Page:United States Statutes at Large Volume 110 Part 1.djvu/192

 110 STAT. 168 PUBLIC LAW 104-105—FEB. 10, 1996 12 USC 2279bb-7. 12 USC 2279CC. percent of the total minimum capital amount determined under section 8.33.". SEC. 116. ENFORCEMENT LEVELS. Section 8.35(e) of the Farm Credit Act of 1971 (12 U.S.C. 2279bb-4(e)) is amended by striking "during the 30-month period beginning on the date of the enactment of this section," and inserting "during the period beginning on December 13, 1991, and ending on the effective date of the risk based capital regulation issued by the Director under section 8.32,". SEC. 117. RECAPITALIZATION OF THE CORPORATION. Title VIII of the Farm Credit Act of 1971 (12 U.S.C. 2279aa et seq.) is amended by adding at the end the following: " SEC. 8.38. RECAPITALIZATION OF THE CORPORATION. "(a) MANDATORY RECAPITALIZATION.— The Corporation shall increase the core capital of the Corporation to an amount equal to or greater than $25,000,000, not later than the earlier of— "(1) the date that is 2 years after the date of enactment of this section; or "(2) the date that is 180 days after the end of the first calendar quarter that the aggregate on-balance sheet assets of the Corporation, plus the outstanding principal of the off- balance sheet obligations of the Corporation, equal or exceed $2,000,000,000. "(b) RAISING CORE CAPITAL.—In carrying out this section, the Corporation may issue stock under section 8.4 and otherwise employ any recognized and legitimate means of raising core capital in the power of the Corporation under section 8.3. " (c) LIMITATION ON GROWTH OF TOTAL ASSETS. — During the 2-year period beginning on the date of enactment of this section, the aggregate on-balance sheet assets of the Corporation plus the outstanding principal of the off-balance sheet obligations of the Corporation may not exceed $3,000,000,000 if the core capital of the Corporation is less than $25,000,000. "(d) ENFORCEMENT.—I f the Corporation fails to carry out subsection (a) by the date required under paragraph (1) or (2) of subsection (a), the Corporation may not purchase a new qualified loan or issue or guarantee a new loan-backed security until the core capital of the Corporation is increased to an amount equal to or greater than $25,000,000.". SEC. 118. LIQUIDATION OF THE FEDERAL AGRICULTURAL MORTGAGE CORPORATION. Title VIII of the Farm Credit Act of 1971 (12 U.S.C. 2279aa et seq.) (as amended by section 117) is amended by adding at the end the following: "Subtitle C—Receivership, Conservatorship, and Liquidation of the Federal Agricultural Mortgage Corporation " SEC. 8.41. CONSERVATORSHIP; LIQUIDATION; RECEIVERSHIP. "(a) VOLUNTARY LIQUIDATION.— The Corporation may voluntarily liquidate only with the consent of, and in accordance with

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