Farm Credit Administration Independent Authority Act

Farm Credit Administration Independent Authority Act

This bill prohibits the Consumer Financial Protection Bureau from issuing, implementing, or continuing any policy or guidance issued after January 1, 2021, that affects the Farm Credit Administration (FCA), Farm Credit System, or FCA Board.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7768 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7768

     To affirm that the Farm Credit Administration is the sole and 
            independent regulator of the Farm Credit System.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 13, 2022

Mr. Rodney Davis of Illinois (for himself, Mr. Panetta, Mrs. Fischbach, 
Ms. Spanberger, and Ms. Craig) 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 
   determined 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farm Credit Administration 
Independent Authority Act''.

SEC. 2. AFFIRMATION THAT THE FARM CREDIT ADMINISTRATION IS THE SOLE AND 
              INDEPENDENT REGULATOR OF THE FARM CREDIT SYSTEM.

    Section 5.7 of the Farm Credit Act of 1971 (12 U.S.C. 2241) is 
amended by adding at the end the following: ``The Bureau of Consumer 
Financial Protection may not issue, implement, or continue in effect 
any policy or guidance issued after January 1, 2021, to the extent that 
the policy or guidance affects the Farm Credit Administration, Farm 
Credit System, or Board.''.

SEC. 3. CONFORMING AMENDMENT.

    Section 704B(h)(1) of the Equal Credit Opportunity Act (15 U.S.C. 
1691c-2(h)(1)) is amended by inserting ``, and that is not supervised 
by the Farm Credit Administration'' before the period.
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