What is the Farm Credit Administration?
The Farm Credit Administration is an independent agency of the United States Governments’ Executive branch. The Farm Credit Administration is responsible for examining and regulating the banking systems, associations and related entities of the Farm Credit System—a network of borrower-owned financial institutions that were created to provide liens of credit to farmers, ranchers and agricultural cooperatives. The Farm Credit Administration derives its authority from the passing of the Farm Credit Act of 1971.
The powers awarded to the Farm Credit Administration, although realigned and refurbished by the passing of the Farm Credit Act of 1971, has its roots in the Farm Credit Act of 1933. This originally legislation, which was part of President Franklin D. Roosevelt’s New Deal, helped farmers refinance their mortgages over a longer period of time at or blow market interest rates.
Currently, the Farm Credit Administration is run by the Federal Farm Credit Board—a committee consisting of 13 members (one from each of the 12 agricultural districts of the United States and one appointed by the Secretary of Agriculture)—intended to develop policy and regulation for the Farm Credit Administration.
Farm Credit Administration Quick Facts
The following details outline the administration of the Farm Credit Administration:
The Farm Credit Administration was founded in 1933 under the New Deal
The headquarters of the Farm Credit Administration are located in Mclean, Virginia
The Farm Credit Administration is responsible for the jurisdiction over the Agricultural districts of the United States of America
What is an Independent Government Agency?
Independent government agencies are established through separate statutes passed by the United States Congress; each respective statutory grant of authority will define the goals or mission that the agency must work towards, in addition to the substantive areas, if applicable, over which the Independent Agency may have the power of rulemaking. These agency regulations, when enforced, maintain the power of federal law.
