legislation: 99-hr-5635

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
99-hr-5635 99 hr 5635 Farm Credit Act Amendments of 1986 Agriculture and Food 1986-10-02 1986-10-18 Read twice and referred to the Committee on Agriculture. House Rep. Jones, Ed [D-TN-8] TN D J000216 66 (Measure passed House, amended) Farm Credit Act Amendments of 1986 - Amends the Farm Credit Act of 1971 to terminate the Farm Credit Administration's (FCA) prior approval authority over Farm Credit System (FCS) loan interest rates. Authorizes FSC banks, through December 31, 1988, and subject to FCA approval, to reduce borrowing costs by capitalizing "excess" borrowing costs (amounts by which debt incurred before January 1, 1985, exceeds prevailing market rates) and loan losses and amortizing such amounts over 20 years. Terminates FCA's prior approval authority over interest rates on FCS direct and discounted loans. Exempts FCS banks from having to follow generally accepted accounting principles in preparing financial statements relating to amortization of capitalized costs. 2025-01-14T16:41:20Z  

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