A bill to amend the Consolidated Farm and Rural Development Act and the Farm Credit Act of 1971.

Amends the Consolidated Farm and Rural Development Act with regard to farmland held by the Farmers Home Administration to: (1) prohibit giving preference to a purchaser who has been convicted of defrauding the Government; and (2) prohibit, except in certain circumstances, the resale of land by a preference-purchaser within two years after purchase.

Amends the Farm Credit Act of 1971 with regard to farmland held by the Farm Credit System to: (1) provide for the forfeiture of the right of first refusal by a previous owner who has been convicted of defrauding the Government or the Farm Credit System; and (2) prohibit, except in certain circumstances, the resale of land by a preference-purchaser within two years after purchase.