Farm Credit Administration
Seal of the Farm Credit Administration
Logo of the Farm Credit Administration
Agency overview
FormedMarch 27, 1933 (1933-03-27)
Preceding
JurisdictionUnited States
HeadquartersMcLean, Virginia
Agency executive
  • Vincent G. Logan, Chairman of the Board and CEO
Key document
Websitewww.fca.gov

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.

Authority

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.

History

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.

List of chairpersons

Portrait[5] 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

See also

References

  1. ↑ 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.
  2. ↑ FCA in brief
  3. ↑ "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.
  4. ↑ 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.
  5. ↑ "History of FCA Governance". fca.gov.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.