12 U.S.C. § 2001 — Congressional declaration of policy and

Page 1282 TITLE 12—BANKS AND BANKING § 2001 Sec. PART E—FARM CREDIT SYSTEM INSURANCE CORPORATION 2277a. Definitions. 2277a–1. Establishment of Farm Credit System Insurance Corporation. 2277a–2. Board of Directors. 2277a–3. Commencement of insurance. 2277a–4. Premiums. 2277a–5. Certification of premiums. 2277a–6. Overpayment and underpayment of pre- miums; remedies. 2277a–7. General corporate powers. 2277a–8. Conduct of corporate affairs; examina- tion of System institutions. 2277a–9. Insurance Fund. 2277a–10. Powers of Corporation with respect to troubled insured System banks. 2277a–10a. Oversight actions by Corporation. 2277a–10b. Authority to regulate golden parachute and indemnification payments. 2277a–10c. Corporation as conservator or receiver; certain other powers. 2277a–11. Investment of funds. 2277a–12. Exemption from taxation. 2277a–13. Omitted. 2277a–14. Prohibitions. SUBCHAPTER VI—ASSISTANCE TO FARM CREDIT SYSTEM 2278a to 2278b–11. Repealed. SUBCHAPTER VII—RESTRUCTURING OF SYSTEM INSTITUTIONS PART A—MERGER OF BANKS WITHIN A DISTRICT 2279a. Power to merge. 2279a–1. Board of directors. 2279a–2. Powers of merged banks. 2279a–3. Capitalization. 2279a–4, 2279a–5. Repealed or Transferred. PART B—MERGERS, TRANSFERS OF ASSETS, AND POWERS OF ASSOCIATIONS WITHIN A DISTRICT SUBPART 1—TRANSFERS BY FEDERAL LAND BANKS TO FEDERAL LAND BANK ASSOCIATIONS 2279b. Transfer of lending authority. 2279c. Equalization of loan-making powers of certain district associations. SUBPART 2—MERGER OF LIKE AND UNLIKE ASSOCIATIONS 2279c–1. Merger of associations. SUBPART 3—RECONSIDERATION 2279c–2. Reconsideration. SUBPART 4—TERMINATION AND DISSOLUTION OF INSTITUTIONS 2279d. Termination of System institution sta- tus. PART C—APPROVAL OF DISCLOSURE INFORMATION AND ISSUANCE OF CHARTERS BY THE FARM CREDIT ADMIN- ISTRATION BOARD 2279e. Approval of disclosure information and issuance of charters. PART D—MERGERS OF LIKE ENTITIES 2279f. Merger of similar banks. 2279f–1. Merger of similar associations. PART E—TAXATION OF MERGER TRANSACTIONS 2279g. Transactions to accomplish mergers ex- empt from certain State taxes. SUBCHAPTER VIII—AGRICULTURAL MORTGAGE SECONDARY MARKET 2279aa. Definitions. Sec. PART A—ESTABLISHMENT AND ACTIVITIES OF FEDERAL AGRICULTURAL MORTGAGE CORPORATION 2279aa–1. Federal Agricultural Mortgage Corpora- tion. 2279aa–2. Board of directors. 2279aa–3. Powers and duties of Corporation and Board. 2279aa–4. Stock issuance. 2279aa–5. Certification of agricultural mortgage marketing facilities. 2279aa–6. Guarantee of qualified loans. 2279aa–7. Repealed. 2279aa–8. Standards for qualified loans. 2279aa–9. Exemption from restructuring and bor- rowers rights provisions for pooled loans. 2279aa–10. Funding for guarantee; reserves of Cor- poration. 2279aa–11. Supervision, examination, and report of condition. 2279aa–12. Securities in credit enhanced pools. 2279aa–13. Authority to issue obligations to cover guarantee losses of Corporation. 2279aa–14. Federal jurisdiction. PART B—REGULATION OF FINANCIAL SAFETY AND SOUNDNESS OF FEDERAL AGRICULTURAL MORTGAGE CORPORATION 2279bb. Definitions. 2279bb–1. Risk-based capital levels. 2279bb–2. Minimum capital level. 2279bb–3. Critical capital level. 2279bb–4. Enforcement levels. 2279bb–5. Mandatory actions applicable to level II. 2279bb–6. Supervisory actions applicable to level III. 2279bb–7. Repealed. PART C—RECEIVERSHIP, CONSERVATORSHIP, AND LIQ- UIDATION OF FEDERAL AGRICULTURAL MORTGAGE CORPORATION 2279cc. Conservatorship; liquidation; receiver- ship. § 2001. Congressional declaration of policy and objectives (a) It is declared to be the policy of the Con- gress, recognizing that a prosperous, productive agriculture is essential to a free nation and rec- ognizing the growing need for credit in rural areas, that the farmer-owned cooperative Farm Credit System be designed to accomplish the ob- jective of improving the income and well-being of American farmers and ranchers by furnishing sound, adequate, and constructive credit and closely related services to them, their coopera- tives, and to selected farm-related businesses necessary for efficient farm operations. (b) It is the objective of this chapter to con- tinue to encourage farmer- and rancher-bor- rowers participation in the management, con- trol, and ownership of a permanent system of credit for agriculture which will be responsive to the credit needs of all types of agricultural producers having a basis for credit, and to mod- ernize and improve the authorizations and means for furnishing such credit and credit for housing in rural areas made available through the institutions constituting the Farm Credit System as herein provided. (c) It is declared to be the policy of Congress that the credit needs of farmers, ranchers, and their cooperatives are best served if the institu- tions of the Farm Credit System provide equi- Page 1283 TITLE 12—BANKS AND BANKING § 2001 1 See References in Text note below. table and competitive interest rates to eligible borrowers, taking into consideration the credit- worthiness and access to alternative sources of credit for borrowers, the cost of funds, the oper- ating costs of the institution, including the costs of any loan loss amortization under sec- tion 2254(b)1 of this title, the cost of servicing loans, the need to retain earnings to protect bor- rowers’ stock, and the volume of net new bor- rowing. Further, it is declared to be the policy of Congress that Farm Credit System institu- tions take action in accordance with the Farm Credit Act Amendments of 1986 in such manner that borrowers from the institutions derive the greatest benefit practicable from that Act: Pro- vided, That in no case is any borrower to be charged a rate of interest that is below competi- tive market rates for similar loans made by pri- vate lenders to borrowers of equivalent credit- worthiness and access to alternative credit. (Pub. L. 92–181, § 1.1, Dec. 10, 1971, 85 Stat. 583; Pub. L. 99–509, title I, § 1032, Oct. 21, 1986, 100 Stat. 1877; Pub. L. 115–334, title V, § 5411(1), Dec. 20, 2018, 132 Stat. 4679.) Editorial Notes REFERENCES IN TEXT Section 2254(b) of this title, referred to in subsec. (c), was amended by Pub. L. 115–334, title V, § 5411(31)(B)(ii)(II), (iii), Dec. 20, 2018, 132 Stat. 4683. Sec- tion 5411(31)(B)(ii)(II) of Pub. L. 115–334 amended sec- tion 2254(b) of this title by striking out the third sen- tence of par. (1), which read as follows: ‘‘Notwith- standing the provisions of the preceding sentence and any other provision of this chapter, for the period July 1, 1986, through December 31, 1988, the institutions of the Farm Credit System may, on the prior approval of the Farm Credit Administration and subject to such conditions as it may establish, capitalize annually their provision for losses that is in excess of one-half of 1 percent of loans outstanding and amortize such cap- italized amounts over a period not to exceed 20 years.’’ Section 5411(31)(B)(iii) of Pub. L. 115–334 amended sec- tion 2254(b) of this title in part by striking out par. (2), which read as follows: ‘‘In accordance with the regula- tions of the Farm Credit Administration, for the period ending December 31, 1992, System institutions are au- thorized to use the authorities contained in the third sentence of paragraph (1) except as otherwise provided in section 2278a–6 of this title.’’ The Farm Credit Act Amendments of 1986, referred to in subsec. (c), is subtitle D of Pub. L. 99–509, title I, §§ 1031–1037, Oct. 21, 1986, 100 Stat. 1877, which amended sections 2001, 2015, 2075, 2131, 2159, 2205, 2252, and 2254 of this title and enacted provisions set out as a note below. For complete classification of this Act to the Code, see Short Title of 1986 Amendment note below and Tables. AMENDMENTS 2018—Subsec. (c). Pub. L. 115–334 struck out ‘‘includ- ing any costs of defeasance under section 2159(b) of this title,’’ after ‘‘the cost of funds,’’ in first sentence. 1986—Subsec. (c). Pub. L. 99–509 added subsec. (c). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1985 AMENDMENT Pub. L. 99–205, title IV, § 401, Dec. 23, 1985, 99 Stat. 1709, provided that: ‘‘The provisions of titles I, II, III, and VI of this Act [enacting sections 2152, 2161, 2199, 2200, 2216 to 2216k, 2219, 2219a, 2253, 2261 to 2273 of this title and provisions set out as notes under section 2001 of this title, amending sections 2002, 2012, 2013, 2031, 2033, 2034, 2051, 2052, 2054, 2072 to 2074, 2077, 2078, 2091, 2093 to 2096, 2098, 2122 to 2126, 2132 to 2134, 2151, 2153 to 2156, 2182, 2183, 2201, 2202, 2205, 2206, 2211 to 2213, 2221 to 2223, 2227, 2241 to 2246, 2248 to 2252, and 2254 of this title, and repealing sections 2152, 2247, and 2253 of this title] shall become effective thirty days after enactment [Dec. 23, 1985].’’ SHORT TITLE OF 1996 AMENDMENT Pub. L. 104–105, § 1(a), Feb. 10, 1996, 110 Stat. 162, pro- vided that: ‘‘This Act [enacting sections 2214a, 2219e, 2277a–10a, 2277a–10b, 2279bb–7, and 2279cc of this title, amending sections 2013, 2018, 2020, 2129, 2154a, 2199, 2202a, 2252, 2254, 2277a, 2277a–2, 2277a–4, 2277a–5, 2277a–7, 2277a–8, 2277a–10, 2279aa, 2279aa–1, 2279aa–3, 2279aa–5, 2279aa–6, 2279aa–8, 2279aa–9, 2279aa–11 to 2279aa–13, 2279bb–1 to 2279bb–4 of this title, sections 5314 and 5315 of Title 5, Government Organization and Employees, and section 1999 of Title 7, Agriculture, repealing sec- tion 2279aa–7 of this title, and enacting provisions set out as notes under this section and sections 2013 and 2252 of this title] may be cited as the ‘Farm Credit Sys- tem Reform Act of 1996’.’’ SHORT TITLE OF 1994 AMENDMENT Pub. L. 103–376, § 1, Oct. 19, 1994, 108 Stat. 3497, pro- vided that: ‘‘This Act [enacting section 2206a of this title and amending sections 2122, 2128, and 2129 of this title] may be cited as the ‘Farm Credit System Agricul- tural Export and Risk Management Act’.’’ SHORT TITLE OF 1992 AMENDMENT Pub. L. 102–552, § 1(a), Oct. 28, 1992, 106 Stat. 4102, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Farm Credit Banks and Associa- tions Safety and Soundness Act of 1992’.’’ SHORT TITLE OF 1988 AMENDMENTS Pub. L. 100–399, § 1, Aug. 17, 1988, 102 Stat. 989, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Agricultural Credit Technical Cor- rections Act of 1988’.’’ Pub. L. 100–233, § 1(a), Jan. 6, 1988, 101 Stat. 1568, pro- vided that: ‘‘This Act [see Tables for classification] may be cited as the ‘Agricultural Credit Act of 1987’.’’ SHORT TITLE OF 1986 AMENDMENT Pub. L. 99–509, title I, § 1031, Oct. 21, 1986, 100 Stat. 1877, provided that: ‘‘This subtitle [subtitle D (§§ 1031–1037) of title I of Pub. L. 99–509, amending sec- tions 2001, 2015, 2075, 2131, 2159, 2205, 2252, and 2254 of this title] may be cited as the ‘Farm Credit Act Amend- ments of 1986’.’’ SHORT TITLE OF 1985 AMENDMENT Pub. L. 99–205, § 1, Dec. 23, 1985, 99 Stat. 1678, provided: ‘‘That this Act [enacting sections 2152, 2161, 2199, 2200, 2216 to 2216k, 2219, 2219a, 2253, 2261 to 2273 of this title and provisions set out as notes under this section and section 2241 of this title, amending sections 2002, 2012, 2013, 2031, 2033, 2034, 2051, 2052, 2054, 2072 to 2074, 2077, 2078, 2091, 2093 to 2096, 2098, 2122 to 2126, 2132 to 2134, 2151, 2153 to 2156, 2182, 2183, 2201, 2202, 2205, 2206, 2211 to 2213, 2221 to 2223, 2227, 2241 to 2246, 2248 to 2252, and 2254 of this title, and repealing sections 2152, 2247, and 2253 of this title] may be cited as the ‘Farm Credit Amend- ments Act of 1985’.’’ SHORT TITLE OF 1980 AMENDMENT Pub. L. 96–592, § 1, Dec. 24, 1980, 94 Stat. 3437, provided: ‘‘That this Act [enacting sections 2205 to 2208, 2211 to 2214, 2218, and 2260 of this title and amending sections 1141b, 2012 to 2020, 2033, 2034, 2051 to 2054, 2072 to 2077, 2091, 2093, 2094, 2096, 2097, 2122, 2124, 2126, 2128 to 2132, 2156, 2181, 2221, 2223, 2242, 2244, 2249, 2251, and 2252 of this title and section 3802 of Title 7, Agriculture] may be cited as the ‘Farm Credit Act Amendments of 1980’.’’ Page 1284 TITLE 12—BANKS AND BANKING § 2001 SHORT TITLE Pub. L. 92–181, § 1, Dec. 10, 1971, 85 Stat. 583, provided: ‘‘That this Act [enacting this chapter and provisions set out as notes under this section, amending sections 5314 and 5315 of Title 5, Government Organization and Employees, and section 393 of this title, and repealing section 636 et seq. of this title] may be cited as the ‘Farm Credit Act of 1971’.’’ REGULATIONS Pub. L. 104–105, title III, § 301, Feb. 10, 1996, 110 Stat. 185, provided that: ‘‘The Secretary of Agriculture and the Farm Credit Administration shall promulgate regu- lations and take other required actions to implement the provisions of this Act [see Short Title of 1996 Amendment note above] not later than 90 days after the effective date of this Act [Feb. 10, 1996].’’ Pub. L. 100–233, title IX, § 901, Jan. 6, 1988, 101 Stat. 1717, as amended by Pub. L. 100–399, title VIII, § 801, Aug. 17, 1988, 102 Stat. 1006, provided that: ‘‘(a) ISSUANCE OF REGULATIONS.— ‘‘(1) AUTHORITY.—The Farm Credit Administration Board shall issue such regulations as the Board con- siders necessary for the orderly and efficient imple- mentation of the provisions of, and the amendments made by, this Act [see Tables for classification] relat- ing to the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.). ‘‘(2) TIMING.—To the extent the Farm Credit Ad- ministration is required to issue regulations to im- plement this Act and the amendments made by this Act, the Farm Credit Administration shall issue such regulations as expeditiously as possible, and, except as otherwise provided in this Act, not later than 180 days after the date of the enactment of this Act [Jan. 6, 1988]. ‘‘(b) TEMPORARY RETENTION OF CERTAIN REGULA- TIONS.— ‘‘(1) IN GENERAL.—Except as otherwise provided in this subsection, the regulations issued by the Farm Credit Administration before the date of the enact- ment of this Act [Jan. 6, 1988] under provisions amended by this Act shall remain in effect, notwith- standing such amendments, until the Farm Credit Administration issues regulations to implement such amendments, but in no event later than 180 days after such date of enactment. ‘‘(2) CERTAIN REGULATIONS RELATING TO BORROWERS’ RIGHTS.—The regulations implementing, interpreting, or applying part C of title IV (12 U.S.C. 2201 et seq.) [12 U.S.C. 2199 et seq.] (other than section 4.13(a) [12 U.S.C. 2199(a)]) (in effect immediately before the date of the enactment of this Act), to the extent that such regulations are not contrary to this Act and the amendments made by this Act, shall remain in effect until January 1, 1989. ‘‘(3) REGULATIONS RELATING TO DISCLOSURE BY BANKS AND ASSOCIATIONS.—Any regulation issued or ap- proved by the Farm Credit Administration that im- plements, interprets, or applies section 4.13(a) (12 U.S.C. 2201(a) [12 U.S.C. 2199(a)]) (in effect imme- diately before the date of the enactment of this Act) shall remain in effect for 120 days after such date of enactment.’’ REPEALS Pub. L. 92–181, which enacted this chapter, represents a complete rewriting of the farm credit laws and a fun- damental reworking of the statutory basis for the farm credit system. In connection with such reworking of material, the existing statutory provisions covering this area were repealed and their substance revised, re- enacted, and expanded by Pub. L. 92–181. The repealed provisions constituted the bulk of chap- ter 7 of this title. Pub. L. 92–181, § 5.40(a), formerly § 5.26(a), Dec. 10, 1971, 85 Stat. 624, renumbered § 5.40(a), by Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, enumerated the repealed statutes as follows: The Federal Farm Loan Act, as amended; section 2 of the Act of March 10, 1924 (Public Numbered 35, Sixty- eighth Congress, 43 Stat. 17), as amended; section 6 of the Act of January 23, 1932 (Public Numbered 3, Sev- enty-second Congress, 47 Stat. 14), as amended; the Farm Credit Act of 1933, as amended; sections 29 and 40 of the Emergency Farm Mortgage Act of 1933; Act of June 18, 1934 (Public Numbered 381, Seventy-third Con- gress, 48 Stat. 983); Act of June 4, 1936 (Public Num- bered 644, Seventy-fourth Congress, 49 Stat. 1461), as amended; sections 5, 6, 20, 25(b) and 39 of the Farm Credit Act of 1937, as amended; sections 601 and 602 of the Act of September 21, 1944 (Public Law 425, Seventy- eighth Congress, 58 Stat. 740, 741), as amended; sections 1, 2, 3, 4, 5, 6, 7, 8, 16, and 17(b) of the Farm Credit Act of 1953, as amended; sections 2, 101, and 201(b) of the Farm Credit Act of 1956. SAVINGS PROVISION Pub. L. 92–181, § 5.40(b), formerly § 5.26(b), Dec. 10, 1971, 85 Stat. 625, renumbered § 5.40(b), Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided that: ‘‘All regulations of the Farm Credit Administration or the institutions of the System and all charters, bylaws, resolutions, stock classifications, and policy directives issued or approved by the Farm Credit Administration, and all elections held and appointments made under the Acts repealed by subsection (a) of this section [see Repeals note above] shall be continuing and remain valid until superseded, modified, or replaced under the authority of this Act [this chapter]. All stock, notes, bonds, debentures, and other obligations issued under the repealed acts shall be valid and enforceable upon the terms and conditions under which they were issued, including the pledge of collateral against which they were issued, and all loans made and security or collat- eral therefor held by, and all contracts entered into by, institutions of the System shall remain enforceable ac- cording to their terms unless and until modified in ac- cordance with the provisions of this Act; it being the purpose of this subsection to avoid disruption in the ef- fective operation of the System by reason of said re- peals.’’ SEPARABILITY Pub. 92–181, § 5.42, formerly § 5.28, Dec. 10, 1971, 85 Stat. 625, renumbered § 5.42, Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided that: ‘‘If any provi- sion of this Act [this chapter], or the application there- of to any persons or in any circumstances, is held in- valid, the remainder of this Act and the application of such provision to other persons or in other cir- cumstances shall not be affected thereby.’’ REFERENCES TO EARLIER FARM CREDIT ACTS Pub. L. 92–181, § 5.40(a), formerly § 5.26(a), Dec. 10, 1971, 85 Stat. 624, renumbered § 5.40(a), Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided in part that: ‘‘All references in other legislation, State or Fed- eral, rules and regulations of any agency, stock, con- tracts, deeds, security instruments, bonds, debentures, notes, mortgages and other documents of the institu- tions of the System, to the Acts repealed hereby [see Repeals note above], shall be deemed to refer to com- parable provisions of this Act [this chapter].’’ RESERVATION OF RIGHT TO AMEND OR REPEAL Pub. 92–181, § 5.43, formerly § 5.29, Dec. 10, 1971, 85 Stat. 625, renumbered § 5.43, Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703, provided that: ‘‘The right to alter, amend, or repeal any provision or all of this Act [this chapter] is expressly reserved.’’ STUDY ON DEMAND FOR AND AVAILABILITY OF CREDIT IN RURAL AREAS FOR AGRICULTURE, HOUSING, AND RURAL DEVELOPMENT Pub. L. 104–127, title VI, § 650, Apr. 4, 1996, 110 Stat. 1105, provided that: ‘‘(a) IN GENERAL.—The Secretary of Agriculture shall conduct a study and report to the Committee on Agri- Page 1285 TITLE 12—BANKS AND BANKING § 2002 culture of the House of Representatives and the Com- mittee on Agriculture, Nutrition, and Forestry of the Senate on the demand for and availability of credit in rural areas for agriculture, housing, and rural develop- ment. ‘‘(b) PURPOSE.—The purpose of the study shall be to ensure that Congress has current and comprehensive information to consider as Congress deliberates on rural credit needs and the availability of credit to sat- isfy the needs of rural areas of the United States. ‘‘(c) ITEMS IN STUDY.—In conducting the study, the Secretary shall base the study on the most current available data and analyze— ‘‘(1) rural demand for credit from the Farm Credit System, the ability of the Farm Credit System to meet the demand, and the extent to which the Farm Credit System provides loans to satisfy the demand; ‘‘(2) rural demand for credit from the United States banking system, the ability of banks to meet the de- mand, and the extent to which banks provide loans to satisfy the demand; ‘‘(3) rural demand for credit from the Secretary, the ability of the Secretary to meet the demand, and the extent to which the Secretary provides loans to sat- isfy the demand; ‘‘(4) rural demand for credit from other Federal agencies, the ability of the agencies to meet the de- mand, and the extent to which the agencies provide loans to satisfy the demand; ‘‘(5) what measure or measures exist to gauge the overall demand for rural credit, the extent to which rural demand for credit is satisfied, and what the measures have demonstrated; ‘‘(6) a comparison of the interest rates and terms charged by the Farm Credit System Farm Credit Banks, production credit associations, and banks for cooperatives with the rates and terms charged by the banks of the United States for credit of comparable risk and maturity; ‘‘(7) the advantages and disadvantages of the mod- ernization and expansion proposals of the Farm Cred- it System on the Farm Credit System, the United States banking system, rural users of credit, local rural communities, and the Federal Government, in- cluding— ‘‘(A) any added risk to the safety and soundness of the Farm Credit System that may result from approval of a proposal; and ‘‘(B) any positive or adverse impacts on competi- tion between the Farm Credit System and the banks of the United States in providing credit to rural users; ‘‘(8) the nature and extent of the unsatisfied rural credit need that the Farm Credit System proposals are supposed to address and what aspects of the present Farm Credit System prevent the Farm Credit System from meeting the need; ‘‘(9) the advantages and disadvantages of the pro- posal by commercial bankers to allow banks access to the Farm Credit System as a funding source on the Farm Credit System, the United States banking sys- tem, rural users of credit, local rural communities, and the Federal Government, including— ‘‘(A) any added risk to the safety and soundness of the Farm Credit System that may result from approval of the proposal; and ‘‘(B) any positive or adverse impacts on competi- tion between the Farm Credit System and the banks of the United States in providing credit to rural users; and ‘‘(10) problems that commercial banks have in ob- taining capital for lending in rural areas, how access to Farm Credit System funds would improve the availability of capital in rural areas in ways that cannot be achieved in the system in existence on the date of enactment of this Act [Apr. 4, 1996], and the possible effects on the viability of the Farm Credit System of granting banks access to Farm Credit Sys- tem funds. ‘‘(d) INTERAGENCY TASK FORCE.—In completing the study, the Secretary shall use, among other things, data and information obtained by the interagency task force on rural credit.’’ GAO STUDY OF RURAL CREDIT COST AND AVAILABILITY Pub. L. 101–624, title XVIII, § 1842, Nov. 28, 1990, 104 Stat. 3835, directed Comptroller General of the United States to conduct a study relating to cost and avail- ability of credit in rural America and, not later than 2 years after Nov. 28, 1990, submit a report to Committee on Agriculture of House of Representatives and Com- mittee on Agriculture, Nutrition, and Forestry of Sen- ate. AUTHORIZATION OF APPROPRIATIONS FOR NATIONAL COMMISSION ON AGRICULTURAL FINANCE AND NA- TIONAL COMMISSION ON AGRICULTURE AND RURAL DE- VELOPMENT POLICY Pub. L. 100–71, title V, § 519(b), July 11, 1987, 101 Stat. 475, authorized and appropriated (1) for National Com- mission on Agricultural Finance established under sec- tion 501 of Pub. L. 99–205, $100,000, to remain available until expended, and (2) for National Commission on Ag- riculture and Rural Development [Policy] established under section 5002 of this title, $100,000, to remain available until expended. LOAN REVIEW BY LOCAL LENDING INSTITUTIONS Pub. L. 99–205, title III, § 307, Dec. 23, 1985, 99 Stat. 1709, required each local lending institution of Farm Credit System established under this chapter to (1) re- view each loan that had been placed in non-accrual sta- tus by such institution to determine whether such loan could be restructured based on changes in cir- cumstances of such institution as the result of this Act and the amendments made by this Act, and (2) notify in writing borrower of each such loan of provisions of this section. NATIONAL COMMISSION ON AGRICULTURAL FINANCE Pub. L. 99–205, title V, § 501, Dec. 23, 1985, 99 Stat. 1710, directed President to appoint a National Commission on Agricultural Finance, comprised of 15 members, rep- resenting the financial community, the agricultural sector, and government, to conduct a study of methods to ensure availability of adequate credit to agricultural producers and agribusiness, taking into account long- term financing needs of agricultural economy, roles of commercial banks, Farm Credit System, and Farmers Home Administration in meeting those financial needs, with the Commission, in conducting such study, to (1) evaluate financial circumstances relative to both lend- ers and borrowers of farm credit, (2) evaluate structure, performance, and conduct of private lenders—commer- cial bankers and Farm Credit System—and public lend- ers, (3) explore need for long-term assistance in stabi- lizing value of agricultural assets, and (4) evaluate ef- fect on suppliers, producers, processors, and local com- munities when financial institutions fail, and not later than Dec. 23, 1986, to submit to Congress a report con- taining results of study, together with comments and recommendations for legislation providing for a sound, reasonable, and primarily self-supporting credit pro- gram for farmers and ranchers as Commission considers appropriate. § 2002. Farm Credit System (a) Composition The Farm Credit System shall include the Farm Credit Banks, the bank for cooperatives, Agricultural Credit Banks, the Federal Land Bank Associations, the Federal Land Credit As- sociations, the Production Credit Associations, the agricultural credit associations, the Federal Farm Credit Banks Funding Corporation, the Federal Agricultural Mortgage Corporation, service corporations established pursuant to sec- tion 2211 of this title, and such other institu-