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Updated May 22, 2019
Farm Credit Administration and its 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
As of March 31, 2019, FCS had $274 billion in total loans
primary jurisdiction for the FCS statutes.
outstanding. According to the U.S. Department of
Agriculture, the FCS held 40% of the U.S. farm sector’s
The most recent congressional hearings on the FCS were in
total debt in 2017.
the Senate on May 19, 2016, and in the House on March 29,
2017 (with FCA witnesses). The Senate Agriculture
Statutory authority for FCS is in the Farm Credit Act of
Committee most recently held a nomination hearing for a
1971 (12 U.S.C. 2001 et seq.), as amended notably by the
board member in November 2017.
Agricultural Credit Act of 1987. For more background, see
CRS Report RS21278, Farm Credit System.
Farm Credit Administration
The FCA sets the policies, regulations, charters, and
Board Members
examinations of the FCS and Farmer Mac. This includes
As a regulator, FCA is directed by a three-member board of
compliance with statutes to serve eligible borrowers.
directors nominated by the President and confirmed by the
Violations may result in supervisory and enforcement
Senate (12 U.S.C. 2242). Table 1 shows the current FCA
actions. FCA also protects the rights of borrowers and
board members and their terms.
reports to Congress on the financial condition of the FCS.
FCA has about 300 full- and part-time employees. It is
Table 1. Farm Credit Administration Board Members
located in McLean, VA, and conducts examinations from
(as of May 22, 2019)
field offices in Colorado, Texas, Minnesota, and California.
Name
Description
Expires
The current structure of the FCA and oversight of the FCS
was created by the Farm Credit Amendments Act of 1985
Jeffery S.
Confirmed on March 9, 2015.
10/13/2018
(P.L. 99-205). Its statutory authority is in 12 U.S.C. 2241 et
Hall
Delegated Chief Executive Officer of
seq., with regulations in 12 C.F.R. 600 et seq.
FCA on May 21, 2019. Serving until a
successor is confirmed.
FCA’s operating expenses are paid through assessments on
Vacant
Dallas P. Tonsager, chairman, died on
5/21/2020
FCS banks and associations. Even though FCA does not
May 21, 2019.
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 ($74.6 million in FY2019).
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
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Farm Credit Administration and its Board Members
until the end of that member’s term. The chairman is also
The timeline illustrates that the terms of board members are
the Chief Executive Officer of the FCA (12 U.S.C. 2244).
for six years with a fixed and staggered beginning so that
The three FCA board members also serve as the board of
one term begins every two years whether or not an
directors of the Farm Credit System Insurance Corporation,
individual fills the vacancy (blue line). A board member’s
which was established to help to ensure timely payment of
service date depends on presidential appointment and
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 has two members and one vacancy
subject to further Senate confirmation (green line on top of
(Table 1). Jeffrey Hall was confirmed in 2015 for a term
orange line).
that expired on October 13, 2018. He continues to serve and
was delegated chief executive office of the FCA upon the
From August 2002 until March 2017, the FCA board
incapacity and death of the former chairman, Dallas
maintained a full board with three active members,
Tonsager, who died on May 21, 2019. The newest board
particularly since board members have continued to serve
member, Glen Smith, was confirmed in 2017 for a term that
until their successors are confirmed. From March to
expires on May 21, 2022. Both Mr. Hall and Mr. Smith are
December 2017, one position was vacant following the
Republicans; Mr. Tonsager was a Democrat.
death of Mr. Spearman. Beginning on May 22, 2019, one
History of Board Members
board member position became vacant upon the death of
Figure 1 is a timeline showing the service of the 20 FCA
Mr. Tonsager.
board members and 11 chairmen of the FCA over 33 years.
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
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Farm Credit Administration and its 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
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