SIMPLIFICATION OF FARM CREDIT ADMINISTRATION LAWS HEARING BEFORE A SUBCOMMITTEE OF THE AGRICULTURE AND FORESTRY EIGHTY-NINTH CONGRESS SECOND SESSION ON S. 2822 A BILL TO AMEND VARIOUS PROVISIONS OF THE FEBRUARY 24, 1966 Printed for the use of the Committee on Agriculture and Forestry Page 11 6 27 20 30 32 31 27 7 17 Statement of: CONTENTS Browne, Glenn G., Deputy Governor and Director of Land Bank Carter, L. C., Chairman, Federal Farm Credit Board.. Graham, Harry L., legislative representative, National Grange.. Johnson, Reuben L., director, legislative services, National Farmers Norton, E. M., secretary, National Milk Producers Federation____ Staley, Oren Lee, president, National Farmers Organization__ Miscellaneous documents: S. 2822, 89th Congress Staff explanation of S. 2822 Letter from Farm Credit Administration proposing S. 2822- III 1236 SIMPLIFICATION OF FARM CREDIT ADMINISTRATION LAWS THURSDAY, FEBRUARY 24, 1966 U.S. SENATE, SUBCOMMITTEE ON AGRICULTURAL CREDIT AND RURAL ELECTRIFICATION, Washington, D.C. The subcommittee met, pursuant to notice, at 10 a.m., in room 324, Old Senate Office Building, Senator Herman E. Talmadge presiding. Present: Senators Talmadge and Aiken. Senator TALMADGE. The committee will come to order. The purpose of this hearing is to take testimony on S. 2822, a bill to amend various provisions of laws administered by the Farm Credit Administration and to improve operations thereof and for other pur poses. At this point without objection there will be inserted in the record a copy of the bill, a copy of the staff explanation of the bill, a letter from Governor Tootell, addressed to the President of the Senate, dated December 23, 1965, and also a copy of a letter from the Secretary of Agriculture dated February 23, addressed to Chairman Ellender of the committee. (The documents referred to are as follows:) [S. 2822, 89th Cong., 2d sess.] A BILL To amend various provisions of the laws administered by the Farm Credit Administration to improve operations thereunder, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the laws administered by the Farm Credit Administration relating to Federal land banks, Federal intermediate credit banks, banks for cooperatives, farm credit board elections and compensation of Federal Farm Credit Board, are amended as hereinafter provided. FEDERAL LAND BANKS SEC. 2. Title I of the Federal Farm Loan Act, as amended, is amended— (a) by adding the following subsection at the end of section 10 thereof (12 U.S.C. 751–757): "(h) To the extent authorized by the Farm Credit Administration, the Federal land bank of the district, and the board of directors of a Federal land bank association, a written report and approval by the manager or another employee of the association designated for the purpose shall be acceptable in lieu of the written report and approval otherwise required of the loan committee under this section; and in such cases the favorable report and approval by the manager or other employee shall constitute the applicant a member of the association." (b) by inserting immediately before the period at the end of paragraph First of section 12 thereof (12 U.S.C. 771 First) and immediately before the period at the end of the first sentence and immediately before the second comma in the second sentence of paragraph Second of section 13 thereof 1 |