A bill to amend the Farm Credit Act of 1971 to provide assistance to institutions and borrowers of the Farm Credit System, and for other purposes.
Farm Credit System Interest Reduction Act of 1986 - Title I: Farm Credit Assistance and Interest Reduction - Directs the Secretary of the Treasury to make loans to Farm Credit System (FCS) institutions to: (1) remove high-cost bonds from the FCS's portfolio; and (2) retire or restructure nonaccruing FCS-held loans.
Provides for borrower interest rate reductions.
Title II: Rights of Borrowers - Sets forth borrower rights relating to: (1) access to files and related information; (2) bank mergers; (3) district board election; and (4) financial disclosure by FCS officials.
Directs the Comptroller General to conduct a feasibility study regarding the return of the FCS to local control.
Title III: Independent Interest Rate-Setting Authority - Repeals Farm Credit Administration rate-setting authority.
Title IV: Funding for Farm Credit Assistance - Repeals: (1) the Legal Services Corporation Act; and (2) the Export-Import Bank Act of 1945.
Withholds from obligation and expenditure specified funds from the Foreign Assistance Act of 1961 relating to: (1) population planning; (2) voluntary United Nations contributions; and (3) foreign aid to non-Camp David countries.
Introduced in Senate
Read twice and referred to the Committee on Agriculture.
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