H.R. 3030 · 100th Congress · enacted
Agricultural Credit Act of 1987
Became Public Law No: 100-233.
Latest official action 1988-01-06 · Enacted
The bill, briefly
Agricultural Credit Act of 1987 - Title I: Provisions to Assist Borrowers of, and Improve the Administration of, the Farm Credit Act of 1971 - Amends the Farm Credit Act of 1971 to provide a five-year guarantee for the value of Farm Credit System (FCS) borrower-held stock. Requires a FCS lender to restructure a financially-stressed loan if such loan's restructured value would exceed its liquidated value. Requires lenders to: (1) develop a written loan restructuring policy for Farm Credit Administration (FCA) approval; (2) review all nonaccrual and high-risk loans for restructuring possibilities; and (3) submit quarterly restructuring reports to FCA. Requires each farm credit district board to: (1) appoint a restructuring supervisory officer; and (2) monitor restructured loans. Authorizes FCS associations to establish special credit units to implement loan restructuring. Establishes a five-year federally-chartered Farm Credit System Temporary Assistance Corporation (Corporation) to replace the Farm Credit System Capital Corporation in providing financial (including stock guarantees) and technical assistance to financially troubled FCS institutions. Funds the Corporation through Treasury purchases of Corporation stock or obligations. Requires FCS repayment to the Treasury to begin five years after enactment of this Act through specified annual institution payments. Requires each…
Congressional Research Service · 1987-07-28
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Amount spent specifically on this bill: not disclosed
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Politicians behind the bill
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What happened after enactment?
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