Farm Credit Administration

Template:Short description Template:Infobox government agency

The Farm Credit Administration is an independent agency of the federal government of the United States.<ref>Template:Cite journal</ref> Its function is to regulate the financial institutions that provide credit to farmers.

AuthorityEdit

The 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.<ref>FCA in brief</ref> The FCA is headquartered in McLean, Virginia, near Washington, DC.

HistoryEdit

The 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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 boardEdit

The 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.<ref>Template:USC</ref>

Board membersEdit

The current FCA board Template:As of:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Name	Party	Took office	Term expires
Template:Sortname Template:Small	Template:Party shading/Republican \| Republican	Template:Dts Template:Small Template:Dts Template:Small	Template:Dts
Template:Sortname	Template:Party shading/Republican \| Republican	Template:Dts	Template:Dts
Template:Sortname	Template:Party shading/Democratic \| Democratic	Template:Dts	Template:Dts

List of chairpersonsEdit

List of chairpersons since 1986:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Template:Abbr	Portrait	Chairpersons	Took office	Left office	Template:Abbr
Acting	File:Donald E. Wilkinson.jpg	Donald E. Wilkinson	January 23, 1986	March 28, 1986
Acting	File:Kenneth J. Auberger.jpg	Kenneth J. Auberger	March 29, 1986	May 21, 1986
1	File:Frank W. Naylor.jpg	Frank W. Naylor Jr.	May 22, 1986	November 11, 1988
Acting	File:Marvin Duncan.jpg	Marvin Duncan	November 12, 1988	October 9, 1989
2	File:Harold B. Steele.jpg	Harold B. Steele	October 10, 1989	September 8, 1993
3	File:FCA Bill Ross Brown.jpg	Billy Ross Brown	August 31, 1993	October 17, 1994
4	File:Marsha Pyle Martin.jpg	Marsha Pyle Martin	October 17, 1994	January 9, 2000
5	File:Michael M. Reyna.jpg	Michael M. Reyna	January 13, 2000	December 1, 2004
6	File:Nancy C. Pellett.jpg	Nancy C. Pellett	May 22, 2004	May 21, 2008
7	File:Leland A. Strom.jpg	Leland A. Strom	May 22, 2008	November 27, 2012
8	File:LongThompson.jpg	Jill Long Thompson	November 27, 2012	March 12, 2015
9	File:Kenneth A. Spearman.jpg	Kenneth A. Spearman	March 13, 2015	November 21, 2016
10	File:Tonsager-USEC-RD2.jpg	Dallas P. Tonsager	November 22, 2016	May 21, 2019	citation	CitationClass=web }}</ref>
11	File:GlenRSmithFCAofficial.jpg	Glen R. Smith	July 17, 2019	October 21, 2022	<ref>Template:Cite magazine</ref>
12	File:Vincent G. Logan, FCA Chair.jpg	Vincent G. Logan	October 21, 2022	January 20, 2025	citation	CitationClass=web }}</ref>
13	File:Farm Credit Administration Chairman Jeffery S. Hall.png	Template:Sortname	January 20, 2025	present	<ref>Template:Cite news</ref>

ReferencesEdit

Template:Reflist

External linksEdit

Template:New Deal Template:Bank regulation in the United States Template:Authority control