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{{Short description|Federal act}}
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[[File:Reagan Contact Sheet C44701 (cropped).jpg|thumb|right|[[President of the United States|President]] [[Ronald Reagan]] signing the act]]
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The '''Agricultural Credit Act of 1987''' (P.L.100-233) was enacted in response to the severe financial crisis of the early- to mid-1980s, which affected both farmers and their lending institutions. The Act authorized a $4 billion financial assistance package for financially vulnerable institutions of the [[Farm Credit System]] (FCS), protected the full value of FCS borrower stock when retired, established a permanent insurance mechanism to ensure the repayment of funds borrowed by the FCS for lending purposes, required the FCS and USDA’s Farmers Home Administration (now, the [[Farm Service Agency]]) to restructure severely delinquent farm loans that met certain criteria, mandated FCS consolidation, and established a secondary market for farm real estate loans.
In [[Agricultural policy of the United States|United States federal agriculture legislation]], the '''Agricultural Credit Act of 1987''' ({{USStatute|100|233|101|1568|1988|01|06}}) was enacted in response to [[1980s farm crisis|the severe financial crisis of the early- to mid-1980s]], which affected both farmers and their lending institutions.


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The Act authorized a $4 billion financial assistance package for financially vulnerable institutions of the [[Farm Credit System]] (FCS), protected the full value of FCS borrower stock when retired, established a permanent insurance mechanism to ensure the repayment of funds borrowed by the FCS for lending purposes, required the FCS and USDA’s Farmers Home Administration (now, the [[Farm Service Agency]]) to restructure severely delinquent farm loans that met certain criteria, mandated FCS consolidation, and established a secondary market for farm real estate loans, including creation of the [[Federal Agricultural Mortgage Corporation]] (Farmer Mac).
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== References ==


== See also ==
* [[Agriculture Mediation Program]]
* [[Financial Institutions Reform, Recovery, and Enforcement Act of 1989]]

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== References ==
*{{CRS|article = Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition|url = http://ncseonline.org/nle/crsreports/05jun/97-905.pdf|author= Jasper Womach}}
*{{CRS|article = Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition|url = http://ncseonline.org/nle/crsreports/05jun/97-905.pdf|author= Jasper Womach}}

== External links ==
* [https://www.govinfo.gov/content/pkg/COMPS-12449/uslm/COMPS-12449.xml Agricultural Credit Act of 1987] as amended ([https://www.govinfo.gov/content/pkg/COMPS-12449/pdf/COMPS-12449.pdf PDF]/[https://www.govinfo.gov/app/details/COMPS-12449/ details]) in the [[United States Government Publishing Office|GPO]] [https://www.govinfo.gov/help/comps Statute Compilations collection]

{{Presidency of Ronald Reagan}}
{{US farm acts}}
{{authority control}}


{{DEFAULTSORT:Agricultural Credit Act Of 1987}}
{{DEFAULTSORT:Agricultural Credit Act Of 1987}}
[[Category:United States federal agriculture legislation]]
[[Category:United States federal agriculture legislation]]
[[Category:Farm Credit System]]

Latest revision as of 00:50, 3 January 2025

President Ronald Reagan signing the act

In United States federal agriculture legislation, the Agricultural Credit Act of 1987 (Pub. L. 100–233, 101 Stat. 1568, enacted January 6, 1988) was enacted in response to the severe financial crisis of the early- to mid-1980s, which affected both farmers and their lending institutions.

The Act authorized a $4 billion financial assistance package for financially vulnerable institutions of the Farm Credit System (FCS), protected the full value of FCS borrower stock when retired, established a permanent insurance mechanism to ensure the repayment of funds borrowed by the FCS for lending purposes, required the FCS and USDA’s Farmers Home Administration (now, the Farm Service Agency) to restructure severely delinquent farm loans that met certain criteria, mandated FCS consolidation, and established a secondary market for farm real estate loans, including creation of the Federal Agricultural Mortgage Corporation (Farmer Mac).

See also

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References

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  • Public Domain This article incorporates public domain material from Jasper Womach. Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition (PDF). Congressional Research Service.
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