Updated April 13, 2022
Farm Credit Administration and Its Board Members
Overview
FCS associations are owned by their borrowers, who are
Congress oversees the Farm Credit Administration (FCA),
required to purchase stock as part of their loans. FCS banks
which is the federal financial regulator responsible for
and associations do not take deposits like commercial
ensuring the safety and soundness of Farm Credit System
banks. Instead, FCS uses capital markets to sell bonds that
(FCS) institutions and the Federal Agricultural Mortgage
become the joint and several liabilities of all FCS banks,
Corporation (Farmer Mac). FCA is directed by a three-
meaning they collectively stand behind the obligations to
member board of directors nominated by the President and
repay those bonds. FCS is composed of four regional banks
confirmed by the Senate (12 U.S.C. §2242). One board
that provide funds and support services to 67 smaller credit
member position is vacant, one member is serving in an
associations that in turn provide loans to eligible borrowers.
expired term, and one member’s term will expire soon.
As of December 31, 2021, FCS had $344 billion in total
Congressional oversight is provided by the House and
loans outstanding to agriculture, agribusiness, rural utility,
Senate Agriculture Committees. The most recent
and other borrowers. Agriculture loans are the largest
authorizing committee hearings on FCS were in the Senate
portion of the FCS portfolio and provided 44% of loans on
on May 19, 2016, and in the House on November 19, 2019
the sector-wide farm balance sheet at the end of 2020,
(with FCA witnesses). The Senate Agriculture Committee
according to the U.S. Department of Agriculture.
most recently held a nomination hearing for a board
member in November 2017.
Statutory authority for FCS is in the Farm Credit Act of
1971 (12 U.S.C. §§2001 et seq.), as amended, notably by
This In Focus summarizes FCA and FCS and provides
the Agricultural Credit Act of 1987.
context for current and past terms of FCA board members.
Farmer Mac
Farm Credit Administration
Farmer Mac is a secondary market for agricultural
FCA sets the policies, regulations, charters, and
mortgages. It purchases loans from originating lenders and
examinations of FCS and Farmer Mac. This includes
provides other risk management tools. Farmer Mac was
compliance with statutes to serve eligible borrowers. FCA
created by Congress in 1987 as a privately funded GSE and
also protects the rights of borrowers and reports to
is an investor-owned corporation that is financially and
Congress on the financial condition of FCS. FCA is an
corporately separate from FCS.
independent agency that has about 300 full- and part-time
employees. It is located in McLean, VA, and conducts
As of December 31, 2021, Farmer Mac’s total business
examinations from several field offices.
volume (similar to assets) was nearly $24 billion.
FCA’s operating expenses are paid through assessments on
Statutory authority for Farmer Mac is in the Farm Credit
FCS banks and associations. Even though FCA does not
Act of 1971 (12 U.S.C. §§2279aa et seq.).
receive an appropriation from Congress, the annual
Agriculture appropriations act places a limit on FCA’s
Board Members
administrative expenses ($84 million in FY2022).
As a regulator, FCA is directed by a three-member board of
directors nominated by the President and confirmed by the
Statutory authority for FCA is in Title 12, Section 2241, of
Senate (12 U.S.C. §2242).
the United States Code, with regulations in Title 12, Section
600, of the Code of Federal Regulations.
Terms for board members are six years in length, fixed
when they begin and staggered so that one term begins
Farm Credit System
every two years regardless of whether a new member has
FCS is a privately owned, federally chartered, nationwide
been confirmed. Board members may not be reappointed
financial cooperative that lends to full- and part-time
after serving a full term or more than three years of an
farmers, farming-related businesses, rural homeowners,
unexpired term. A board member may continue to serve
farmer-owned cooperatives, and certain rural utilities.
beyond the end of his/her term until a replacement has been
Borrowers must meet creditworthiness requirements. FCS
confirmed. This helps maintain an effective board if
is not a lender of last resort.
successors are delayed. Not more than two members of the
board may be from the same political party.
Established in 1916 as a government-sponsored enterprise
(GSE), FCS has a statutory mandate—and limitation—to
The President designates one member as chairman—not
serve agriculture. FCS is the only direct lender among the
subject to further confirmation—who has historically held
GSEs. It receives tax benefits, but FCS operates without
that role until the end of his/her term. The chairman is also
any direct federal appropriations.
the chief executive officer of FCA (12 U.S.C. §2244).
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Farm Credit Administration and Its Board Members
Table 1. Farm Credit Administration Board Members
term expires on May 21, 2022, all three board positions
could be filled, including up to two from one political party.
Name
Description
Term ends
A member confirmed for the term expiring in 2024 could be
reappointed; the partial term would be less than three years.
Jeffery S.
Confirmed in 2015. Serving until a
10/13/2018
Hall
successor is confirmed. Term for a
History of Board Members
successor: 10/13/2024.
Figure 1 is a timeline showing the service of the 20 FCA
Glen R.
Confirmed in 2017. Designated as
5/21/2022
board members and 12 chairmen of the FCA over 35 years.
Smith
Chairman and CEO on July 17, 2019.
The timeline illustrates that the terms of board members are
Term for a successor: 5/21/2028.
for six years with a fixed and staggered beginning so that
—
Vacant after the death of Dallas P.
5/21/2026
one term begins every two years whether or not an
Tonsager on May 21, 2019.
individual fills the vacancy (blue line). A board member’s
service date depends on Senate confirmation and may
Source: CRS, using data at FCA.gov, “About FCA.”
extend beyond the end of a term until a successor is in place
Current Board Members
(orange line). Service as chairman depends on presidential
The current FCA board has two members and one vacancy
appointment and is not subject to further Senate
(Table 1). Glen Smith was confirmed in 2017 for a term
confirmation (green line on top of an orange line).
that expires in May 2022; he was named chairman in July
FCA had generally maintained a three-member board from
2019. Jeffrey Hall was confirmed in 2015 for a term that
2002 to May 2019 (upon the death of Tonsager)—except
expired in October 2018. Both Smith and Hall are
for about eight months in 2017 (after the death of
Republicans and may continue to serve until their
Spearman) and five months in 2009. This has been possible
successors are confirmed. The vacancy was created when
because board members have continued to serve until their
Dallas Tonsager, a Democrat, died in office in May 2019.
successors are confirmed. The present 34-month vacancy is
the longest on record resulting in a two-member board. In
The Biden Administration has not submitted any nominees
1989, the FCA had only one board member.
for the Farm Credit Administration Board. After Smith’s
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
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https://crsreports.congress.gov | IF10767 · VERSION 9 · UPDATED