REGULATORY REVIEW.

SEC. 212. REGULATORY REVIEW. (a) Findings.— Congress finds that— (1) the Farm Credit Administration, in the role of the Administration as an arms-length safety and soundness regu-110 STAT. 175lator, has made considerable progress in reducing the regulatory burden on Farm Credit System institutions; (2) the efforts of the Farm Credit Administration described in paragraph (1) have resulted in cost savings for Farm Credit System institutions; and (3) the cost savings described in paragraph (2) ultimately benefit the farmers, ranchers, agricultural cooperatives, and rural residents of the United States. (b) Continuation of Regulatory Review.— The Farm Credit Administration shall continue the comprehensive review of regulations governing the Farm Credit System to identify and eliminate, consistent with law, safety, and soundness, all regulations that are unnecessary, unduly burdensome or costly, or not based on law.