Farm Credit Administration Independent Authority Act

Farm Credit Administration Independent Authority Act

This bill prohibits the Consumer Financial Protection Bureau from issuing, implementing, or continuing any policy or guidance issued after January 1, 2021, that affects the Farm Credit Administration (FCA), Farm Credit System, or FCA Board.

Bill 117 HR 7768, also known as the Farm Credit Administration Independent Authority Act, aims to grant the Farm Credit Administration (FCA) greater independence and authority in overseeing the Farm Credit System (FCS). The FCS is a government-sponsored enterprise that provides credit and financial services to farmers, ranchers, and agricultural cooperatives.

The bill proposes to remove the requirement for the FCA to seek approval from the Secretary of Agriculture before issuing regulations or taking certain actions. Instead, the FCA would have the authority to make decisions independently, allowing for more efficient and effective regulation of the FCS.

Additionally, the bill seeks to enhance transparency and accountability within the FCS by requiring the FCA to provide regular reports to Congress on its activities and financial performance. This would ensure that Congress and the public are kept informed of the FCS's operations and any potential risks to the agricultural sector. Overall, the Farm Credit Administration Independent Authority Act aims to strengthen the oversight and regulation of the Farm Credit System, ultimately benefiting farmers, ranchers, and agricultural cooperatives across the country.