Page:United States Statutes at Large Volume 99 Part 2.djvu/600

 99 STAT. 1710 12 USC 2001 note.

Regulations.

PUBLIC LAW 99-205—DEC. 23, 1985

Farm Credit Administration, under the Farm Credit Act of 1971 as in effect on the day before the date of enactment of this Act, shall perform the functions of the Farm Credit Administration Board prescribed for such Board by this Act. (2) When the Chairman of such Board is so appointed and confirmed, the Chairman shall assume any responsibilities and powers of the Board being exercised by the Governor under this subsection. (c) In carrying out the duties and functions specified in subsections (a) and (b), the Governor of the Farm Credit Administration shall serve at the pleasure of the President. (d) All regulations of the Farm Credit Administration or the institutions of the System, and all charters, bylaws, resolutions, stock classifications, and pwlicy directives issued or approved by the Farm Credit Administration, and all elections held and appointments made under the Farm Credit Act of 1971, before the date of enactment of this Act, shall be continuing and remain valid until superseded, modified, or replaced under the authority of this Act. SENSE OF CONGRESS

Ante, p. 1709.

President of U.S. 12 USC 2001 note.

study.

Report.

SEC. 403. It is the sense of Congress that the pressing needs of the Farm Credit System and the United States agricultural industry require the implementation of this Act as soon as practicable, and that the President should ensure that the members of the Farm Credit Administration Board constituted under section 201(1) are appointed not later thsm thirty days after enactment of this Act. TITLE V—NATIONAL COMMISSION ON AGRICULTURAL FINANCE SEC. 501. (a) The President shall appoint a National Commission on Agricultural Finance. Such Commission shall be comprised of 15 members, of whom 7 shall be appointed by the President and 4 each by the Speaker of the House of Representatives and the President pro tempore of the Senate. The Commission shall consist of representatives of the financial community, the agricultural sector, and government. (b) The National Commission on Agricultural Finance shall conduct a study of methods to ensure the availability of adequate credit to agricultural producers and agribusiness, taking into account the long-term financing needs of the agricultural economy; the roles of the commercial bsmks, the Farm Credit System, and the Farmers Home Administration in meeting those financial needs. (c) In conducting such study, the National Commission on Agricultural Finance shall— (1) evaluate the financial circumstances relative to both lenders and borrowers of farm credit; (2) evaluate the structure, performance, and conduct of private lenders—commercial bankers and the Farm Credit System—and public lenders; (3) explore the need for long-term assistance in stabilizing the value of agricultural assets; and (4) evaluate the effect on suppliers, producers, processors, and local communities when financial institutions fail. (d) Not later than one year after the date of enactment of this Act, the Commission shall submit a report containing the results of the study required by this section, together with conunents and rec-

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