PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 18 · Reported to House amended, Part I · Jan 4, 1996
Farmer Mac Reform Act of 1995 - Amends the Farm Credit Act of 1971 with respect to the Federal Agricultural Mortgage Corporation (Corporation) to revise the definitions of "agricultural real estate," "certified facility," and "affiliate." (Sec. 6) Includes among the Corporation's powers the authority to perform all the functions of an agricultural mortgage marketing facility, including purchase and disposition of qualified loans and issuance of guaranteed securities. (Sec. 7) Makes mandatory (existing authority is discretionary) the Federal banks' role as Corporation depositories and fiscal agents. (Sec. 10) Repeals provisions regarding: (1) guaranteed loan reserve or subordinated participation requirements and diversified pools; and (2) certified facilities' reserves and subordinated participation interests. (Sec. 12) Encourages the inclusion of small farm loans in the agricultural mortgage secondary market. (Sec.14) Provides that State usury laws shall be superseded with regard to certain pooled agricultural loans. (Sec. 15) Extends the risk-based capital test transition period (and certain related deadlines). (Sec. 16) Revises minimum capitalization and critical capital provisions. (Sec. 19) Requires recapitalization of the Corporation to at least $25 million within a specified time period. (Sec. 20) Authorizes Farm Credit System banks or associations to issue loans for secondary market sale without voting stock or participation certificate purchase requirements, or to retire voting stock or participation certificates on already issued loans. (Sec. 21) Provides for the voluntary or involuntary liquidation of the Corporation, including the appointment of a conservator or receiver.
People & committees
Rep. Emerson, Bill [R-MO-8] · R–MO
Legislative record
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For Further Action See H.R.2029.
Placed on the Union Calendar, Calendar No. 233.
Committee on Banking and Financial Services discharged.
Committee on Banking and Financial Services discharged.
Referred sequentially to the House Committee on Banking and Financial Services for a period ending not later than March 15, 1996 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(c), rule X.
Reported (Amended) by the Committee on Agriculture. H. Rept. 104-446, Part I.
Reported (Amended) by the Committee on Agriculture. H. Rept. 104-446, Part I.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Subcommittee on Resource Conservation, Research and Forestry Discharged.
Subcommittee Hearings Held. Hearings Printed: H. Hrg. 104-23.
Referred to the Subcommittee on Resource Conservation, Research and Forestry.
Executive Comment Requested from Farm Credit Admin.
Referred to the House Committee on Agriculture.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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