PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
Congressional Research Service
Version 00 · Introduced in House · Mar 30, 2023
Farm Credit Administration Independent Authority Act
This bill specifies that the Farm Credit Administration (FCA) is the sole regulator of the Farm Credit System (FCS) and establishes reporting requirements for FCS institutions.
Specifically, the bill states that the FCA is the sole and independent regulator of the FCS and exempts entities that are supervised by the FCA from the Equal Credit Opportunity Act (ECOA).
(The bill addresses a proposed rule by the Consumer Financial Protection Bureau [CFPB] that would implement provisions of the ECOA by requiring covered financial institutions, including FCS lenders, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and ethnicity.)
The bill also requires FCS institutions to (1) request that loan applicants and borrowers that are small farmers disclose information identifying their race, sex, and ethnicity; and (2) annually report the collected information to the FCA. If an FCS institution customer does not voluntarily report the requested information, the FCA may not require the institution to use other means to deduce the information.
People & committees
Rep. Finstad, Brad [R-MN-1] · R–MN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
Introduced in House
Primary sources
Text links open the official source. We currently store references to these documents.
Source last updated: Nov 26, 2024. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.2423 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.2423 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.2423 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.2423 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.