EXTENSION OF CAPITAL TRANSITION PERIOD.

SEC. 113. EXTENSION OF CAPITAL TRANSITION PERIOD. Section 8.32 of the Farm Credit Act of 1971 (12 U.S.C. 2279bb–1) is amended— (1) in the first sentence of subsection (a), by striking “Not later than the expiration of the 2-year period beginning on December 13, 1991,” and inserting “Not sooner than the expiration of the 3-year period beginning on the date of enactment of the Farm Credit System Reform Act of 1996,”; (2) in the first sentence of subsection (b)(2), by striking “5-year” and inserting “8-year”; and (3) in subsection (d)— (A) in the first sentence— (i) by striking “The regulations establishing” and inserting the following: “(1) In general.— The regulations establishing”; and (ii) by striking “shall contain” and inserting the following: “shall— “(A) be issued by the Director for public comment in the form of a notice of proposed rulemaking, to be first published after the expiration of the period referred to in subsection (a); and “(B) contain”; and (B) in the second sentence, by striking “The regulations shall” and inserting the following: “(2) Specificity.— The regulations referred to in paragraph (1) shall”.