FARM CREDIT ADMINISTRATION ORGANIZATION.

SEC. 432. FARM CREDIT ADMINISTRATION ORGANIZATION. (a) Operating Expenses Fund.— Section 5.15 (12 U.S.C. 2249) is amended to read as follows: “SEC. 5.15. FARM CREDIT ADMINISTRATION OPERATING EXPENSES FUND. “(a) Determinations Required.— “(1) Generally.— Prior to the first day of each fiscal year, the Farm Credit Administration shall determine— “(A) the cost of administering this Act for the subsequent fiscal year, including expenses for official functions; “(B) the amount of assessments that will be required to pay such administrative expenses, taking into consideration the funds contained in the Administrative Expense Account, and maintain a necessary reserve; and “(C) the amount of assessments that will be required to pay the costs of supervising and examining the Mortgage Corporation established under title VIII. 101 STAT. 1661 “(2) Apportionments.— On the basis of the determinations made under paragraph (1), the Farm Credit Administration shall— “(A) apportion the amount of such assessment among the System institutions on a basis that is determined to be equitable by the Farm Credit Administration; “(B) assess and collect such apportioned amounts from time to time during the fiscal year as determined necessary by the Farm Credit Administration; and “(C) assess and collect from the Mortgage Corporation, from time to time during the fiscal year, the amount specified in paragraph (1)(C). “(b) Deposits into Fund.— “(1) Treasury fund.— The amounts collected under subsection (a) shall be deposited in the Farm Credit Administration Administrative Expense Account. The Expense Account shall be maintained in the Treasury of the United States and shall be available, without regard to the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 901 note) or any other law, to pay the expenses of the Farm Credit Administration. “(2) Nongovernment funds.— The funds contained in the Expense Account shall not be construed to be Federal Government funds or appropriated moneys. “(3) Investment.— “(A) Authority.— On request of the Farm Credit Administration, the Secretary of the Treasury shall invest and reinvest such amounts contained in the Expense Account as, in the determination of the Farm Credit Administration, are in excess of the amounts necessary for current expenses of the Farm Credit Administration. “(B) Returns.— All income earned from such investments and reinvestments shall be deposited in the Expense Account. “(C) Type.— Such investments shall be made in public debt securities with maturities suitable to the needs of the Expense Account, as determined by the Farm Credit Administration, and bearing interest at rates determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.”. (b) Examination of Federal Land Bank Associations.— Section 5.19(a) (12 U.S.C. 2253(a)) is amended— (1) in the first sentence, by striking out “Each” and inserting in lieu thereof “Except for Federal land bank associations, each”; (2) by inserting after the first sentence the following new sentence: “Each Federal land bank association shall be examined by Farm Credit Administration examiners at such times as the Farm Credit Administration Board may determine, except that each such association shall be examined at least once every 5 years.”; and (3) by striking out “the Chairman of” each place it appears in such subsection. (c) Power To Remove Directors and Officers.— Part C of title V (12 U.S.C. 2260) is amended by adding at the end thereof the following new section: 101 STAT. 1662 “SEC. 5.38. POWER TO REMOVE DIRECTORS AND OFFICERS. “Notwithstanding any other provision of this Act, a farm credit district board, bank board, or bank officer or employee shall not remove any director or officer of any production credit association or Federal land bank association.”.