Farm Credit Administration


The Farm Credit Administration is an independent agency of the federal government of the United States. Its function is to regulate the financial institutions that provide credit to farmers.

Authority

The Farm Credit Administration is an independent agency of the Executive Branch of the federal government of the United States. It regulates and examines the banks, associations, and related entities of the Farm Credit System, a network of borrower-owned financial institutions that provide credit to farmers, ranchers, and agricultural and rural utility cooperatives, as well as provides oversight for Farmer Mac. It derives its authority from the Farm Credit Act of 1971. The FCA is headquartered in McLean, Virginia, near Washington, DC.

History

The Farm Credit Administration was established by Executive Order 6084, which transferred most of the functions of the Federal Farm Board to the new Agricultural Adjustment Administration. The Federal Farm Board was then renamed the Farm Credit Administration.
The Farm Credit Act of 1933 provides for organizations within the Farm Credit Administration. The Farm Credit Act of 1933 was part of President Franklin D. Roosevelt's New Deal, to help farmers refinance mortgages over a longer time at below-market interest rates at regional and national banks. This helped farmers recover from the Dust Bowl. The Emergency Farm Mortgage Act loaned funds to farmers in danger of losing their properties. The campaign refinanced 20% of farmer's mortgages.
An Executive order by Roosevelt in 1933 placed all existing agricultural credit organizations under the supervision of a new agency, the Farm Credit Administration. This included the Federal Farm Board. The Farm Credit Administration was independent until 1939, when it became part of the U.S. Department of Agriculture, but became an independent agency again under the Farm Credit Act of 1953. This Act created a Federal Farm Credit Board with 13 members to develop policy for the Farm Credit Administration.
The Farm Credit Act of 1971 recodified all previous acts governing the Farm Credit System.

FCA board

The FCA board consists of three members, who are appointed by the President, by and with the advice and consent of the Senate. The President appoints members of the Board who are experienced or knowledgeable in agricultural economics and financial reporting and disclosure; are experienced or knowledgeable in the regulation of financial entities; or have a strong financial, legal, or regulatory background. A maximum of two members may be members of the same political party. They each serve terms of six years, but they may continue to serve until their successor has been confirmed and taken office. The President designates one of the members to serve as Chairman of the Board for the duration of the member’s term.

Board members

The current FCA board as of 2025:
NamePartyTook officeTerm expires
Republican
Republican
vacant

List of chairpersons

List of chairpersons since 1986:
PortraitChairpersonsTook officeLeft office
ActingDonald E. WilkinsonJanuary 23, 1986March 28, 1986
ActingKenneth J. AubergerMarch 29, 1986May 21, 1986
1Frank W. Naylor Jr.May 22, 1986November 11, 1988
ActingMarvin DuncanNovember 12, 1988October 9, 1989
2Harold B. SteeleOctober 10, 1989September 8, 1993
3Billy Ross BrownAugust 31, 1993October 17, 1994
4Marsha Pyle MartinOctober 17, 1994January 9, 2000
5Michael M. ReynaJanuary 13, 2000December 1, 2004
6Nancy C. PellettMay 22, 2004May 21, 2008
7Leland A. StromMay 22, 2008November 27, 2012
8Jill Long ThompsonNovember 27, 2012March 12, 2015
9Kenneth A. SpearmanMarch 13, 2015November 21, 2016
10Dallas P. TonsagerNovember 22, 2016May 21, 2019
11Glen R. SmithJuly 17, 2019October 21, 2022
12Vincent G. LoganOctober 21, 2022January 20, 2025
13January 20, 2025present