Updated April 1, 2024
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).
that provide funds and support services to 56 smaller credit
associations that in turn provide loans to eligible borrowers.
Congressional oversight is provided by the House and
Senate Agriculture Committees. The most recent
As of December 31, 2023, FCS had $398 billion in total
authorizing committee hearings on FCS were in the Senate
loans outstanding to agriculture, agribusiness, rural utility,
on May 19, 2016, and in the House on November 19, 2019
and other borrowers. Agriculture loans are the largest
(with FCA witnesses). The Senate Agriculture Committee
portion ($228 billion) and provided 46% of loans on the
most recently held a nomination hearing for a board
sector-wide farm balance sheet at the end of 2022,
member in September 2022. This In Focus summarizes
according to the U.S. Department of Agriculture.
FCA and FCS and provides context for current and past
terms of FCA board members.
Statutory authority for FCS is in the Farm Credit Act of
1971 (12 U.S.C. §§2001 et seq.), as amended.
Farm Credit Administration
FCA sets the policies, regulations, charters, and
Farmer Mac
examinations of FCS and Farmer Mac entities. This
Farmer Mac is a secondary market for agricultural
includes compliance with laws concerning eligibility and
mortgages. It purchases loans from originating lenders and
regulations protecting the rights of borrowers in default.
provides other risk management tools. Farmer Mac was
FCA is an independent agency that has about 300
created by Congress in 1987 as a privately funded GSE and
employees. It is located in McLean, VA, and conducts
is an investor-owned corporation that is financially and
examinations from several field offices. FCA reports to
corporately separate from FCS.
Congress on the financial condition of FCS.
As of December 31, 2023, Farmer Mac’s total business
FCA’s operating expenses are paid through assessments on
volume (similar to assets) was over $28 billion.
FCS banks and associations. Even though FCA is not
funded by congressional appropriation, the annual
Statutory authority for Farmer Mac is in the Farm Credit
Agriculture appropriations act places a limit on FCA’s
Act of 1971 (12 U.S.C. §§2279aa et seq.).
administrative expenses ($94.3 million in FY2024).
Board Members
Statutory authority for FCA is in the Farm Credit Act of
As a regulator, FCA is directed by a three-member board of
1971 (12 U.S.C. §§2241 et seq.), as amended, notably by
directors nominated by the President and confirmed by the
the Agricultural Credit Act of 1987. Regulations are at 12
Senate (12 U.S.C. §2242).
C.F.R. §§600 et seq.
Terms for board members are six years in length, fixed
Farm Credit System
when they begin and staggered so that one term begins
FCS is a privately owned, federally chartered, nationwide
every two years regardless of whether a new member has
financial cooperative that lends to full- and part-time
been confirmed. Board members may not be reappointed
farmers, farming-related businesses, rural homeowners,
after serving a full term or more than three years of an
farmer-owned cooperatives, and certain rural utilities.
unexpired term. A board member may continue to serve
Borrowers must meet creditworthiness requirements. FCS
beyond the end of his/her term until a replacement has been
is not a lender of last resort.
confirmed. This helps maintain an effective board if
successors are delayed. Not more than two members of the
Established in 1916 as a government-sponsored enterprise
board may be from the same political party. Qualifications
(GSE), FCS has a statutory mandate—and limitation—to
require some background in agricultural economics and
serve agriculture. FCS is the only direct lender among the
financial reporting, finance, law, or financial regulation.
GSEs. It receives tax benefits, but FCS operates without
any direct federal appropriations.
The President designates one member as chairman—not
subject to further confirmation—who has historically held
https://crsreports.congress.gov
link to page 2 link to page 2 
Farm Credit Administration and Its Board Members
that role until the end of his/her term. The chairman is also
positions, though at least one would require a Republican
the chief executive officer of FCA (12 U.S.C. §2244).
nominee. A similar situation occurred in 2015, when the
Obama Administration nominated Jeffrey Hall for a
Current Board Members
Republican position on the board. A nominee for the term
The current FCA board has three members, two of which
expiring in 2024 could be reappointed, since the partial
are serving in expired terms that are available for new
term would be filled for less than three years.
nominees (Table 1). Both of the positions with expired
terms have Republican incumbents who may continue to
History of Board Members
serve until their successors are confirmed.
Figure 1 is a timeline showing the new terms available
since 2013 and the service of the three current board
Table 1. Farm Credit Administration Board Members
members. The timeline shows that terms are six years and
staggered (gray lines). A board member’s service depends
Name
Term
on Senate confirmation and may extend beyond the end of a
term (blue lines). Service as chairman depends on
Jeffery S. Hall
Confirmed in 2015 to a term that expired on
presidential appointment (gold lines).
10/13/2018. Serving until a successor is
confirmed. Successor’s term: 10/13/2024.
FCA had generally maintained a three-member board from
Glen R. Smith Confirmed in 2017 to a term that expired on
2002 to May 2019 (upon the death of Dallas Tonsager)—
5/21/2022. Serving until a successor is
except for about eight months in 2017 (after the death of
confirmed. Successor’s term: 5/21/2028.
Kenneth Spearman, not shown) and five months in 2009.
The 40-month vacancy after the death of Dallas Tonsager
Vincent G.
Confirmed in 2022 to a term that expires on
until the confirmation of Vincent Logan was the longest
Logan
5/21/2026. Designated as Chairman and CEO
period with a two-member board.
in October 2022.
Source: CRS, using data at FCA.gov, “About us.”
Maintaining a full board has been possible because board
members have continued to serve until their successors are
The Biden Administration—in addition to nominating
confirmed. The five-year continuation of Hall’s service
Vincent Logan, receiving Senate confirmation, and naming
after the end of his term in 2018 is the longest in the FCA
him as chairman in 2022—could fill the other two board
record. Hall is the longest-serving member of the board in
FCA’s history.
Figure 1. Farm Credit Administration Board Members and Chairmen, 2015-2024
Source: CRS, using data at FCA.gov, “About us.”
Notes: Terms (in gray) are six years, fixed, and staggered every two years. Service as a board member (in blue) depends on Senate
confirmation and may exceed a term until a successor is in place. Appointments as chairman (in gold) are named by the President.
https://crsreports.congress.gov
Farm Credit Administration and Its Board Members
IF10767
Jim Monke, Specialist in Agricultural Policy
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 15 · UPDATED