Federal Agricultural Mortgage Corporation Safety and Soundness Improvement Act of 1991

Federal Agricultural Mortgage Corporation Safety and Soundness Act of 1991 - Amends the Farm Credit Act of 1971 to require the Director of the Office of Secondary Market Oversight (established by this Act) to establish a written risk-based capital test for the Federal Agricultural Mortgage Corporation (Corporation) sufficient to maintain ten-year positive capital based upon credit risk and interest rate risk components (with adjustments for foreign exchange risk and management and operations risk). Provides for test review and revision as necessary five years after enactment of this Act.

Establishes: (1) the minimum capital level for the Corporation based upon specified percentages of assets and obligations; (2) an 18-month transition minimum capital level; (3) linked portfolio asset levels; and (4) critical capital levels.

Requires the Director to classify the Corporation on a quarterly basis according to enforcement levels I, II, III, or IV, based upon regulatory capital and minimum capital levels.

Requires the Corporation, if classified as level II or III, to implement a capital restoration plan and restrict dividends as necessary. Authorizes additional supervisory actions for level III, including: (1) limitations on increases in obligations or growth; (2) dividend prohibitions; (3) required acquisition of new capital; and (4) conservatorship.

Requires the appointment of a conservator if the Corporation is classified as level IV.

Authorizes the Director to appoint a conservator upon a determination that the Corporation: (1) is unlikely to repay its debts; (2) is unlikely to replenish its core capital without Federal assistance; (3) has concealed or refused to provide books or other material records; or (4) is classified as level III. Requires written notice to the Congress and the Corporation prior to such appointment. Authorizes the Corporation to seek judicial review of such an appointment in U.S. district court.

Requires the Director to terminate a conservatorship upon a determination that the Corporation has achieved minimum capital requirements.

Requires the Corporation's capital restoration plan to: (1) specify required capital levels; (2) describe how such levels will be attained; (3) establish a completion schedule; and (4) describe required compliance methods.

Authorizes the Corporation to seek judicial review of any final action of the Director or the Farm Credit Administration Board in the U.S. Court of Appeals for the District of Columbia Circuit.

Establishes within the Farm Credit Administration (Administration) the Office of Secondary Market Oversight.

Authorizes the Corporation, under the linked portfolio option, to purchase and sell securities that represent pools of qualified loans. Authorizes the Corporation to issue and have outstanding obligations in order to purchase securities.

Includes beginning farmers with small farms and family farmers for purposes of qualified loan standards to encourage lending to such groups.

Directs the Administration to evaluate the Corporation's financial safety and soundness, taking into consideration: (1) minimum standards for credit underwriting, loan repayment, security appraisal, pool diversification, and certification; (2) reserves for each pool of qualified loans; and (3) minimum capital standards.

Directs the Administration to study and report to the Congress on the costs associated with establishing the Office of Secondary Market Oversight.

Directs the Comptroller General to study and report to the Congress on financial institution access to the agricultural mortgage secondary market.