118 HR 6564 IH: Farm Credit Adjustment Act U.S. House of Representatives 2023-12-01 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 6564IN THE HOUSE OF REPRESENTATIVESDecember 1, 2023Ms. Spanberger (for herself and Mr. LaMalfa) introduced the following bill; which was referred to the Committee on AgricultureA BILLTo allow the Farm Credit Administration the option to examine low-risk Farm Credit System institutions under a 24-month cycle.

1.

Short title

This Act may be cited as the Farm Credit Adjustment Act.

2.

Farm Credit Administration option to examine low risk Farm Credit System institutions on a 24-month cycle

(a)

In general

Section 5.19(a) of the Farm Credit Act of 1971 (12 U.S.C. 2254(a)) is amended in the 1st sentence—(1)by striking in no event and inserting not; and(2)by inserting , except that the Farm Credit Administration, in its sole discretion, may extend the time period between mandatory examinations of institutions deemed by the Farm Credit Administration to be low-risk institutions to not more than 24 months before the period.(b)

Effective date

The amendments made by subsection (a) shall take effect on October 1, 2024.