H.R.5635 - Farm Credit Act Amendments of 198699th Congress (1985-1986)
|Sponsor:||Rep. Jones, Ed [D-TN-8] (Introduced 10/02/1986)|
|Committees:||House - Agriculture | Senate - Agriculture, Nutrition, and Forestry|
|Committee Reports:||H.Rept 99-967|
|Latest Action:||10/18/1986 Read twice and referred to the Committee on Agriculture. (All Actions)|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.5635 — 99th Congress (1985-1986)All Bill Information (Except Text)
(Measure passed House, amended)
Passed House amended (10/06/1986)
Farm Credit Act Amendments of 1986 - Amends the Farm Credit Act of 1971 to terminate the Farm Credit Administration's (FCA) prior approval authority over Farm Credit System (FCS) loan interest rates.
Authorizes FSC banks, through December 31, 1988, and subject to FCA approval, to reduce borrowing costs by capitalizing "excess" borrowing costs (amounts by which debt incurred before January 1, 1985, exceeds prevailing market rates) and loan losses and amortizing such amounts over 20 years.
Terminates FCA's prior approval authority over interest rates on FCS direct and discounted loans.
Exempts FCS banks from having to follow generally accepted accounting principles in preparing financial statements relating to amortization of capitalized costs.