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History of Agricultural Price-Support and Adjustment Programs, 1933-84
legislation covered the 1953 and 1954 crops of basic commodities if the producers had not disapproved marketing quotas and also extended, through 1955, the requirement that the effective parity price for the basic commodities should be the parity price computed under the new or the old formula, whichever was higher. Extra-long staple cotton was made a basic commodity for price support purposes. TOWARD FLEXIBLE PRICE SUPPORTS At the end of the Korean War in 1953, the specter of surpluses once again dominated agricultural policymaking. The debate over levels of support (high and fixed versus a flexible scale) was renewed. The administration of Secretary Ezra Taft Benson increasingly favored flexible supports which would drop as supplies increased. Most Congressmen from agricultural districts, on the other hand, wanted to continue fixed supports. A growing number of agricultural economists moved from their near unanimous preference for flexible supports in the late 1940s to a belief that only strong production controls and high price supports could assure acceptable farm income in a period of growing productivity. For the immediate postwar period, USDA commodity programs continued much as before. Support levels for basic crops remained at 90 percent of parity for 1953 and 1954. Secretary Benson proclaimed marketing quotas for the 1954 wheat and cotton crops on June 1, 1953, and October 9, 1953, respectively. The major types of tobacco and peanuts continued under marketing quotas. Quotas were not imposed on corn but corn acreage allotments were reinstated in 1954 for the first time since before World War II (with the brief exception of 1950). -
56392 Federal Register / Vol. 60, No. 216 / Wednesday, November 8, 1995 / Rules and Regulations
56392 Federal Register / Vol. 60, No. 216 / Wednesday, November 8, 1995 / Rules and Regulations DEPARTMENT OF AGRICULTURE result of comments that were made, omitted. This authority formerly was revisions were made in the following exercised by the Assistant Secretary for Office of the Secretary sections: Administration. Section 2.7. The term ``administrative Section 2.42(a)(28)(i). This paragraph 7 CFR Part 2 rules and regulations'' is changed to is revised to parallel the revision made ``administrative directives'' to clarify to section 2.16(a)(2)(i)(A). The proposal Revision of Delegations of Authority that the authority delegated is to be exercised in accordance with applicable excepts from the authority delegated to AGENCY: Department of Agriculture. the Administrator, Farm Service ACTION: Final rule. internal directives. The term ``in this part or elsewhere'' is changed to ``in this Agency, the authority to administer SUMMARY: This document revises the part'' to clarify that agency heads section 303(a) (2) and (3) of the Con Act, delegations of authority from the delegated authority in this regulation relating to real estate loans for Secretary of Agriculture and general report to a general officer. recreation and non-farm purposes. It has officers of the Department due to a Section 2.16(a)(2)(i)(A). The proposal been determined that the authority to reorganization. excepts from the authority delegated to administer section 303(a) (2) and (3) of EFFECTIVE DATE: November 8, 1995. the Under Secretary for Farm and the Con Act should have been included in the Administrator's delegation. FOR FURTHER INFORMATION CONTACT: Foreign Agricultural Services, the Accordingly, the provision is deleted Robert L. -
Report No. 82-156 Gov Major Acts of Congress And
REPORT NO. 82-156 GOV MAJOR ACTS OF CONGRESS AND TREATIES APPROVED BY THE SENATE 1789-1980 Christopher Dell Stephen W. Stathis Analysts in American National Governent Government Division September 1982 CONmGHnItNA^l JK 1000 B RE filmH C SE HVICA^^ ABSTRACT During the nearly two centuries since the framing of the Constitution, more than 41,000 public bills have been approved by Congress, submitted to the President for his approval and become law. The seven hundred or so acts summarized in this compilation represent the major acts approved by Congress in its efforts to determine national policies to be carried out by the executive branch, to authorize appropriations to carry out these policies, and to fulfill its responsibility of assuring that such actions are being carried out in accordance with congressional intent. Also included are those treaties considered to be of similar importance. An extensive index allows each entry in this work to be located with relative ease. The authors wish to credit Daphine Lee, Larry Nunley, and Lenora Pruitt for the secretarial production of this report. CONTENTS ABSTRACT.................................................................. 111 CONGRESSES: 1st (March 4, 1789-March 3, 1791)..................................... 3 2nd (October 24, 1791-March 2, 1793)................................... 7 3rd (December 2, 1793-March 3, 1795).................................. 8 4th (December 7, 1795-March 3, 1797).................................. 9 5th (May 15, 1797-March 3, 1799)....................................... 11 6th (December 2, 1799-March 3, 1801)................................... 13 7th (December 7, 1801-Marh 3, 1803)................................... 14 8th (October 17, 1803-March 3, 1805)....... ........................... 15 9th (December 2, 1805-March 3, 1807)................................... 16 10th (October 26, 1807-March 3, 1809).................................. -
Annual Information Statement of the Farm Credit System
2020 ANNUAL INFORMATION STATEMENT OF THE FARM CREDIT SYSTEM Federal Farm Credit Banks Funding Corporation 101 Hudson Street, Suite 3505 • Jersey City, New Jersey 07302 • 201-200-8000 MARCH 1, 2021 This annual information statement provides important information for investors in the debt securities jointly issued by the four Farm Credit System Banks — AgFirst Farm Credit Bank, AgriBank, FCB, CoBank, ACB and Farm Credit Bank of Texas (collectively, the Banks). These debt securities, which we refer to as Systemwide Debt Securities, include: • Federal Farm Credit Banks Consolidated Systemwide Bonds, • Federal Farm Credit Banks Consolidated Systemwide Discount Notes, • Federal Farm Credit Banks Consolidated Systemwide Medium-Term Notes, and • any other debt securities that the Farm Credit System Banks may jointly issue from time to time. This annual information statement does not constitute an offer to sell or a solicitation of an offer to buy Systemwide Debt Securities. Systemwide Debt Securities are offered by the Federal Farm Credit Banks Funding Corporation (Funding Corporation) on behalf of the Banks pursuant to offering circulars for each type of debt offering. The relevant offering circular as of this date is the Federal Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes Offering Circular dated December 8, 2014, as amended by the supplements dated October 2, 2017, September 17, 2018, April 1, 2020, September 23, 2020 and September 24, 2020. The offering circular may be amended or supplemented from time to time and a new offering circular may be issued. Before purchasing Systemwide Debt Securities, you should carefully read the relevant offering circular and related supplements, the most recent annual and quarterly information statements and other current information released by the Funding Corporation regarding the Banks and/or Systemwide Debt Securities. -
Public Law 110–246 110Th Congress An
PUBLIC LAW 110–246—JUNE 18, 2008 122 STAT. 1651 Public Law 110–246 110th Congress An Act To provide for the continuation of agricultural and other programs of the Department June 18, 2008 of Agriculture through fiscal year 2012, and for other purposes. [H.R. 6124] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, Food, Conservation, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. and Energy Act HORT ITLE of 2008. (a) S T .—This Act may be cited as the ‘‘Food, Con- 7 USC 8701 note. servation, and Energy Act of 2008’’. (b) TABLE OF CONTENTS.—The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Definition of Secretary. Sec. 3. Explanatory Statement. Sec. 4. Repeal of duplicative enactment. TITLE I—COMMODITY PROGRAMS Sec. 1001. Definitions. Subtitle A—Direct Payments and Counter-Cyclical Payments Sec. 1101. Base acres. Sec. 1102. Payment yields. Sec. 1103. Availability of direct payments. Sec. 1104. Availability of counter-cyclical payments. Sec. 1105. Average crop revenue election program. Sec. 1106. Producer agreement required as condition of provision of payments. Sec. 1107. Planting flexibility. Sec. 1108. Special rule for long grain and medium grain rice. Sec. 1109. Period of effectiveness. Subtitle B—Marketing Assistance Loans and Loan Deficiency Payments Sec. 1201. Availability of nonrecourse marketing assistance loans for loan commod- ities. Sec. 1202. Loan rates for nonrecourse marketing assistance loans. Sec. 1203. Term of loans. Sec. 1204. Repayment of loans. Sec. 1205. Loan deficiency payments. Sec. -
Annual Or Quarterly Information Statement
SECOND QUARTER 2021 QUARTERLY INFORMATION STATEMENT OF THE FARM CREDIT SYSTEM Federal Farm Credit Banks Funding Corporation 101 Hudson Street, Suite 3505 • Jersey City, New Jersey 07302 • 201-200-8000 AUGUST 6, 2021 This quarterly information statement provides important information for investors in the debt securities jointly issued by the four Farm Credit System Banks — AgFirst Farm Credit Bank, AgriBank, FCB, CoBank, ACB and Farm Credit Bank of Texas (collectively, the Banks). These debt securities, which we refer to as Systemwide Debt Securities, include: • Federal Farm Credit Banks Consolidated Systemwide Bonds, • Federal Farm Credit Banks Consolidated Systemwide Discount Notes, • Federal Farm Credit Banks Consolidated Systemwide Medium-Term Notes, and • any other debt securities that the Farm Credit System Banks may jointly issue from time to time. This quarterly information statement does not constitute an offer to sell or a solicitation of an offer to buy Systemwide Debt Securities. Systemwide Debt Securities are offered by the Federal Farm Credit Banks Funding Corporation (Funding Corporation) on behalf of the Banks pursuant to offering circulars for each type of debt offering. The relevant offering circular as of this date is the Federal Farm Credit Banks Consolidated Systemwide Bonds and Discount Notes Offering Circular dated December 8, 2014, as amended by the supplements dated October 2, 2017, September 17, 2018, April 1, 2020, September 23, 2020 and September 24, 2020. The offering circular may be amended or supplemented from time to time and a new offering circular may be issued. Before purchasing Systemwide Debt Securities, you should carefully read the relevant offering circular and related supplements, the most recent annual and quarterly information statements and other current information released by the Funding Corporation regarding the Banks and/or Systemwide Debt Securities. -
Consolidation in the Farm Credit System: the Case of Agcountry and United Erik D Hanson North Dakota State University
Case Study Consolidation in the Farm Credit System: The Case of AgCountry and United Erik D Hanson North Dakota State University JEL Codes: Q13, Q14 Keywords: Agricultural finance, agricultural lending, consolidation, Farm Credit System, merger Abstract Agricultural lenders provide an important service in America’s agricultural economy. In recent years, consolidation has occurred in many aspects of agriculture, including agricultural lending. This educational case study examines consolidation in the Farm Credit System (FCS), which is a system of cooperatively owned agricultural lending associations. The merger between AgCountry Farm Credit Services and United FCS illustrates some drivers of consolidation in the Farm Credit System and provides opportunities to consider the advantages and disadvantages of a merger. The perspectives of the associations’ leaders, member-owners, and employees are explored, allowing students to offer tactical and strategic advice to these stakeholders. This case study is intended for undergraduate students taking courses in agricultural finance, agricultural lending, or cooperatives. 1 Introduction In fall 2016, farmers across the upper Midwest were busy harvesting their crops and preparing for the next growing season. At the same time, leaders at AgCountry Farm Credit Services and United FCS were also reflecting on past efforts and planning for the future. Bob Bahl, the chief executive officer (CEO) of AgCountry, and Marc Knisely, the CEO of United, had identified and evaluated strategic opportunities throughout their careers in the Farm Credit System (FCS). Now they were considering another key question: whether AgCountry and United should become a single association. If a merger were to occur, the new association would conduct business with approximately 18,000 borrowers in 65 counties in eastern North Dakota, western Minnesota, and north central Wisconsin (Vinje 2017). -
Agriculture: a Glossary of Terms, Programs, and Laws 2Nd Edition
97-905 ENR Agriculture: A Glossary of Terms, Programs, and Laws 2nd Edition June 8, 1999 Jasper Womach, Coordinator Agricultural Policy Specialist Resources, Science, and Industry Division *97-905* Principal CRS contributors to this glossary are: Jasper Womach; Geoffrey S. Becker; John Blodgett; Jean Yavis Jones; Remy Jurenas; Ralph Chite; and, Paul Rockwell. Other CRS contributors are: Eugene Boyd; Lynne Corn; Betsy Cody; Claudia Copeland; Diane Duffy; Bruce Foote; Ross Gorte; Charles Hanrahan; Martin R. Lee; Donna Porter; Jean M. Rawson; Joe Richardson; Jack Taylor; Linda Schierow; Mary Tiemann; Donna Vogt; and Jeffrey Zinn. Jasper Womach is responsible for coordination and editing of the original publication. Carol Canada coordinated and edited the second edition. Because the industry, federal programs, policy issues, and the law are continuously changing, this glossary will be updated in the future. Agriculture: A Glossary of Terms, Programs, and Laws Summary The complexities of federal farm and food programs have generated a unique vocabulary. Common understanding of these terms (new and old) is important to those involved in policymaking in this area. For this reason, the House Agriculture Committee requested that CRS prepare a glossary of agriculture and related terms (e.g., food programs, conservation, forestry, environmental protection, etc.). Besides defining terms and phrases with specialized meanings for agriculture, the glossary also identifies acronyms, agencies, programs, and laws related to agriculture that are of particular interest to the staff and Members of Congress. CRS is releasing it for general congressional use with the permission of the Committee. The approximately 1,900 items selected for inclusion in this glossary were determined in large part by Committee instructions concerning their needs, and by the informed judgment of numerous CRS experts. -
C§Jlletin3~ Esm 45
C§JLLETIN3~ ESM 45 COOPERATIVE EXTENSION SERVICE I THE OHIO STATE UNIVERSITY Even though farm numbers continue to decline rapidly, increasing production from the remaining farms more than adequately supplies the food and fiber needs of our in creasing population. Since farm incomes are lower than the incomes of non-farm workers, cooperative and legislative attempts have been made to improve the farmer's economic position and increase SUMMARY society's standard of living. Farm income from all sources on a per person basis now is about 80 percent that of non-farm people--an improvement over the 50 percent level of 1959. Legislators have provided various programs--price supports (either directly or through surplus purchases and storage), agricultural credit, production controls on acreage and marketings, the s01l bank, and more recently the voluntary partial land retirement programs (feed grains, cotton, wheat)--to impro\e low farm incomes. Wars, depression, diseases, droughts and changes in the Ame rica11 diet ha\e all contributed to a shifting of emphasis concerning farm needs and legislatiYe action. Changes in the future will continue to spur new programs aimed at improving conditions for agriculture and its contribution to our total welfare. CONTENTS Farm Problems. • . 3 Obfective s •........... , ...............•......................... , ..... , . • • 4 Early Agricultural Policy.............. • . • . 4 Education and Research. • . • . 5 Farm Organization and the Cooperative Movement.............. • . • . • . • 5 Credit Smted to Farmers' -
Farm Credit Administration 1501 Farm Credit Drive Mclean, Virginia 22102-5090 (703) 883-4000
Farm Credit Administration 1501 Farm Credit Drive McLean, Virginia 22102-5090 (703) 883-4000 November 26, 2008 Federal Deposit Insurance Corporation [email protected] Robert E. Feldman, Executive Secretary Attention: Comments/Legal 550 17th Street, NW Washington, DC 20429 Subject: Minimum Capital Ratios; Capital Adequacy Guidelines; Capital Maintenance; Capital: Treatment of Certain Claims on, or Guaranteed by, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) – RIN 3064-AD34 Dear Mr. Feldman: The Farm Credit Administration (FCA or Agency) appreciates the opportunity to comment on the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and the Office of Thrift Supervision’s (collectively, the agencies) joint notice of proposed rulemaking1 to adopt a 10-percent risk weight for claims on, and the portions of claims guaranteed by, Fannie Mae or Freddie Mac. Background The FCA is an independent financial regulatory agency in the executive branch of the U.S. Government. Initially created by an Executive order of the President in 1933, the Agency now derives its powers and authorities from the Farm Credit Act of 1971, as amended (Farm Credit Act).2 The FCA examines and regulates3 the Farm Credit System (FCS or System), a government-sponsored enterprise (GSE), to ensure compliance with the Farm Credit Act, regulations, and safe and sound banking practices. The FCA also examines and regulates the Federal Agricultural Mortgage Corporation (Farmer Mac), which provides a secondary market for agricultural real 1 73 Fed. Reg. 63656 (October 27, 2008). -
Farm Credit Services of America's Deal to Leave the Farm Credit System
Order Code RS21919 Updated September 24, 2004 CRS Report for Congress Received through the CRS Web Farm Credit Services of America’s Deal to Leave the Farm Credit System Jim Monke Analyst in Agricultural Policy Resources, Science, and Industry Division Summary In an unprecedented move, an institution of the Farm Credit System (FCS or System) — a government-sponsored enterprise (GSE) — has initiated procedures to terminate its status in the System and be purchased by a private company. On July 30, 2004, the board of directors of Farm Credit Services of America (FCSA) accepted an offer to be purchased by Rabobank for $600 million in borrower-owned stock, and a projected $800 million “exit fee” payable to the Farm Credit System Insurance Corporation. FCSA is the System lending association that serves farmers in Iowa, Nebraska, South Dakota, and Wyoming. Rabobank is a private banking company from the Netherlands with extensive lending experience in agriculture. The option to leave the System is allowed by statute under the Farm Credit Act of 1971, as amended, but has been exercised only once, and did not involve an outside purchaser. The acquisition needs to be approved by the Farm Credit Administration, the federal regulator of the Farm Credit System, and by the farmer-borrower shareholders in the four-state region. If approved, the loans, facilities, and employees of FCSA would become part of Rabobank. New charters would need to be issued to allow new or existing FCS associations to begin lending in the four-state region. The approval process could be completed as early as the spring of 2005. -
Chronological Landmarks in American Agriculture (AIB-425)
A. 2 '/^i> 'è ^¿^ //?^{S United States i)] Department of ^"' Agriculture Chronological Economics Research Service Landmarks In Agriculture Information Bulletin American Number 425 Agriculture It's Easy To Order Another Copy! Just dial 1-800»999"6779. Toll free (in the United States and Canada). An other areas pïease dial 301-725-7937. Ask for Chronological Landmarks in American Agriculture (AIB-425). The cost is $11.00 per copy. For non-U.S. addresses (including Canada), add 25 percent. Charge your purchase to your VISA or MasterCard, or we can bill you. Or send a check or purchase order (made payable to ERS-NASS) to: ERS-NASS P.O. Box 1608 Rockville, MD 20849-1608. We'll fill your order by first-class mail. Revised version, Washington, DC November 1990 CHRONOLOGICAL LANDMARKS IN AMERICAN AGRICULTURE Compiled by Maryanna S. Smith and Dennis M, Roth INTRODUCTION This chronology lists major events in the history of U.S. agriculture. A source to which the reader may turn for additional information on the subject is included with most of the events. Generally, each source appears only once, although it may apply to more than one chronological citation. The reader interested in a particular subject can compile a short bibliography by consulting each citation for that subject. Key inventions, laws, changes in land policies, individuals, contributions, the development of institutions, and the introduction of new types of crops and livestock are included. There are also notes on all commissioners, secretaries of agriculture, and agencies established in response to new programs in the U.S.