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Updated March 17, 2020
Farm Credit Administration and Its Board Members
Overview
GSEs. It receives tax benefits, but FCS operates without
The Farm Credit Administration (FCA) is an independent
any direct federal appropriations.
agency that is the federal regulator responsible for
examining and ensuring the safety and soundness of all
FCS associations are owned by their borrowers, who are
Farm Credit System (FCS) institutions and the Federal
required to purchase stock as part of their loans. FCS banks
Agricultural Mortgage Corporation (Farmer Mac).
and associations do not take deposits like commercial
banks. Instead, FCS uses capital markets to sell bonds that
FCA is directed by a three-member board of directors
become the joint and several liabilities of all FCS banks,
nominated by the President and confirmed by the Senate
meaning they collectively stand behind the obligations to
(12 U.S.C. §2242). Congressional oversight is provided by
repay those bonds. FCS is composed of four regional banks
the House and Senate Agriculture Committees, which have
that provide funds and support services to 68 smaller credit
primary jurisdiction for the FCS statutes.
associations that in turn provide loans to eligible borrowers.
The most recent congressional hearings on the FCS were in
As of December 31, 2019, FCS had $287 billion in total
the Senate on May 19, 2016, and in the House on March 29,
loans outstanding. According to the U.S. Department of
2017 (with FCA witnesses). The Senate Agriculture
Agriculture, the FCS held 41% of the U.S. farm sector’s
Committee most recently held a board member nomination
total debt at the end of 2018.
hearing in November 2017. President Trump nominated
Rodney Brown to be a board member in March 2020.
Statutory authority for FCS is in the Farm Credit Act of
1971 (12 U.S.C. §2001 et seq.), as amended notably by the
Farm Credit Administration
Agricultural Credit Act of 1987. For more background, see
The FCA sets the policies, regulations, charters, and
CRS Report RS21278, Farm Credit System.
examinations of the FCS and Farmer Mac. This includes
compliance with statutes to serve eligible borrowers.
Board Members
Violations may result in supervisory and enforcement
As a regulator, FCA is directed by a three-member board of
actions. FCA also protects the rights of borrowers and
directors nominated by the President and confirmed by the
reports to Congress on the financial condition of the FCS.
Senate (12 U.S.C. §2242). Table 1 shows the current FCA
FCA has about 300 full- and part-time employees. It is
board members and their terms.
located in McLean, VA, and conducts examinations from
field offices in Colorado, Texas, Minnesota, and California.
Table 1. Farm Credit Administration Board Members
The current structure of the FCA and oversight of the FCS
Name
Description
Term ends
was created by the Farm Credit Amendments Act of 1985
Glen R.
Confirmed on December 5, 2017.
5/21/2022
(P.L. 99-205). Its statutory authority is in Title 12, Section
Smith
Designated as Chairman and CEO on
2241, of the United States Code, with regulations in Title
July 17, 2019.
12, Section 600, of the Code of Federal Regulations.
Jeffery S.
Confirmed on March 9, 2015. Serving
10/13/2018
FCA’s operating expenses are paid through assessments on
Hall
until a successor is confirmed.
FCS banks and associations. Even though FCA does not
Vacant
Dallas P. Tonsager died on May 21,
5/21/2020
receive an appropriation from Congress, the annual
2019.
Agriculture appropriations act places a limit on FCA’s
administrative expenses ($77 million in FY2020).
Source: CRS, using data at FCA.gov, “About FCA.”
Farm Credit System
Terms for board members are six years in length, fixed
when they begin and staggered so that one term begins
The FCS is a privately owned, federally chartered,
every two years regardless of whether a new member has
nationwide financial cooperative that lends to full- and part-
been appointed and confirmed. Board members may not be
time farmers, farming-related businesses, rural
reappointed after serving a full term or more than three
homeowners, farmer-owned cooperatives, and certain rural
years of an unexpired term. A board member may continue
utilities. Borrowers must meet creditworthiness
to serve beyond the end of his/her term until a replacement
requirements. FCS is not a lender of last resort.
has been confirmed. This helps maintain a full three-
member board if successors are delayed. Not more than two
Established in 1916 as a government-sponsored enterprise
members of the board may be from the same political party.
(GSE), FCS has a statutory mandate—and limitation—to
serve agriculture. FCS is the only direct lender among the
The President designates one member as chairman—not
subject to further Senate confirmation if previously
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Farm Credit Administration and Its Board Members
confirmed as a board member—who has historically served
The timeline illustrates that the terms of board members are
until the end of that member’s term. The chairman is also
for six years with a fixed and staggered beginning so that
the chief executive officer of the FCA (12 U.S.C. §2244).
one term begins every two years whether or not an
Current Board Members
individual fills the vacancy (blue line). A board member’s
The current FCA board has two members and one vacancy
service date depends on presidential appointment and
(Table 1). Glen Smith was confirmed in 2017 for a term
Senate confirmation and may extend beyond the end of a
that expires in May 2022; he was designated as chairman in
term until a successor is in place (orange line). Service as
July 2019. Jeffrey Hall was confirmed in 2015 for a term
chairman depends on presidential appointment and is not
that expired on October 13, 2018; he may continue to serve
subject to further Senate confirmation (green line on top of
until a successor is confirmed. The vacancy was created
orange line).
when former chairman Dallas Tonsager died in May 2019.
FCA has generally maintained a three-member board since
2002—except for the present since May 2019 (upon the
President Trump nominated Rodney Brown, a Republican,
death of Tonsager), about eight months in 2017 (after the
to replace Jeffrey Hall in February 2019 (PN388) and again
death of Spearman), and five months in 2009 (when
in March 2020 (PN1684). Both Smith and Hall are
Tonsager became a USDA undersecretary). This has been
Republicans. No Senate action has occurred on the
possible since board members have continued to serve until
nomination. A Democratic nominee would be needed to fill
their successors are confirmed. Prior to August 2002,
the third board position.
several longer periods existed with only two board
members. For about 11 months in 1989, the FCA had only
History of Board Members
one board member.
Figure 1 is a timeline showing the service of the 20 FCA
board members and 12 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
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Farm Credit Administration and Its Board Members
IF10767
Disclaimer
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