 Seal of the Farm Credit Administration | |
 Logo of the Farm Credit Administration | |
| Agency overview | |
|---|---|
| Formed | March 27, 1933 |
| Preceding | |
| Jurisdiction | United States |
| Headquarters | McLean, Virginia |
| Agency executive |
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| Key document | |
| Website | www |
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.
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. [2] The FCA is headquartered in McLean, Virginia, near Washington, DC.
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. [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.
| Portrait | 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 |
 | Marsha Pyle Martin | October 17, 1994 | January 9, 2000 |
 | Michael M. Reyna | January 13, 2000 | December 1, 2004 |
 | Nancy C. Pellett | May 22, 2004 | May 21, 2008 |
 | Leland A. Strom | May 22, 2008 | November 27, 2012 |
 | Jill Long Thompson | November 27, 2012 | March 12, 2015 |
 | Kenneth A. Spearman | March 13, 2015 | November 21, 2016 |
 | 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 |
The Federal Farm Loan Act of 1916 was a United States federal law aimed at increasing credit to rural family farmers. It did so by creating a federal farm loan board, twelve regional farm loan banks and tens of farm loan associations. The act was signed into law by President of the United States Woodrow Wilson.
The Agricultural Adjustment Act (AAA) was a United States federal law of the New Deal era designed to boost agricultural prices by reducing surpluses. The government bought livestock for slaughter and paid farmers subsidies not to plant on part of their land. The money for these subsidies was generated through an exclusive tax on companies which processed farm products. The Act created a new agency, the Agricultural Adjustment Administration, also called "AAA" (1933-1942), an agency of the U.S. Department of Agriculture, to oversee the distribution of the subsidies. The Agriculture Marketing Act, which established the Federal Farm Board in 1929, was seen as an important precursor to this act. The AAA, along with other New Deal programs, represented the federal government's first substantial effort to address economic welfare in the United States.
The Reconstruction Finance Corporation (RFC) was a government corporation administered by the United States Federal Government between 1932 and 1957 that provided financial support to state and local governments and made loans to banks, railroads, mortgage associations, and other businesses. Its purpose was to boost the country's confidence and help banks resume daily functions after the start of the Great Depression. The RFC became more prominent under the New Deal and continued to operate through World War II. It was disbanded in 1957, when the US Federal Government concluded that it no longer needed to stimulate lending.
The United States Rural Utilities Service (RUS) administers programs that provide infrastructure or infrastructure improvements to rural communities. These include water and waste treatment, electric power, and telecommunications services. It is an operating unit of the USDA Rural Development agency of the United States Department of Agriculture (USDA). It was created in 1935 as the Rural Electrification Administration (REA), a New Deal agency promoting rural electrification.
In the United States government, independent agencies are agencies that exist outside the federal executive departments and the Executive Office of the President. In a narrower sense, the term refers only to those independent agencies that, while considered part of the executive branch, have regulatory or rulemaking authority and are insulated from presidential control, usually because the president's power to dismiss the agency head or a member is limited.
The National Credit Union Administration (NCUA) is a government-backed insurer of credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. depository institutions, the other being the Federal Deposit Insurance Corporation, which insures commercial banks and savings institutions. The NCUA is an independent federal agency created by the United States Congress to regulate, charter, and supervise federal credit unions. With the backing of the full faith and credit of the U.S. government, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. Besides the Share Insurance Fund, the NCUA operates three other funds: the NCUA Operating Fund, the Central Liquidity Facility (CLF), and the Community Development Revolving Loan Fund (CDRLF). The NCUA Operating Fund, with the Share Insurance Fund, finances the agency's operations.
The Federal Home Loan Banks are 11 U.S. government-sponsored banks that provide liquidity to financial institutions to support housing finance and community investment.
The Federal Home Loan Bank Board (FHLBB) was a board created in 1932 that governed the Federal Home Loan Banks also created by the act, the Federal Savings and Loan Insurance Corporation (FSLIC) and nationally-chartered thrifts. It was abolished and superseded by the Federal Housing Finance Board and the Office of Thrift Supervision in 1989 due to the savings and loan crisis of the 1980s, as Federal Home Loan Banks gave favorable lending to the thrifts it regulated leading to regulatory capture.
A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, home finance and education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac.
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices". The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the purpose of increasing production, stabilizing prices, assuring adequate supplies, and facilitating the efficient marketing of agricultural commodities.
The Farm Credit Act of 1933 established the Farm Credit System (FCS) as a group of cooperative lending institutions to provide short-, intermediate-, and long-term loans for agricultural purposes. Specifically, it authorized the Farm Credit Administration (FCA) to create 12 Production Credit Associations (PCAs) and 12 Banks for Cooperatives (BCs) alongside the 12 established Federal Land Banks (FLBs), as well as a Central Bank for Cooperatives.
The Farm Credit System (FCS) in the United States is a nationwide network of borrower-owned lending institutions and specialized service organizations. The Farm Credit System provides more than $343 billion in loans, leases, and related services to farmers, ranchers, rural homeowners, aquatic producers, timber harvesters, agribusinesses, and agricultural and rural utility cooperatives.
The Federal Farm Board was established by the Agricultural Marketing Act of 1929 from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916, with a revolving fund of half a billion dollars to stabilize prices and to promote the sale of agricultural products. The board would help farmers stabilize prices by buying and holding surplus grain and cotton in storage. The Farm Board was part of Herbert Hoover's response to the downward spiral of crop prices in the years leading up to the Great Depression.
George Nelson Peek was an American agricultural economist, business executive, and civil servant. He was the first administrator of the Agricultural Adjustment Administration (AAA) and the first president of the two banks that would become the Export-Import Bank of the United States.
The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1938. Major federal programs and agencies, including the Civilian Conservation Corps (CCC), the Works Progress Administration (WPA), the Civil Works Administration (CWA), the Farm Security Administration (FSA), the National Industrial Recovery Act of 1933 (NIRA) and the Social Security Administration (SSA), provided support for farmers, the unemployed, youth, and the elderly. The New Deal included new constraints and safeguards on the banking industry and efforts to re-inflate the economy after prices had fallen sharply. New Deal programs included both laws passed by Congress as well as presidential executive orders during the first term of the presidency of Franklin D. Roosevelt.
The Frazier–Lemke Farm Bankruptcy Act was an Act of Congress passed in the United States in 1934 that restricted the ability of banks to repossess farms.
The Reorganization Act of 1939, Pub. L.Tooltip Public Law 76–19, 53 Stat. 561, enacted April 3, 1939, is an American Act of Congress which gave the President of the United States the authority to hire additional confidential staff and reorganize the executive branch for two years subject to legislative veto. It was the first major, planned reorganization of the executive branch of the government of the United States since 1787. The Act led to Reorganization Plan No. 1, which created the Executive Office of the President.
The Farm Credit Act of 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.
The first 100 days of Franklin D. Roosevelt's presidency began on March 4, 1933, the day Franklin D. Roosevelt was inaugurated as the 32nd president of the United States. He had signaled his intention to move with unprecedented speed to address the problems facing the nation in his inaugural address, declaring: "I am prepared under my constitutional duty to recommend the measures that a stricken nation in the midst of a stricken world may require." Roosevelt's specific priorities at the outset of his presidency were getting Americans back to work, protecting their savings and creating prosperity, providing relief for the sick and elderly, and getting industry and agriculture back on their feet.
The first term of the presidency of Franklin D. Roosevelt began on March 4, 1933, when he was inaugurated as the 32nd president of the United States, and the second term of his presidency ended on January 20, 1941, with his inauguration to a third term. Roosevelt, the Democratic governor of the largest state, New York, took office after defeating incumbent President Herbert Hoover, his Republican opponent in the 1932 presidential election. Roosevelt led the implementation of the New Deal, a series of programs designed to provide relief, recovery, and reform to Americans and the American economy during the Great Depression. He also presided over a realignment that made his New Deal Coalition of labor unions, big city machines, white ethnics, African Americans, and rural white Southerners dominant in national politics until the 1960s and defined modern American liberalism.
