the Farm Credit Administration.[4] This included the Federal Farm Board. The Farm Credit Administration was independent until 1939, when it became part of the U.S. Department of Agriculture, but became an independent agency again under the Farm Credit Act of 1953. This Act created a Federal Farm Credit Board with 13 members (one from each of the 12 agricultural districts and one appointed by the Secretary of Agriculture) to develop policy for the Farm Credit Administration.
The Farm Credit Act of 1971 recodified all previous acts governing the Farm Credit System.
FCA board
editThe FCA board consists of three members, who are appointed by the President, by and with the advice and consent of the Senate. The President appoints members of the Board who are experienced or knowledgeable in agricultural economics and financial reporting and disclosure; are experienced or knowledgeable in the regulation of financial entities; or have a strong financial, legal, or regulatory background. A maximum of two members may be members of the same political party. They each serve terms of six years, but they may continue to serve until their successor has been confirmed and taken office. The President designates one of the members to serve as Chairman of the Board for the duration of the member’s term.[5]
Board members
editThe current FCA board as of September 12, 2024:[6]
| Name | Party | Took office | Term expires |
|---|---|---|---|
| Vincent G. Logan (Chair) | Democratic | October 13, 2022 (as member) October 21, 2022 (as Chair) |
May 21, 2026 |
| Jeffery S. Hall | Republican | March 17, 2015 | October 13, 2018 |
| Glen R. Smith | Republican | December 14, 2017 | May 21, 2022 |
Nominations
editPresident Biden has nominated the following to fill a seat on the board. They await Senate confirmation.[7]
| Name | Party | Term expires | Replacing |
|---|---|---|---|
| Marcus D. Graham | Democratic | May 21, 2028 | Glen R. Smith |
List of chairpersons
edit| Portrait[8] | Chairpersons | Took office | Left office |
|---|---|---|---|
|
Donald E. Wilkinson (Acting) | January 23, 1986 | March 28, 1986 |
|
Kenneth J. Auberger (Acting) | March 29, 1986 | May 21, 1986 |
|
Frank W. Naylor Jr. | May 22, 1986 | November 11, 1988 |
|
Marvin Duncan (Acting) | November 12, 1988 | October 9, 1989 |
|
Harold B. Steele | October 10, 1989 | September 8, 1993 |
|
Billy Ross Brown | August 31, 1993 | October 17, 1994 |
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Marsha Pyle Martin | October 17, 1994 | January 9, 2000 |
|
Michael M. Reyna | January 13, 2000 | December 1, 2004 |
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Nancy C. Pellett | May 22, 2004 | May 21, 2008 |
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Leland A. Strom | May 22, 2008 | November 27, 2012 |
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Jill Long Thompson | November 27, 2012 | March 12, 2015 |
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Kenneth A. Spearman | March 13, 2015 | November 21, 2016 |
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Dallas P. Tonsager | November 22, 2016 | May 21, 2019 |
|
Glen R. Smith | July 17, 2019 | October 21, 2022 |
|
Vincent G. Logan | October 21, 2022 | present |
See also
editReferences
edit- ^ Emmerich, Herbert (1936). "Distinguishing Administrative Aspects of the Farm Credit Administration". American Political Science Review. 30 (6): 1117–1133. doi:10.2307/1948293. ISSN 0003-0554. JSTOR 1948293. S2CID 147195924.
- ^ FCA in brief
- ^ "1933 - March 27: President Roosevelt issues Executive Order 6084 creating the Farm Credit Administration, to be effective in 60 days". Farm Credit Archive. Farm Credit System. Archived from the original on 2011-11-06.
- ^ Peters,Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Executive Order 6084 Consolidating Federal Farm Credit Agencies" March 27, 1933". The American Presidency Project. University of California - Santa Barbara. Retrieved June 30, 2013.
- ^ 12 U.S.C. § 2242
- ^ "FCA board". FCA.gov. Farm Credit Administration. May 6, 2024. Retrieved September 12, 2024.
- ^ "Quick Search Farm Credit Administration". Congress.gov. Library of Congress. Retrieved September 24, 2024.
- ^ "History of FCA Governance". fca.gov.