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102nd Congress > House > Vote 365
Clerk session vote number: 379
Sponsor: de la GARZA, Eligio, II (Kika) (D-TX)
Description: FARM CREDIT BANKS AND ASSOCIATIONS SAFETY AND SOUNDNESS ACT OF 1991
Bill summary: Farm Credit Banks and Associations Safety and Soundness Act of 1992 -
Title I: Farm Credit System Insurance Corporation
- Amends the Farm Credit Act of 1971 to state that the Farm Credit System Insurance Corporation (Corporation) shall be the statutory successor to agreements between Farm Credit System (FCS) institutions and the Farm Credit System Assistance Board.
Title II: Removal of Hinderance to Mergers
- Provides for geographic representation on FCS bank and association boards.
Title
III: Clarification of Obligation of Farm Credit Banks For Repayment of Debt Issued By Farm Credit System Assistance Corporation
- Requires an institution terminating FCS status to pay to the Corporation the estimated present value of future principal otherwise required had it remained in the FCS. Recognizes any such amount as a Corporation claim against the estate of a liquidating bank. States that other banks' obligations shall not be reduced in anticipation of such recoveries, but only upon their receipt by the Corporation.
Requires each institution to make annual payments to the Corporation to ensure debt repayment.
Requires each institution that issued preferred stock, beginning in 1992, to appropriate specified earnings into an account to fund such stock's retirement.
Requires each bank to: (1) record as an expense the annual increase of its bond repayment obligation; and (2) repay Treasury-paid interest on FCS obligations (through bank assessments). Accelerates Corporation repayment requirements.
Makes banks (currently institutions) primarily liable to repay certain Corporation interest and obligations. Excludes banks in liquidation from such requirement.
Expands default provisions to include all bank obligations with respect to Corporation bond principal and interest, except certain preferred stock-related bonds.
Extends the Corporation termination date until two years after the last Corporation bond maturity date.
Title IV: Clarification of Certain Authorities
- Amends the Agricultural Credit Act of 1987 to direct the Farm Credit Administration to conduct a referendum among borrowers of the Federal Intermediate Credit Bank of Jackson to determine whether a merger should be completed as an arbitrated merger with the Farm Credit Bank of Texas or as a negotiated merger with a Farm Credit Bank. (Stipulates that the Administration shall order the merger if a negotiated arrangement is not concluded within a specified time.)
Sets forth long-term lending authority of the Farm Credit Bank of Texas with respect to Alabama, Louisiana, and Mississippi.
Title V: Disclosure Requirements
- Provides for financial disclosure and conflict of interest reporting by FCS directors, officers, and employees.
Bill titles: To enhance the financial safety and soundness of the banks and associations of the Farm Credit System.
Links for more info on the vote: congress.gov
