Public Law No. 204, 90th Congress, approved Dec. 15, 1967. To amend the Federal Farm Loan Act, and the Farm Credit Act of 1933, as amended____ Public Law No. 328, 90th Congress, approved June 4, 1968. To authorize a temporary funding of the Emergency Credit Revolving Fund__ Public Law No. 345, 90th Congress, approved June 18, 1968. To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, to improve the capitalization of Federal intermediate credit banks and produc- Public Law No. 488, 90th Congress, approved Aug. 15, 1968. To provide for loans for enterprises to supplement farm income and for farm conversion to recreation, remove the annual ceiling on insured loans, increase the amount of unsold insured loans that may be made out of the fund___ Public Law No. 582, 90th Congress, approved Oct. 17, 1968. To amend the Federal Farm Loan Act and the Farm Credit Act of 1933, as amended, to expedite retirement of Government capital from Federal intermediate credit banks, production credit associations and banks for cooperatives_‒‒‒ Public Law No. 79, 91st Congress, approved Oct. 1, 1969. To provide addi- tional assistance for the reconstruction of areas damaged by major disasters__ Public Law No. 343, 91st Congress, approved July 18, 1970. To amend section 32(e) of title III of the BANKHEAD-JONES FARM TENANT ACT, as amended, to authorize the Secretary of Agriculture to furnish financial assist- ance in carrying out plans for works of improvement for land conservation Public Law No. 620, 91st Congress, approved Dec. 31, 1970. To amend the Consolidated Farmers Home Administration Act of 1961, as amended, to increase the loan limitation on certain loans__. Public Law No. 133, 92nd Congress, approved October 5, 1971. To extend the authority for insuring loans under the Consolidated Farmers Home Public Law No. 173, 92nd Congress, approved November 24, 1971. To amend the Consolidated Farmers Home Administration Act of 1961 to authorize Public Law No. 24, 93rd Congress, approved April 20, 1973. To amend the emergency loan program under the Consolidated Farm and Rural Devel- Public Law No. 184, 94th Congress, approved December 31, 1975. To amend the Farm Credit Act of 1971 relating to credit eligibility for cooperatives serving agricultural producers and to enlarge the access of production credit Public Law No. 366, 94th Congress, approved July 14, 1976. To repeal sec- tion 610 of the Agricultural Act of 1970 pertaining to the use of Com- Public Law No. 443, 95th Congress, approved October 10, 1978. To amend the Farm Credit Act of 1971 to extend the term for production credit association loans to producers or harvesters of aquatic products___ Public Law No. 104, 96th Congress, approved November 5, 1979. To author- ize on a temporary basis certain business and agricultural loans, notwith- standing interest limitations in State constitutions or statutes. Public Law No. 220, 96th Congress, approved March 30, 1980. To extend the Emergency Agricultural Credit Adjustment Act of 1978- Public Law No. 302, 96th Congress, (EXTRACT) approved July 2, 1980. To provide authorizations for the Small Business Administration___ Public Law No. 355, 96th Congress, approved September 24, 1980. To provide for the establishment and coordination of rural development policy--- Public Law No. 358, 96th Congress, approved September 25, 1980. To provide for the development of State plans for the construction of improvement of SUBTERMINAL STORAGE and transportation facilities for certain types of agricultural commodities within the State or within a group of States act- [PUBLIC-No. 158-64TH CONGRESS.] [8. 2986.] An Act To provide capital for agricultural development, to create standard forms of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents for the United States, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this Act shall be "The Federal Farm Loan Act." Its administration shall be under the direction and control of the Federal Farm Loan Board hereinafter created. DEFINITIONS. SEO. 2. That wherever the term "first mortgage" is used in this Act it shall be held to include such classes of first liens on farm lands as shall be approved by the Federal Farm Loan Board, and the credit instruments secured thereby. The term "farm loan bonds" shall be held to include all bonds secured by collateral deposited with a farm loan registrar under the terms of this Act; they shall be distinguished by the addition of the words "Federal," or "joint stock," as the case may be. FEDERAL FARM LOAN BOARD. SEC. 3. That there shall be established at the seat of government in the Department of the Treasury a bureau charged with the execution of this Act and of all Acts amendatory thereof, to be known as the Federal Farm Loan Bureau, under the general supervision of a Federal Farm Loan Board. Said Federal Farm Loan Board shall consist of five members, including the Secretary of the Treasury, who shall be a member and chairman ex officio, and four members to be appointed by the President of the United States, by and with the advice and consent of the Senate. Of the four members to be appointed by the President, not more than two shall be appointed from one political party, and all four of said members shall be citizens of the United States and shall devote their entire time to the business of the Federal Farm Loan Board; they shall receive an annual salary of $10,000 payable monthly, together with actual necessary traveling expenses. One of the members to be appointed by the President shall be desig nated by him to serve for two years, one for four years, one for six years, and one for eight years, and thereafter each member so appointed shall serve for a term of eight years, unless sooner removed for cause by the President. One of the members shall be designated by the President as the Farm Loan Commissioner, who shall be the active executive officer of said board. Each member of the Federal Farm Loan Board shall within fifteen days after notice of his appointment take and subscribe to the oath of office. The first meeting of the Federal Farm Loan Board shall be held in Washington as soon as may be after the passage of this Act, at a date and place to be fixed by the Secretary of the Treasury. No member of the Federal Farm Loan Board shall, during his continuance in office, be an officer or director of any other institution, association, or partnership engaged in banking, or in the business of making land mortgage loans or selling land mortgages. Before entering upon his duties as a member of the Federal Farm Loan Board each member shall certify under oath to the President that he is eligible under this section. The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board: if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the end of the next session. The Federal Farm Loan Board shall appoint a farm loan registrar in each land bank district to receive applications for issues of farm loan bonds and to perform such other services as are prescribed by this Act. It shall also appoint one or more land bank appraisers for each land bank district and as many land bank examiners as it shall deem necessary. Farm loan registrars, land bank appraisers, and land bank examiners appointed under this section shall be public officials and shall, during their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the board temporarily to do special work. The salaries and expenses of the Federal Farm Loan Board, and of farm loan registrars and examiners authorized under this section, shall be paid by the United States. Land bank appraisers shall receive such compensation as the Federal Farm Loan Board shall fix, and shall be paid by the Federal land banks and the joint stock. land banks which they serve, in such proportion and in such manner as the Federal Farm Loan Board shall order. The Federal Farm Loan Board shall be authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said board. All salaries and fees authorized in this section and not otherwise provided for shall be fixed in advance by said board and shall be paid in the same manner as the salaries of the Federal Farm Loan Board. All such attorneys, experts, assistants, clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of the Act of January sixteenth, eighteen hundred and eighty-three (volume twenty-two, United States Statutes at Large, page four hundred and three), and amendments thereto, or any rule or regulation made in pursuance thereof: Provided, That nothing herein shall prevent the President from placing said employees in the classified service. Every Federal land bank shall semiannually submit to the Federal Farm Loan Board a schedule showing the salaries or rates of compensation paid to its officers and employees. The Federal Farm Loan Board shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. |