US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 2241

Farm Credit Administration

The Farm Credit Administration shall be an independent agency in the executive branch of the Government. It shall be composed of the Farm Credit Administration Board and such other personnel as are employed in carrying out the functions, powers, and duties vested in the Farm Credit Administration by this chapter.

Pub. L. 92–181, title V, § 585 Stat. 617Pub. L. 99–205, title II, § 201(1)99 Stat. 1688(.7, , ; , , .)

Editorial Notes

Amendments

Pub. L. 99–2051985— amended section generally, substituting “Farm Credit Administration Board and such other personnel” for “Federal Farm Credit Board, the Governor of the Farm Credit Administration, and such other personnel”.

Statutory Notes and Related Subsidiaries

Effective Date of 1985 Amendment

Pub. L. 99–205section 401 of Pub. L. 99–205section 2001 of this titleAmendment by effective thirty days after , see , set out as a note under .

Interim Implementation of 1985 Amendment

Pub. L. 99–205, title IV, § 40299 Stat. 1709

“(a)
section 2242 of this titlePub. L. 99–205section 2001 of this title Until the Chairman of the Farm Credit Administration Board provided for under the amendment made by section 201(1) of this Act [see ] is appointed by the President and confirmed by the Senate, the Governor of the Farm Credit Administration, under the Farm Credit Act of 1971 [this chapter] as in effect on the day before the date of enactment of this Act [], shall perform the functions of the Chairman prescribed for the Chairman by this Act [, see Short Title of 1985 Amendment note set out under ].
“(b)
(1)
section 2242 of this titlePub. L. 99–205section 2001 of this title Except as provided in paragraph (2), until at least two members of the Farm Credit Administration Board provided under the amendment made by section 201(1) of this Act [see ] are appointed by the President and confirmed by the Senate, the Governor of the Farm Credit Administration, under the Farm Credit Act of 1971 [this chapter] as in effect on the day before the date of enactment of this Act [], shall perform the functions of the Farm Credit Administration Board prescribed for such Board by this Act [, see Short Title of 1985 Amendment note set out under ].
“(2)
When the Chairman of such Board is so appointed and confirmed, the Chairman shall assume any responsibilities and powers of the Board being exercised by the Governor under this subsection.
“(c)
In carrying out the duties and functions specified in subsections (a) and (b), the Governor of the Farm Credit Administration shall serve at the pleasure of the President.
“(d)
Pub. L. 99–205section 2001 of this title All regulations of the Farm Credit Administration or the institutions of the System, and all charters, bylaws, resolutions, stock classifications, and policy directives issued or approved by the Farm Credit Administration, and all elections held and appointments made under the Farm Credit Act of 1971 [this chapter], before the date of enactment of this Act [], shall be continuing and remain valid until superseded, modified, or replaced under the authority of this Act [, see Short Title of 1985 Amendment note set out under ].”
, , , provided that: