Page:United States Statutes at Large Volume 104 Part 5.djvu/513

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PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3835 "(B) that is the portion of a loan guaranteed by the Secretary of Agriculture pursuant to the Consolidated Farm and Rural Development Act (7 U.S.C. 1921 et seq.), except that— "(i) subsections (b) through (f) of section 8.6, and sections 8.7, 8.8, and 8.9, shall not apply to the portion of a loan guaranteed by the Secretary or to an obligation, pool, or security representing an interest in or obligation backed by a pool of obligations relating to the portion of a loan guaranteed by the Secretary; and "(ii) the portion of a loan guaranteed by the Secretary shall be considered to meet all standards for qualified loans for all purposes under this Act.". SEC. 1840. AUTHORITY OF FARM CREDIT ADMINISTRATION TO REGULATE FEDERAL AGRICULTURAL MORTGAGE CORPORATION. Section 8.11 (12 U.S.C. 2279aa-ll) is amended— (1) in subsection (a), by amending paragraph (1) to read as follows: "(1) AUTHORITY. — Notwithstanding any other provision of this Act, the Farm Credit Administration shall have the authority to— "(A) provide for the examination of the condition of the Corporation and its affiliates; and "(B) provide for the general supervision of the safe and sound performance of the powers, functions, and duties vested in the Corporation and its affiliates by this title, including through the use of the enforcement powers of the Farm Credit Administration under part C of title V."; and (2) by adding at the end the following new subsection: "(e) DEFINITION OF AFFILIATE. —As used in this title, the term 'affiliate' shall mean an entity effectively controlled or owned by the Corporation, except that such term shall not include a certified facility or an originator (as defined in paragraphs (3) and (7), respectively, of section 8.0).". SEC. 1841. EXCLUSION OF FARM CREDIT ADMINISTRATION FROM SENIOR 12 USC 2001 EXECUTIVE SERVICE. note Section 3132(a)(1)(D) of title 5, United States Code, is amended by inserting "the Farm Credit Administration," after "Corporation,*. SEC. 1842. GAO STUDY OF RURAL CREDIT COST AND AVAILABILITY. (a) STUDY.—The Comptroller General of the United States shall conduct a study of certain matters related to the cost and availability of credit in rural America, including a study of— (1) the relationship of the role and lending volume of the Farm Credit System to the ability of the System to repay the assistance provided under the Agricultural Credit Act of 1987 (Public Law 100-233) and amendments made by such Act; (2) the ability of Farm Credit System institutions to be competitive taking into consideration the costs of rebuilding capital, repaying assistance, and capitalizing the Farm Credit Insurance Fund established under section 5.60 of the Farm Credit Act of 1971 (12 U.S.C. 2277a-9); (3) the rates Farm Credit Banks charge for credit and the rates prevailing in the market for credit of comparable risk and maturity; 39-194O- 91- 17:QL3Part5