Us Congress 2023-2024 Regular Session

Us Congress House Bill HB2423 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	118THCONGRESS
3	3	1
4	4	STSESSION H. R. 2423
5	5	To affirm that the Farm Credit Administration is the sole and independent
6	6	regulator of the Farm Credit System.
7	7	IN THE HOUSE OF REPRESENTATIVES
8	8	MARCH30, 2023
9	9	Mr. F
10	10	INSTAD(for himself, Mr. PANETTA, Mrs. FISCHBACH, Mr. LAMALFA,
11	11	and Ms. C
12	12	RAIG) introduced the following bill; which was referred to the
13	13	Committee on Agriculture, and in addition to the Committee on Financial
14	14	Services, for a period to be subsequently determined by the Speaker, in
15	15	each case for consideration of such provisions as fall within the jurisdic-
16	16	tion of the committee concerned
17	17	A BILL
18	18	To affirm that the Farm Credit Administration is the sole
19	19	and independent regulator of the Farm Credit System.
20	20	Be it enacted by the Senate and House of Representa-1
21	21	tives of the United States of America in Congress assembled, 2
22	22	SECTION 1. SHORT TITLE. 3
23	23	This Act may be cited as the ‘‘Farm Credit Adminis-4
24	24	tration Independent Authority Act’’. 5
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27	27	•HR 2423 IH
28	28	SEC. 2. FARMER LOAN DATA COLLECTION. 1
29	29	(a) I
30	30	NGENERAL.—The Farm Credit Act of 1971 (12 2
31	31	U.S.C. 2001 et seq.) is amended by inserting after section 3
32	32	4.19 the following: 4
33	33	‘‘SEC. 4.20. SMALL FARMER LOAN DATA COLLECTION. 5
34	34	‘‘(a) P
35	35	URPOSE.—The purpose of this section is to af-6
36	36	firm that the Farm Credit Administration is the sole and 7
37	37	independent regulator of the Farm Credit System. 8
38	38	‘‘(b) D
39	39	EFINITION.—In this section, the term ‘small 9
40	40	farmer’ means a ‘small farmer, rancher, or producer or 10
41	41	harvester of aquatic products’ as defined pursuant to sec-11
42	42	tion 4.19. 12
43	43	‘‘(c) C
44	44	OLLECTION OFDEMOGRAPHICDATA BYFARM 13
45	45	C
46	46	REDITSYSTEMLENDERS.—Notwithstanding any other 14
47	47	provision of law, Farm Credit System institutions, pursu-15
48	48	ant to regulations promulgated by the Farm Credit Ad-16
49	49	ministration, shall— 17
50	50	‘‘(1) request that loan applicants and borrowers 18
51	51	that are small farmers disclose information identi-19
52	52	fying their race, sex, and ethnicity; 20
53	53	‘‘(2) collect and maintain the information re-21
54	54	sulting from the requests; and 22
55	55	‘‘(3) report to the Farm Credit Administration 23
56	56	on an annual basis the information collected pursu-24
57	57	ant to the requests. 25
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60	60	•HR 2423 IH
61	61	‘‘(d) DIRECTIONS TO THE FARMCREDITADMINIS-1
62	62	TRATION.—The Farm Credit Administration— 2
63	63	‘‘(1) shall collect the information gathered by 3
64	64	Farm Credit System institutions under this section 4
65	65	and make the information available to the public on 5
66	66	an annual basis; and 6
67	67	‘‘(2) shall not require, in prescribing regulations 7
68	68	to implement this section, that any Farm Credit 8
69	69	System institution contradict the wishes of a cus-9
70	70	tomer who does not wish to voluntarily report race, 10
71	71	sex, or ethnicity by requiring the Farm Credit Sys-11
72	72	tem institution to report the race, sex, or ethnicity 12
73	73	of the customer based on visual observation, sur-13
74	74	name, or any other method. 14
75	75	‘‘(e) P
76	76	ROTECTION OF PERSONALLYIDENTIFIABLE 15
77	77	I
78	78	NFORMATION.—In reporting the information collected 16
79	79	under this section, the Farm Credit Administration shall 17
80	80	not include any information that would reveal the identify 18
81	81	of any loan applicant or borrower. 19
82	82	‘‘(f) E
83	83	FFECTIVEDATE.—This section shall apply 20
84	84	only to applications received and loans made 1 year or 21
85	85	more after the date of the enactment of this section.’’. 22
86	86	SEC. 3. CONFORMING AMENDMENTS. 23
87	87	Section 704B(h)(1) of the Equal Credit Opportunity 24
88	88	Act (15 U.S.C. 1691c–2(h)(1)) is amended by inserting 25
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91	91	•HR 2423 IH
92	92	‘‘, other than any entity that is supervised by the Farm 1
93	93	Credit Administration’’ before the period at the end. 2
94	94	Æ
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