Farm Credit Administration and Its Board Members Updated September 17, 2026 (IF10767) Overview Congress oversees the Farm Credit Administration (FCA), which is the federal financial regulator responsible for ensuring the safety and soundness of Farm Credit System (FCS) institutions and the Federal Agricultural Mortgage Corporation (Farmer Mac). FCA is directed by a three-member board of directors nominated by the President and confirmed by the Senate (12 U.S.C. §2242). Currently, two positions are vacant, and one board member is serving beyond the end of his term. Congressional oversight is provided by the House Committee on Agriculture and the Senate Committee on Agriculture, Nutrition, and Forestry. The most recent oversight hearings with board members as witnesses were in the Senate on May 19, 2016, and in the House on November 19, 2019. The Senate committee most recently held a nomination hearing for an FCA board member in 2022. Farm Credit Administration FCA sets the policies, regulations, charters, and examinations of FCS and Farmer Mac entities. This includes compliance with laws concerning eligibility and regulations protecting the rights of borrowers. FCA is an independent agency with about 300 employees. It is located in McLean, VA, and conducts examinations from several field offices. FCA reports to Congress on the financial condition of FCS. Statutory authority for FCA is in the Farm Credit Act of 1971 (12 U.S.C. §§2241 et seq.), as amended, notably by the Agricultural Credit Act of 1987. Regulations are at 12 C.F.R. Part 600. FCA's operating expenses are paid through assessments on FCS banks and associations, not by congressional appropriations. However, annual Agriculture Appropriations Acts place limits on FCA's expenses ($106.5 million in FY2026). Farm Credit System FCS is a privately owned, federally chartered, nationwide financial cooperative that lends to full- and part-time farmers, farming-related businesses, rural homeowners, farmer-owned cooperatives, and certain rural utilities. Borrowers must meet creditworthiness requirements. FCS is not a lender of last resort. Established in 1916 as a government-sponsored enterprise (GSE), FCS has a statutory mandateâand limitationâto serve agriculture. FCS is the only direct lender among the GSEs. It receives tax benefits, but FCS operates without any direct federal appropriations. Statutory authority for FCS is in the Farm Credit Act of 1971 (12 U.S.C. §§2001 et seq.), as amended. FCS is composed of 4 regional banks that provide funds and support services to 55 smaller credit associations that in turn provide loans to eligible borrowers. FCS associations are owned by their borrowers, who are required to purchase stock as part of their loans. FCS banks and associations do not take deposits like commercial banks. It obtains funds by selling bonds on capital markets through the Federal Farm Credit Banks Funding Corporation. FCS banks are jointly and severally liable for the debt, meaning they stand collectively behind the obligations to repay bonds. The Farm Credit System Insurance Corporation ensures timely payment of principal and interest on bonds. As of December 31, 2025, FCS had $457 billion in total loans outstanding to agriculture, agribusiness, rural utility, and other borrowers. Agricultural loans are the largest portion ($289 billion). FCS provided 46% of loans on the sector-wide farm balance sheet at the end of 2024, according to the U.S. Department of Agriculture (USDA). Farmer Mac Farmer Mac is a secondary market for agricultural mortgages. It purchases loans from originating lenders and provides other risk management tools. Farmer Mac was created by Congress in 1987 as a privately funded GSE. It is an investor-owned corporation that is financially and corporately separate from FCS. Statutory authority for Farmer Mac is in the Farm Credit Act of 1971 (12 U.S.C. §§2279aa et seq.). As of December 31, 2025, Farmer Mac's total business volume (a measure similar to assets) was $33 billion. Board Members As a regulator, FCA is directed by a three-member board of directors nominated by the President and confirmed by the Senate (12 U.S.C. §2242). Terms for board members are six years in length, fixed when they begin, and staggered so that one term begins every two years regardless of whether a new member has been confirmed. Board members may not be reappointed after serving a full term or more than three years of an unexpired term. A board member may continue to serve beyond the end of his/her term until a replacement has been confirmed. This helps maintain continuity on the board if confirmation of successors is delayed. Not more than two members of the board may be from the same political party. Board member qualifications are to include some background in agricultural economics, financial reporting, finance, law, or financial regulation. The President designates one member as chairmanânot subject to further confirmationâwho has often held that role until the end of his/her term. The chairman is also the chief executive officer (CEO) of FCA (12 U.S.C. §2244). Current Board Members The current FCA board has one member serving in an expired term. Two seats are vacant ( Table 1 ). This leaves the board without the necessary quorum to conduct business (12 U.S.C. §2242(c)). On January 20, 2025, President Trump designated Jeffery S. Hall, board member since 2015, as chairman and CEO of FCA. Hall replaced Vincent Logan, board member and chairman from 2022 to 2025, as chairman. Logan resigned from the FCA board on March 31, 2025, creating a vacancy. Subsequently, Glen R. Smith, board member since 2017 and chairman from 2019 to 2022, left the board after he was confirmed as USDA Under Secretary for Rural Development on August 7, 2026 ( Figure 1 ). Table 1. Farm Credit Administration Board Members Name Term Jeffery S. Hall Member since 2015. Confirmed to term that expired on Oct. 13, 2018. Designated as chairman and CEO on Jan. 20, 2025. Serving until a successor is confirmed. A successor's term would expire on Oct. 13, 2030. Vacant Term would expire on May 21, 2028. Vacant Term would expire on May 21, 2032. Source: CRS using Farm Credit Administration, " About Us ." Nominations On June 23, 2026, President Trump nominated two individuals for the FCA board: Carl Bednarski ( PN1098-1 , for the vacancy expiring in 2028) and John Grunewald II ( PN1098-4 , for the seat held by Hall). Their nominations have been referred to the Senate Committee on Agriculture, Nutrition and Forestry. President Trump could choose to nominate all three board members, given that there are two vacancies and the incumbent is serving beyond his original term. Since Hall was confirmed to a position as a Republican, two Republicans could be nominated if Hall were replaced. If Hall remains on the board, one of the vacancies would need to be filled by a nominee who is not Republican or remain vacant. The most recent time a President nominated someone outside his party was in 2015, when President Obama nominated Hall. History of Board Members Figure 1 is a timeline showing the service by board members since 2015. The timeline shows that terms are fixed, six years in length, and staggered (gray lines). A board member's service depends on Senate confirmation and may extend beyond the end of a term (blue lines) until a successor is confirmed. Service as chairman is by presidential appointment (gold lines). Historically, a full board occurred when board members typically served until their successors were confirmed. FCA last had a single board member in 1989, for about 11 months. Since 2015, FCA has operated with a two-member board three times, twice following deaths and once following a resignation. Hall's 10 years of service, with continuation after the end of his term in 2018, makes him the longest-serving board member in FCA history. Figure 1. Farm Credit Administration Board Members and Chairmen, 2015-2026 Source: Figure created by CRS using data from Farm Credit Administration, " About Us ." Notes: Terms (in gray) are six years, fixed, and staggered every two years. Service as a board member (in blue) depends on Senate confirmation and may exceed a term until a successor is in place. Appointments as chairman (in gold) are named by the President. Years are graphed from January 20 to coincide with inauguration years. The member serving the in the term before Jeffery S. Hall was Leland A. Strom. The member serving before Dallas P. Tonsager was Jill Long Thompson. Kenneth A. Spearman and Tonsager died while in office. Vincent G. Logan resigned. Glen R. Smith resigned after being confirmed as USDA Under Secretary for Rural Development.