H.R. 2423: Farm Credit Administration Independent Authority Act

118th Congress · introduced 2023-03-30 · Agriculture and Food · Latest: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

federal

Follow this bill, step by step

Where it came from: introduced 2023-03-30 · official record
Who proposed it: Rep. Finstad, Brad [R-MN-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Farm Credit Administration Independent Authority Act

Plain summary

Farm Credit Administration Independent Authority Act 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. 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). (The bill addresses a proposed rule by the Consumer Financial Protection Bureau [CFPB] that would implement provisions of the ECOA by requiring covered financial institutions, including FCS lenders, to collect and report to the CFPB data on credit applications for small businesses, including the principal owner's race, sex, and ethnicity.) 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. 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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Farm Credit Administration Independent Authority Act

Source: Congressional Research Service summary (Introduced in House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Finstad, Brad [R-MN-1] · 31 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Jimmy Panetta (D-CA), Michelle Fischbach (R-MN), Angie Craig (D-MN), Jack Bergman (R-MI), Barry Moore (R-AL), Zachary Nunn (R-IA), Pete Stauber (R-MN), Lisa C. McClain (R-MI), James R. Baird (R-IN), Keith Self (R-TX), Ronny Jackson (R-TX), Nicholas A. Langworthy (R-NY), Mary E. Miller (R-IL), John R. Moolenaar (R-MI), Trent Kelly (R-MS), Eric A. "Rick" Crawford (R-AR), Mark Alford (R-MO), Bill Huizenga (R-MI), Mike Rogers (R-AL), August Pfluger (R-TX), Nathaniel Moran (R-TX), Lloyd Smucker (R-PA), David G. Valadao (R-CA), Lisa Blunt Rochester (D-DE), Vicente Gonzalez (D-TX), Russell Fry (R-SC), Darren Soto (D-FL)

Sponsor's campaign money: Rep. Finstad, Brad [R-MN-1] reported raising $2.8 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-118hr2423.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/118/hr>

Record fed-us-cong118-hr2423 · catalog fed-us-congress-bills-cong118 · updated 2026-11-15 by psicol fed-bills-cong118