Farm Credit Act Of 1971

Business / Agriculture / Farm Credit Act Of 1971: P.L. 92-181 (December 10, 1971) recodified all previous acts governing the Farm Credit System (FCS, or System), a cooperatively owned government sponsored enterprise that provides credit primarily to farmers and ranchers. The Act eliminated earlier provisions relating to government capitalization of the System, and expanded the lending authorities of many System institutions. The Act, as amended, currently serves as the authorizing statute for the Farm Credit System. Major legislation that has modified the 1971 Act in recent years include: Agricultural Credit Act of 1987 (P.L. 100-233, January 6, 1988) authorized up to $4 billion in federal financial assistance to FCS institutions to assist in their recovery from the agricultural credit crisis of the 1980s. The Act created a System entity to issue up to $4 billion in federally guaranteed bonds, required the U.S. Treasury to pay a portion of the interest on these bonds, and also required the FCS to ultimately repay the Treasury for this assistance. The Act also mandated the merger of certain System banks within each farm credit district and expanded other merger authorities, and gave delinquent FCS borrowers certain rights. A separate System institution was established by the Act to insure the timely repayment of principal and interest on consolidated Systemwide debt issues. Farm Credit Banks and Associations Safety and Soundness Act of 1992 (P.L. 102-552, October 28, 1992) was designed to enhance the financial safety and soundness of FCS banks and associations by establishing new mechanisms to ensure repayment of Farm Credit System debt resulting from federal financial assistance provided to the System under the 1987 Act. The Farm Credit System Reform Act of 1996 (P.L. 104-105, February 10, 1996) includes numerous provisions that provide regulatory relief for the FCS.

Other Words for Act

Act Verb Synonyms: behave (oneself), carry on, deport oneself, comport oneself, conduct oneself
Act Noun Synonyms: deed, action, undertaking, operation, step, move, feat, exploit, accomplishment, achievement
MORE

Other Words for Credit

Credit Noun Synonyms: belief, faith, trust, credence
Credit Verb Synonyms: ascribe, acknowledge, attribute, assign, impute
MORE

Other Words for Farm

Farm Interjectionection Synonyms: farmstead, farmhouse, grange, homestead, holding, land, farmland, acreage, arable, steading, smallholding, allotment, farm-toun, croft
Farm Noun Synonyms: cultivate, work the land, till the soil
MORE

Farm Credit System (FCS)

Business / Agriculture / Farm Credit System (FCS): A network of cooperatively owned lending institutions and related service organizations serving all 50 states and the Commonwealth of Puerto Rico. The FCS specializes in providing farm real estate and MORE

Food Security Act Of 1985

Business / Agriculture / Food Security Act Of 1985: P.L. 99-198 (December 23, 1985), a 5-year omnibus farm bill, allowed lower commodity price and income supports and established a dairy herd buyout program. Changes were made in a variety of other USDA MORE

Operating Profit (Or Loss)

Business / Finance / Operating Profit (Or Loss): Revenue from a firm's regular activities less costs and expenses and before income deductions. MORE

Links
Home
Glossary
Thesaurus