A BILL TO AMEND THE FEDERAL FARM LOAN ACT, AS 64780 MAY 15, 16; JUNE 14, 26, 1947 Printed for the use of the Committee on Agriculture UNITED STATES WASHINGTON: 1947 6, 137, 149 Duggan, Ivy W., Governor, Farm Credit Administration. Fine, Golden F., director, Federal Land Bank of Berkeley, Calif. Goss, Albert S., master, the National Grange, Washington, D. C. Graham, J. Ralph., chairman, Farm Credit Board, Springfield, Mass_ Holman, Chas., W., National Cooperative Milk Producers Association, Mays, Jacob H., director, Second Farm Credit District, Weiser Park, Ogg, W. R., director, Washington office, American Farm Bureau Rask, Sam A., director, Seventh Farm Credit District, St. Paul, Minn Schwyn, Carl H., director, Federal Land Bank of Louisville, Ky. Smith, Russell, Farmers Educational and Cooperative Union (sub- 27 COMMISSIONERS LOANS THURSDAY, MAY 15, 1947 HOUSE OF REPRESENTATIVES, The committee met at 10 a. m., Hon. Clifford R. Hope (chairman) presiding. The CHAIRMAN. The committee will come to order. The committee has met this morning to consider the bill H. R. 3330. This bill was introduced by the chairman and was submitted by the Farm Credit Administration pursuant to directions which were contained in Public Law 505 of the Seventy-ninth Congress. The members of the committee who were Members of the Seventy-ninth Congress will recall that in that act the committee directed the Farm Credit Administration to submit to the Congress a program which would provide for substantially the same service to farmers through the Federal land bank system in the way of loans that farmer borrowers had been receiving through Land Bank Commissioner loans. (H. R. 3330 is as follows:) [H. R. 3330, 80th Cong., 1st sess.] A BILL To amend the Federal Farm Loan Act, as amended, and the Federal Farm Mortgage Corporation Act, as amended, to make available to farmers through the Federal Land Bank System loans similar to those made by the Land Bank Commissioner on behalf of the Federal Farm Mortgage Corporation; to transfer the existing Land Bank Commissioner loans and related assets of the Federal Farm Mortgage Corporation to the Federal land banks; to provide for the Federal Farm Mortgage Corporation to repay its Government capital with interest; to authorize the Federal land banks to establish a Federal Land Bank System reserve fund; and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Farm Credit Act of 1947" and shall become effective July 1, 1947. SEC. 2. (a) The following provisions of the Federal Fårm Loan Act, as amended, are further amended by striking out "65" and inserting in lieu thereof "75": (1) Paragraph "Fifth" of section 12 (title 12, U. S. C. 771); (2) The last paragraph of section 19 (title 12, U. S. C. 857); and (3) The fifth sentence of the first paragraph of section 10 (title 12, U. S. C. 751). (b) Paragraph "Fifth" of section 12 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 771), is further amended by inserting the following new sentence after the second sentence thereof: "Subject to rules and regulations to be issued by the Farm Credit Administration established, opportunity to supplement the earnings from the farm with income from other sources may be considered." (c) Paragraph "Seventh" of section 12 of the Federal Farm Loan Act, as amended (title 12, U. S. C. 771), is amended to read as follows: "Seventh. The amount of special loans to any one borrower shall in no case exceed a maximum of $7,500 and the amount of all loans to any one borrower shall in no case exceed a maximum of $57,000, but regular loans to any one borrower shall not exceed $25,000 unless approved by the Land Bank Commis 1 |