To enhance the financial safety and soundness of the banks and associations of the Farm Credit System.
Farm Credit Banks and Associations Safety and Soundness Act of 1992 - Title I: Farm Credit System Insurance Corporation- Amends the Farm Credit Act of 1971 to state that the Farm Credit System Insurance Corporation (Corporation) shall be the statutory successor to agreements between Farm Credit System (FCS) institutions and the Farm Credit System Assistance Board.
Title II: Removal of Hinderance to Mergers - Provides for geographic representation on FCS bank and association boards.
Title III: Clarification of Obligation of Farm Credit Banks For Repayment of Debt Issued By Farm Credit System Assistance Corporation - Requires an institution terminating FCS status to pay to the Corporation the estimated present value of future principal otherwise required had it remained in the FCS. Recognizes any such amount as a Corporation claim against the estate of a liquidating bank. States that other banks' obligations shall not be reduced in anticipation of such recoveries, but only upon their receipt by the Corporation.
Requires each institution to make annual payments to the Corporation to ensure debt repayment.
Requires each institution that issued preferred stock, beginning in 1992, to appropriate specified earnings into an account to fund such stock's retirement.
Requires each bank to: (1) record as an expense the annual increase of its bond repayment obligation; and (2) repay Treasury-paid interest on FCS obligations (through bank assessments). Accelerates Corporation repayment requirements.
Makes banks (currently institutions) primarily liable to repay certain Corporation interest and obligations. Excludes banks in liquidation from such requirement.
Expands default provisions to include all bank obligations with respect to Corporation bond principal and interest, except certain preferred stock-related bonds.
Extends the Corporation termination date until two years after the last Corporation bond maturity date.
Title IV: Clarification of Certain Authorities - Amends the Agricultural Credit Act of 1987 to direct the Farm Credit Administration to conduct a referendum among borrowers of the Federal Intermediate Credit Bank of Jackson to determine whether a merger should be completed as an arbitrated merger with the Farm Credit Bank of Texas or as a negotiated merger with a Farm Credit Bank. (Stipulates that the Administration shall order the merger if a negotiated arrangement is not concluded within a specified time.)
Sets forth long-term lending authority of the Farm Credit Bank of Texas with respect to Alabama, Louisiana, and Mississippi.
Title V: Disclosure Requirements - Provides for financial disclosure and conflict of interest reporting by FCS directors, officers, and employees.
Message on Senate action sent to the House.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill, as Failed by the Yeas and Nays: (2/3 required): 221 - 203 (Roll no. 379).
Roll Call #379 (House)Motion to reconsider laid on the table Agreed to without objection.
Rules Committee Resolution H. Res. 573 Reported to House. Rule provides for consideration of H.R. 3298 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Agriculture now printed in the bill, modified by the amendment printed in section 2 of this resolution. Measure will be considered read. Specified amendments are in order.
Rule H. Res. 573 passed House.
Considered under the provisions of rule H. Res. 573.
Rule provides for consideration of H.R. 3298 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule the amendment in the nature of a substitute recommended by the Committee on Agriculture now printed in the bill, modified by the amendment printed in section 2 of this resolution. Measure will be considered read. Specified amendments are in order.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 573 and Rule XXIII.
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The Speaker designated the Honorable Charles E. Bennett to act as Chairman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate.
DEBATE - Pursuant to the provisions of H. Res. 573, the Committee of the Whole proceeded with 10 minutes of debate on the Gradison amendments.
DEBATE - Pursuant to the provisions of H. Res. 573, the Committee of the Whole proceeded with 10 minutes of debate on the Espy amendment.
DEBATE - Pursuant to the provisions of H. Res. 573, the Committee of the Whole proceeded with 10 minutes of debate on the Traficant amendment.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3298.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
The previous question was ordered pursuant to the rule.
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union.
Passed/agreed to in House: On passage Passed by voice vote.
On passage Passed by voice vote.
Motion to reconsider laid on the table Agreed to without objection.
Laid on the table. See S. 1709 for further action.