FARM CREDIT ADMINISTRATION BOARD.

SEC. 431. FARM CREDIT ADMINISTRATION BOARD. (a) Rules and Records.— Section 5.8(c) (12 U.S.C. 2242) is amended by striking out the last sentence and inserting in lieu thereof the following new sentence: “The Board shall adopt such rules as it deems appropriate for the transaction of business by the Board, and shall keep permanent and accurate records and minutes of the actions and proceedings of the Board.”. (b) Chairman.— Subsection (a) of section 5.10 (12 U.S.C. 2244(a)) is amended to read as follows: “(a) (1) The Chairman of the Board shall be the chief executive officer of the Farm Credit Administration. 101 STAT. 1659 “(2) In carrying out the responsibilities of the chief executive officer, the Chairman shall be responsible for directing the implementation of policies and regulations adopted by the Board and, after consultation with the Board, the execution of the administrative functions and duties of the Farm Credit Administration. “(3) In carrying out policies as directed by the Board, the Chairman shall act as spokesperson for the Board and represent the Board and the Farm Credit Administration in their official relations within the Federal Government. “(4) Under policies adopted by the Board, the Chairman shall consult on a regular basis with— “(A) the Secretary of the Treasury concerning the exercise, by the System, of the powers conferred under section 4.2; “(B) the Board of Governors of the Federal Reserve System concerning the effect of System lending activities on national monetary policy; and “(C) the Secretary of Agriculture concerning the effect of System policies on farmers, ranchers, and the agricultural economy.”. (c) Functions and Appointments.— Section 5.11 (12 U.S.C. 2245) is amended to read as follows: “SEC. 5.11. ORGANIZATION OF THE FARM CREDIT ADMINISTRATION. “(a) Policies of the Board.— The Chairman of the Farm Credit Administration Board, in carrying out the powers and duties vested in the Chairman by this Act, and Acts supplementary thereto, shall be governed by policies of the Board and by such regulatory decisions, findings, and determinations as the Board may by law be authorized to make. “(b) Appointments.— The Chairman of the Board shall appoint such personnel as may be necessary to carry out the functions of the Farm Credit Administration. The appointment by the Chairman of the heads of major administrative divisions under the Board shall be subject to the approval of the Board. “(c) Personnel.— “(1) Appointments by board members.— Personnel employed regularly and full-time in the immediate offices of Board members shall be appointed by each such Board member. “(2) Officers and employees.— The officers and employees of the agency shall be— “(A) subject to the Ethics in Government Act of 1978 (2 U.S.C. 701 et seq.); “(B) considered officers or employees of the United States for the purposes of sections 201 through 203, and sections 205 through 209, of title 18, United States Code; and “(C) subject to section 5315 of title 5, United States Code. “(3) Delegation.— The powers of the Chairman as chief executive officer necessary for day to day management may be exercised and performed by the Chairman through such other officers and employees of the Administration as the Chairman shall designate, except that the Chairman may not delegate powers specifically reserved to the Chairman by this Act without Board approval. “(d) Funding.— The operations of the Farm Credit Administration, and the salaries of members of the Board and employees of the Administration, shall be funded and paid for from the fund created under section 5.15.”. 101 STAT. 1660 (d) Advisory Committees.— Section 5.12 (12 U.S.C. 2246) is amended by inserting “, subject to the approval of the Board,” after “Chairman of the Board”. (e) Powers.— Section 5.17(a) (12 U.S.C. 2251(a)) is amended— (1) in paragraph (2), by striking out the last sentence and inserting in lieu thereof the following new sentence: “The Farm Credit Administration Board, after consultation with the respective boards of directors of the affected banks, may require two or more banks operating under the same or different titles to merge if the Board determines that one of such banks has failed to meet its outstanding obligations.”; and (2) in paragraph (15)— (A) by inserting “by the Board” after “determined”; and (B) by adding at the end thereof the following new sentence: “The Board may not delegate its responsibilities under this paragraph.”. (f) Special District Rule.— Section 2.15 (12 U.S.C. 2096) is amended by adding at the end thereof the following new subsection: “(c) (1) On request, the Farm Credit Administration Board may permit a production credit association, located in a district in which there are no more than three such associations, notwithstanding any territorial limitation in the charter of such association, to provide credit and technical assistance to any borrower who is denied credit by a production credit association that— “(A) has an adjoining service territory; and “(B) is located in the same district, if the Board determines that one of the production credit associations in the district is unduly restrictive in the application of credit standards. “(2) If the Farm Credit Administration Board approves the extension of credit and technical assistance under paragraph (1), the association shall approve or deny the application for credit within 90 days after the receipt of the application from the borrower.”. (g) Conforming Amendment.— Section 4.12 (12 U.S.C. 2183) is amended by inserting “Board” after “Farm Credit Administration” each place it appears in subsection (b) other than in clause (5) of the first sentence.