119th Congress Agriculture and Food
H.R. 1063: Farm Credit Administration Independent Authority Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill specifies that the Farm Credit Administration (FCA) is the sole regulator of the Farm Credit System (FCS) and establishes reporting requirements for FCS institutions (i.e., lenders).
Specifically, the bill states that the FCA is the sole and independent regulator of the FCS and exempts entities that are supervised by the FCA from the Equal Credit Opportunity Act (ECOA).
As background, the bill addresses a rule issued by the Consumer Financial Protection Bureau (CFPB) that implements provisions of the ECOA by requiring covered financial institutions, including FCS institutions, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and ethnicity. This 2023 rule has been challenged in court.
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The bill also requires FCS institutions to (1) request that loan applicants and borrowers that are small farmers disclose information identifying their race, sex, and ethnicity; and (2) annually report the collected information to the FCA. The FCA must make the collected information available to the public on annual basis. If an FCS institution customer does not voluntarily report the requested information, the FCA may not require the institution to use other means to deduce the information.
In addition, the bill specifies that FCS institutions shall not be required to comply with the bill's requirements if financial institutions are not required to comply with the CFPB rule due to a court invalidating the rule or a repeal of the rule.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- James Baird R-INOriginal
- Michelle Fischbach R-MNOriginal
- John Moolenaar R-MIOriginal
- Mary Miller R-ILOriginal
- Jimmy Panetta D-CAOriginal
- Keith Self R-TX
- Pete Stauber R-MN
- Bill Huizenga R-MI
- Jack Bergman R-MI
- Adam Gray D-CA
- Eugene Vindman D-VA
- Robert Bresnahan R-PA
- Garland Barr R-KY
- Derek Schmidt R-KS
Who scored on this bill
- 1Brad Finstad SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Brad Finstad
- H.R. 10353: SBIC Reporting Modernization Act of 2026
- H.R. 9576: National Fraud Enforcement Division Act of 2026
- H.R. 8881: SBA Artificial Intelligence Utilization Act of 2026
- H.R. 1163: Prove It Act
- H.R. 6978: Preserving Integrity in Immigration Benefits Act
- H.R. 2931: Save SBA from Sanctuary Cities Act of 2025
History
- Introduced in the House by Brad Finstad.
Show the full action history (3 actions)
- Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.
- Introduced in House
- Referred to the Committee on Agriculture, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.