REPEAL OF BURDENSOME APPROVAL REQUIREMENTS.

SEC. 5401. REPEAL OF BURDENSOME APPROVAL REQUIREMENTS. (a) Banks for Cooperatives.—Section 3.1(11)(B) of the Farm Credit Act of 1971 (12 U.S.C. 2122(11)(B)) is amended— (1) by striking clause (iii); and (2) by redesignating clause (iv) as clause (iii). (b) Other System Banks; Associations.—Section 4.18A of the Farm Credit Act of 1971 (12 U.S.C. 2206a) is amended— (1) in subsection (a)(1), by striking “3.1(11)(B)(iv)” and inserting “3.1(11)(B)(iii)”; and (2) by striking subsection (c).