I
119THCONGRESS
1
STSESSION H. R. 1063
To affirm that the Farm Credit Administration is the sole and independent
regulator of the Farm Credit System.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY6, 2025
Mr. F
INSTAD(for himself, Mr. PANETTA, Mrs. MILLERof Illinois, Mr. BAIRD,
Mrs. F
ISCHBACH, and Mr. MOOLENAAR) introduced the following bill;
which was referred to the Committee on Agriculture, and in addition to
the Committee on Financial Services, for a period to be subsequently de-
termined by the Speaker, in each case for consideration of such provisions
as fall within the jurisdiction of the committee concerned
A BILL
To affirm that the Farm Credit Administration is the sole
and independent regulator of the Farm Credit System.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Farm Credit Adminis-4
tration Independent Authority Act’’. 5
VerDate Sep 11 2014 03:57 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1063.IH H1063
ssavage on LAPJG3WLY3PROD with BILLS 2
•HR 1063 IH
SEC. 2. FARMER LOAN DATA COLLECTION. 1
(a) I
NGENERAL.—The Farm Credit Act of 1971 (12 2
U.S.C. 2001 et seq.) is amended by inserting after section 3
4.19 the following: 4
‘‘SEC. 4.20. SMALL FARMER LOAN DATA COLLECTION. 5
‘‘(a) P
URPOSE.—The purpose of this section is to af-6
firm that the Farm Credit Administration is the sole and 7
independent regulator of the Farm Credit System. 8
‘‘(b) D
EFINITION.—In this section, the term ‘small 9
farmer’ means a ‘small farmer, rancher, or producer or 10
harvester of aquatic products’ as defined pursuant to sec-11
tion 4.19. 12
‘‘(c) C
OLLECTION OFDEMOGRAPHICDATA BYFARM 13
C
REDITSYSTEMLENDERS.—Notwithstanding any other 14
provision of law, Farm Credit System institutions, pursu-15
ant to regulations promulgated by the Farm Credit Ad-16
ministration, shall— 17
‘‘(1) request that loan applicants and borrowers 18
that are small farmers disclose information identi-19
fying their race, sex, and ethnicity; 20
‘‘(2) collect and maintain the information re-21
sulting from the requests; and 22
‘‘(3) report to the Farm Credit Administration 23
on an annual basis the information collected pursu-24
ant to the requests. 25
VerDate Sep 11 2014 03:57 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1063.IH H1063
ssavage on LAPJG3WLY3PROD with BILLS 3
•HR 1063 IH
‘‘(d) DIRECTIONS TO THE FARMCREDITADMINIS-1
TRATION.—The Farm Credit Administration— 2
‘‘(1) shall collect the information gathered by 3
Farm Credit System institutions under this section 4
and make the information available to the public on 5
an annual basis; and 6
‘‘(2) shall not require, in prescribing regulations 7
to implement this section, that any Farm Credit 8
System institution contradict the wishes of a cus-9
tomer who does not wish to voluntarily report race, 10
sex, or ethnicity by requiring the Farm Credit Sys-11
tem institution to report the race, sex, or ethnicity 12
of the customer based on visual observation, sur-13
name, or any other method. 14
‘‘(e) P
ROTECTION OF PERSONALLYIDENTIFIABLE 15
I
NFORMATION.—In reporting the information collected 16
under this section, the Farm Credit Administration shall 17
not include any information that would reveal the identify 18
of any loan applicant or borrower. 19
‘‘(f) E
FFECTIVEDATE.—This section shall apply 20
only to applications received and loans made 1 year or 21
more after the date of the enactment of this section.’’. 22
SEC. 3. CONFORMING AMENDMENT. 23
Section 704B(h)(1) of the Equal Credit Opportunity 24
Act (15 U.S.C. 1691c–2(h)(1)) is amended by inserting 25
VerDate Sep 11 2014 03:57 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1063.IH H1063
ssavage on LAPJG3WLY3PROD with BILLS 4
•HR 1063 IH
‘‘, other than any entity that is supervised by the Farm 1
Credit Administration’’ before the period at the end. 2
SEC. 4. CESSATION OF COMPLIANCE. 3
If financial institutions subject to subpart B of part 4
1002 of title 12, Code of Federal Regulations, are not re-5
quired to comply with the rule promulgated pursuant to 6
that subpart, whether because a court invalidates the rule 7
or the rule is otherwise repealed, the Farm Credit System 8
institutions shall not be required to comply with any regu-9
lation promulgated pursuant to the amendments made by 10
this Act. 11
Æ
VerDate Sep 11 2014 03:57 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H1063.IH H1063
ssavage on LAPJG3WLY3PROD with BILLS