119-hr1063

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1063 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 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

 February 6, 2025

 Mr. Finstad (for himself, Mr. Panetta, Mrs. Miller of Illinois, Mr. 
 Baird, Mrs. Fischbach, 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 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. FARMER LOAN DATA COLLECTION.

    (a) In General.--The Farm Credit Act of 1971 (12 U.S.C. 2001 et 
seq.) is amended by inserting after 

section 4.19 the following:

``

SEC. 4.20. SMALL FARMER LOAN DATA COLLECTION.

 ``

    (a) 

=== Purpose ===
-The purpose of this section is to affirm that the 
Farm Credit Administration is the sole and independent regulator of the 
Farm Credit System.
 ``

    (b) 

=== Definition. ===
-In this section, the term `small farmer' means a 
`small farmer, rancher, or producer or harvester of aquatic products' 
as defined pursuant to 

section 4.19.
 ``
            (c) Collection of Demographic Data by Farm Credit System 
Lenders.--Notwithstanding any other provision of law, Farm Credit 
System institutions, pursuant to regulations promulgated by the Farm 
Credit Administration, shall--
 ``

    (1) request that loan applicants and borrowers that are 
 small farmers disclose information identifying their race, sex, 
 and ethnicity;
 ``

    (2) collect and maintain the information resulting from 
 the requests; and
 ``

    (3) report to the Farm Credit Administration on an annual 
 basis the information collected pursuant to the requests.
 ``
            (d) Directions to the Farm Credit Administration.--The Farm 
Credit Administration--
 ``

    (1) shall collect the information gathered by Farm Credit 
 System institutions under this section and make the information 
 available to the public on an annual basis; and
 ``

    (2) shall not require, in prescribing regulations to 
 implement this section, that any Farm Credit System institution 
 contradict the wishes of a customer who does not wish to 
 voluntarily report race, sex, or ethnicity by requiring the 
 Farm Credit System institution to report the race, sex, or 
 ethnicity of the customer based on visual observation, surname, 
 or any other method.
 ``

    (e) Protection of Personally Identifiable Information.--In 
reporting the information collected under this section, the Farm Credit 
Administration shall not include any information that would reveal the 
identify of any loan applicant or borrower.
 ``

    (f) Effective Date.--This section shall apply only to 
applications received and loans made 1 year or more after the date of 
the enactment of this section.''.

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 ``, other than any entity that 
is supervised by the Farm Credit Administration'' before the period at 
the end.

SEC. 4. CESSATION OF COMPLIANCE.

 If financial institutions subject to subpart B of part 1002 of 
title 12, Code of Federal Regulations, are not required to comply with 
the rule promulgated pursuant to that subpart, whether because a court 
invalidates the rule or the rule is otherwise repealed, the Farm Credit 
System institutions shall not be required to comply with any regulation 
promulgated pursuant to the amendments made by this Act.
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