link to page 1 
Updated December 18, 2017
Farm Credit Administration Board Members
Overview
FCS associations are owned by their borrowers who are
The Farm Credit Administration (FCA) is an independent
required to purchase stock as part of their loans. FCS banks
agency that is the federal regulator responsible for
and associations do not take deposits like commercial
examining and ensuring the safety and soundness of all
banks. Instead, FCS uses capital markets to sell bonds that
Farm Credit System (FCS) institutions and the Federal
become the joint and several liabilities of all FCS banks,
Agricultural Mortgage Corporation (Farmer Mac).
meaning they collectively stand behind the obligations to
repay those bonds. FCS is composed of four regional banks
FCA is directed by a three-member board of directors
that provide funds and support services to 69 smaller credit
nominated by the President and confirmed by the Senate
associations that in turn provide loans to eligible borrowers.
(12 U.S.C. 2242). Congressional oversight is provided by
the House and Senate Agriculture Committees, which have
According to the U.S. Department of Agriculture, the FCS
primary jurisdiction for the FCS statutes.
holds nearly 41% of the U.S. farm sector’s total debt. As of
June 30, 2017, FCS had $250 billion in loans outstanding.
The most recent congressional hearings on the FCS were in
the Senate on May 19, 2016, and in the House on December
Statutory authority for FCS is in the Farm Credit Act of
2, 2015 (with FCA witnesses). The Senate Agriculture
1971 (12 U.S.C. 2001 et seq.), as amended notably by the
Committee most recently held a nomination hearing for a
Agricultural Credit Act of 1987. For more background, see
board member in November 2017.
CRS Report RS21278, Farm Credit System.
Farm Credit Administration
Board Members
The FCA sets the policies, regulations, charters, and
As a regulator, FCA is directed by a three-member board of
examinations of the FCS and Farmer Mac. This includes
directors nominated by the President and confirmed by the
compliance with statutes to serve eligible borrowers.
Senate (12 U.S.C. 2242). Table 1 shows the current FCA
Violations may result in supervisory and enforcement
board members and their terms.
actions. FCA also protects the rights of borrowers and
reports to Congress on the financial condition of the FCS.
Table 1. Farm Credit Administration Board Members
FCA has about 300 full- and part-time employees. It is
(as of December 18, 2017)
located in McLean, VA, and conducts examinations from
field offices in Colorado, Texas, Minnesota, and California.
Name
Description
Expires
The current structure of the FCA and oversight of the FCS
Dallas P.
Confirmed on March 9, 2015
5/21/2020
was created by the Farm Credit Amendments Act of 1985
Tonsager,
(previously an FCA board member
(P.L. 99-205). Its statutory authority is in 12 U.S.C. 2241 et
chairman
for a partial term from 2004-2009).
seq., with regulations in 12 C.F.R. 600 et seq.
Appointed as chairman on
November 22, 2016.
FCA’s operating expenses are paid through assessments on
Jeffery S.
Confirmed on March 9, 2015.
10/13/2018
FCS banks and associations. Even though FCA does not
Hall
receive an appropriation from Congress, the annual
Agriculture appropriations act places a limit on FCA’s
Glen R.
Confirmed on December 5, 2017.
5/21/2022
administrative expenses ($68.6 million in FY2017).
Smith
Source: CRS, using data at FCA.gov, “About FCA.”
Farm Credit System
The FCS is a privately owned, federally chartered,
Terms for board members are six years in length, fixed
nationwide financial cooperative that lends to full- and part-
when they begin and staggered so that one term begins
time farmers, farming-related businesses, rural
every two years regardless of whether a new member has
homeowners, farmer-owned cooperatives, and certain rural
been appointed and confirmed. Board members may not be
utilities. Borrowers must meet creditworthiness
reappointed after serving a full term or more than three
requirements; FCS is not a lender of last resort.
years of an unexpired term. A board member may continue
to serve beyond the end of his/her term until a replacement
Established in 1916 as a government-sponsored enterprise
has been confirmed; this helps maintain a full three-member
(GSE), FCS has a statutory mandate, and limitation, to
board if successors are delayed. Not more than two
serve agriculture. FCS is the only direct lender among the
members of the board may be from the same political party.
GSEs. It receives tax benefits, but FCS operates without
The President designates one member as chairman—not
any direct federal appropriations.
subject to further Senate confirmation if previously
confirmed as a board member—who has historically served
https://crsreports.congress.gov
link to page 1 link to page 2 
Farm Credit Administration Board Members
until the end of that member’s term. The three FCA board
one term begins every two years whether or not an
members also serve as the board of directors of the Farm
individual fills the vacancy (blue line). A board member’s
Credit System Insurance Corporation, which was
service date depends on presidential appointment and
established to help to ensure timely payment of bonds.
Senate confirmation and may extend beyond the end of a
Current Board Members
term until a successor is in place (orange line). Service as
chairman depends on presidential appointment and is not
The current FCA board chairman, Dallas Tonsager, has a
subject to further Senate confirmation (green line on top of
term that expires on May 21, 2020 (Table 1). He was
orange line).
named chairman during the middle of his term by President
Obama on November 22, 2016. The board member whose
From August 2002 until March 2017, the FCA board
term expires first is Jeffrey Hall, who was confirmed in
maintained a full board with three active members,
2015 for a term that expires on October 13, 2018. The
particularly since board members have continued to serve
newest board member, Glen Smith, was confirmed in 2017
until their successors are confirmed. From March to
for a term that expires on May 21, 2022.
December 2017, one board member position was vacant
History of Board Members
following the death of Kenneth Spearman until Glen Smith
Figure 1 is a timeline showing the service of the 20 FCA
was confirmed.
board members and 11 chairmen of the FCA over 31 years.
The timeline illustrates that the terms of board members are
for six years with a fixed and staggered beginning so that
Figure 1. Farm Credit Administration Board Members and Chairmen
Source: CRS, using data at FCA.gov, “About FCA.”
Notes: Terms (in blue) for board members are six years with a fixed and staggered beginning so that one term begins every two years
whether or not an individual fil s the vacancy. Service as a board member (in orange) depends on appointment and confirmation and may
extend beyond the end of a term until a successor is in place. Appointments as chairman (in green) are named by the President.
Jim Monke, Specialist in Agricultural Policy
IF10767
https://crsreports.congress.gov
Farm Credit Administration Board Members
Disclaimer
This document was prepared by the Congressional Research Service (CRS). CRS serves as nonpartisan shared staff to
congressional committees and Members of Congress. It operates solely at the behest of and under the direction of Congress.
Information in a CRS Report should not be relied upon for purposes other than public understanding of information that has
been provided by CRS to Members of Congress in connection with CRS’s institutional role. CRS Reports, as a work of the
United States Government, are not subject to copyright protection in the United States. Any CRS Report may be
reproduced and distributed in its entirety without permission from CRS. However, as a CRS Report may include
copyrighted images or material from a third party, you may need to obtain the permission of the copyright holder if you
wish to copy or otherwise use copyrighted material.
https://crsreports.congress.gov | IF10767 · VERSION 3 · UPDATED