PUBLIC LAW 104-105—FEB. 10, 1996 110 STAT. 175 lator, 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. SEC. 213. EXAMINATION OF FARM CREDIT SYSTEM INSTITUTIONS. The first sentence of section 5.19(a) of the Farm Credit Act of 1971 (12 U.S.C. 2254(a)) is amended by striking "each year" and inserting "during each 18-month period". SEC. 214. CONSERVATORSHIPS AND RECEIVERSHIPS. (a) DEFINITIONS.— Section 5.51 of the Farm Credit Act of 1971 (12 U.S.C. 2277a) is amended— (1) by striking paragraph (5); and (2) by redesignating paragraph (6) as paragraph (5). (b) GENERAL CORPORATE POWERS.— Section 5.58 of the Farm Credit Act of 1971 (12 U.S.C. 2277a-7) is amended by striking paragraph (9) and inserting the following: "(9) CONSERVATOR OR RECEIVER.— The Corporation may act as a conservator or receiver.". SEC. 215. FARM CREDIT INSURANCE FUND OPERATIONS. (a) ADJUSTMENT OF PREMIUMS.— (1) IN GENERAL.—Section 5.55(a) of the Farm Credit Act of 1971 (12 U.S.C. 2277a-4(a)) is amended— (A) in paragraph (1), by striking "Until the aggregate of amounts in the Farm Credit Insurance Fund exceeds the secure base amount, the annual premium due from any insured System bank for any calendar year" and inserting the following: "If at the end of any calendar year the aggregate of amounts in the Farm Credit Insurance Fund does not exceed the secure base amount, subject to paragraph (2), the annual premium due from any insured System bank for the calendar year"; (B) by redesignating paragraph (2) as paragraph (3); and (C) by inserting after paragraph (1) the following: "(2) REDUCED PREMIUMS.—The Corporation, in the sole discretion of the Corporation, may reduce by a percentage uniformly applied to all insured System banks the annual premium due from each insured System bank during any calendar year, as determined under paragraph (1).". (2) CONFORMING AMENDMENTS. — (A) Section 5.55(b) of the Farm Credit Act of 1971 (12 U.S.C. 2277a-4(b)) is amended— (i) by striking "Insurance Fund" each place it appears and inserting "Farm Credit Insurance Fund";
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