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Updated January 22, 2021
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 68 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 September 30, 2020, FCS had $302 billion in total
primary jurisdiction for the FCS statutes.
agriculture and related loans outstanding, up 9% from the
same period a year earlier. According to the U.S.
The most recent congressional hearings on the FCS were in
Department of Agriculture, the FCS held nearly 43% of the
the Senate on May 19, 2016, and in the House on March 29,
total $419 billion of U.S. farm debt at the end of 2019.
2017 (with FCA witnesses). The Senate Agriculture
Committee most recently held a board member nomination
Statutory authority for FCS is in the Farm Credit Act of
hearing in November 2017.
1971 (12 U.S.C. §2001 et seq.), as amended notably by the
Agricultural Credit Act of 1987. For more background, see
Farm Credit Administration
CRS Report RS21278, Farm Credit System.
The FCA sets the policies, regulations, charters, and
examinations of the FCS and Farmer Mac. This includes
Board Members
compliance with statutes to serve eligible borrowers.
As a regulator, FCA is directed by a three-member board of
Violations may result in supervisory and enforcement
directors nominated by the President and confirmed by the
actions. FCA also protects the rights of borrowers and
Senate (12 U.S.C. §2242). Terms for board members are six
reports to Congress on the financial condition of the FCS.
years in length, fixed when they begin and staggered so that
FCA has about 300 full- and part-time employees. It is
one term begins every two years regardless of whether a
located in McLean, VA, and conducts examinations from
new member has been appointed and confirmed. Board
field offices in Colorado, Texas, Minnesota, and California.
members may not be reappointed after serving a full term or
more than three years of an unexpired term. A board
The current structure of the FCA and oversight of the FCS
member may continue to serve beyond the end of his/her
was created by the Farm Credit Amendments Act of 1985
term until a replacement has been confirmed. This helps
(P.L. 99-205). Its statutory authority is in Title 12, Section
maintain an effective board if successors are delayed. Not
2241, of the United States Code, with regulations in Title
more than two members of the board may be from the same
12, Section 600, of the Code of Federal Regulations.
political party.
FCA’s operating expenses are paid through assessments on
The President designates one member as chairman—not
FCS banks and associations. Even though FCA does not
subject to further Senate confirmation—who has
receive an appropriation from Congress, the annual
historically served in that role until the end of their term.
Agriculture appropriations act places a limit on FCA’s
The chairman is also the chief executive officer of the FCA
administrative expenses ($80 million in FY2021).
(12 U.S.C. §2244).
Farm Credit System
Current Board Members
The FCS is a privately owned, federally chartered,
The current FCA board has two members and one vacancy
nationwide financial cooperative that lends to full- and part-
(Table 1). Glen Smith was confirmed in 2017 for a term
time farmers, farming-related businesses, rural
that expires in May 2022; he was designated as chairman in
homeowners, farmer-owned cooperatives, and certain rural
July 2019. Jeffrey Hall was confirmed in March 2015 for a
utilities. Borrowers must meet creditworthiness
term that expired on October 13, 2018; he may continue to
requirements. FCS is not a lender of last resort.
serve until a successor is confirmed. The vacancy was
created when former chairman Dallas Tonsager died in
Established in 1916 as a government-sponsored enterprise
office in May 2019.
(GSE), FCS has a statutory mandate—and limitation—to
serve agriculture. FCS is the only direct lender among the
Both Smith and Hall are Republicans. At least one
GSEs. It receives tax benefits , but FCS operates without
Democratic nominee would be needed to fill one of the two
any direct federal appropriations.
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Farm Credit Administration and Its Board Members
expired terms. The Biden Administration could name
The timeline illustrates that the terms of board members are
possibly two Democrats.
for six years with a fixed and staggered beginning so that
one term begins every two years whether or not an
Table 1. Farm Credit Administration Board Members
individual fills the vacancy (blue line). A board member’s
service date depends on presidential appointment and
Name
Description
Term ends
Senate confirmation and may extend beyond the end of a
term until a successor is in place (orange line). Service as
Glen R.
Confirmed on December 5, 2017.
5/21/2022
chairman depends on presidential appointment and is not
Smith
Designated as Chairman and CEO on
July 17, 2019.
subject to further Senate confirmation (green line on top of
an orange line).
Jeffery S.
Confirmed on March 9, 2015. Serving
10/13/2018
Hal
until a successor is confirmed. The
FCA has generally maintained a three-member board since
2002—except for the present since May 2019 (upon the
successor’s term wil end 10/13/2024.
death of Tonsager), about eight months in 2017 (after the
—
Vacant after the death of Dal as P.
5/21/2026
death of Spearman), and five months in 2009 (when
Tonsager on May 21, 2019.
Tonsager became a USDA undersecretary). This has been
Source: CRS, using data at FCA.gov, “About FCA.”
possible since board members have continued to serve until
their successors are confirmed. The present vacancy is the
History of Board Members
longest resulting in a two-member board, with the
Figure 1 is a timeline showing the service of the 20 FCA
exception of a 26-month vacancy in the mid-1990s. For
about 11 months in 1989, the FCA had only one board
board members and 12 chairmen of the FCA over 34 years.
member.
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
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
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