Farm Credit Administration

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Farm Credit Administration
Seal of the Farm Credit Administration
Logo of the Farm Credit Administration
Agency overview
FormedMarch 27, 1933 (1933-03-27)
Preceding agency
JurisdictionUnited States
HeadquartersMcLean, Virginia
Agency executive
Key document
Websitewww.fca.gov Edit this at Wikidata

The Farm Credit Administration is an

independent agency of the federal government of the United States.[1]
Its function is to regulate the financial institutions that provide credit to farmers.

Authority

The Farm Credit Administration is an

Washington, DC
.

History

The Farm Credit Administration was established by

Agricultural Adjustment Administration. The Federal Farm Board was then renamed the Farm Credit Administration.[3]

The Farm Credit Act of 1933 provides for organizations within the Farm Credit Administration. The Farm Credit Act of 1933 was part of President Franklin D. Roosevelt's New Deal, to help farmers refinance mortgages over a longer time at below-market interest rates at regional and national banks. This helped farmers recover from the Dust Bowl. The Emergency Farm Mortgage Act loaned funds to farmers in danger of losing their properties. The campaign refinanced 20% of farmer's mortgages.

An Executive order by Roosevelt in 1933 placed all existing agricultural credit organizations under the supervision of a new agency, the Farm Credit Administration.

U.S. Department of Agriculture
, but became an independent agency again under the Farm Credit Act of 1953. This Act created a Federal Farm Credit Board with 13 members (one from each of the 12 agricultural districts and one appointed by the Secretary of Agriculture) to develop policy for the Farm Credit Administration.

The Farm Credit Act of 1971 recodified all previous acts governing the Farm Credit System.

FCA board

The FCA board consists of three members, who are appointed by the President, by and with the advice and consent of the Senate. The President appoints members of the Board who are experienced or knowledgeable in agricultural economics and financial reporting and disclosure; are experienced or knowledgeable in the regulation of financial entities; or have a strong financial, legal, or regulatory background. A maximum of two members may be members of the same political party. They each serve terms of six years, but they may continue to serve until their successor has been confirmed and taken office. The President designates one of the members to serve as Chairman of the Board for the duration of the member’s term.[5]

Board members

The current FCA board as of January 20, 2025:[6]

Name Party Took office Term expires
Jeffery S. Hall (Chair) Republican March 17, 2015 (as member)
January 20, 2025 (as Chair) 		October 13, 2018
Glen R. Smith Republican December 14, 2017 May 21, 2022
Vincent G. Logan Democratic October 13, 2022 May 21, 2026

List of chairpersons

List of chairpersons since 1986:[7]

No. Portrait Chairpersons Took office Left office Ref.
Acting Donald E. Wilkinson January 23, 1986 March 28, 1986
Acting Kenneth J. Auberger March 29, 1986 May 21, 1986
1 Frank W. Naylor Jr. May 22, 1986 November 11, 1988
Acting Marvin Duncan November 12, 1988 October 9, 1989
2 Harold B. Steele October 10, 1989 September 8, 1993
3 Billy Ross Brown August 31, 1993 October 17, 1994
4 Marsha Pyle Martin October 17, 1994 January 9, 2000
5 Michael M. Reyna January 13, 2000 December 1, 2004
6 Nancy C. Pellett May 22, 2004 May 21, 2008
7 Leland A. Strom May 22, 2008 November 27, 2012
8 Jill Long Thompson November 27, 2012 March 12, 2015
9 Kenneth A. Spearman March 13, 2015 November 21, 2016
10 Dallas P. Tonsager November 22, 2016 May 21, 2019 [8]
11 Glen R. Smith July 17, 2019 October 21, 2022 [9]
12 Vincent G. Logan October 21, 2022 January 20, 2025 [10]
13 Jeffery S. Hall January 20, 2025 present [11]

See also

References

  1. S2CID 147195924
    .
  2. ^ FCA in brief
  3. ^ "1933 - March 27: President Roosevelt issues Executive Order 6084 creating the Farm Credit Administration, to be effective in 60 days". Farm Credit Archive. Farm Credit System. Archived from the original on 2011-11-06.
  4. ^ Peters,Gerhard; Woolley, John T. "Franklin D. Roosevelt: "Executive Order 6084 Consolidating Federal Farm Credit Agencies" March 27, 1933". The American Presidency Project. University of California - Santa Barbara. Retrieved June 30, 2013.
  5. ^ 12 U.S.C. § 2242
  6. ^ "FCA board". FCA.gov. Farm Credit Administration. May 6, 2024. Retrieved December 22, 2024.
  7. ^ "History of FCA Governance". FCA.
  8. ^ "Dallas P. Tonsager Is Designated Chairman and CEO of Farm Credit Administration" (PDF). FCA. November 28, 2016.
  9. ^ "Glen R. Smith Designated FCA Chairman and CEO". Landscapes. Winter 2019.
  10. ^ "Vincent G. Logan is designated FCA board chairman and CEO" (PDF). FCA. October 21, 2022.
  11. ^ "President Trump designates Paoli native Jeffery Hall as board chairman and CEO of the Farm Credit Administration". WBIW. January 24, 2025.
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