Farm Credit Act of 1933
06/16/1933 AD enacted
Established the Farm Credit System (FCS) as a group of cooperative lending institutions to provide short-, intermediate-, and long-term loans for agricultural purposes. Specifically, it authorized the Farm Credit Administration (FCA) to create 12 Production Credit Associations (PCAs) and 12 Banks for Cooperatives (BCs) alongside the 12 established Federal Land Banks (FLBs), as well as a Central Bank for Cooperatives.
The Act provides for organizations within the Farm Credit Administration. It was part of President Franklin D. Roosevelt's New Deal, to help farmers refinance mortgages over a longer time at below-market interest rates at regional and national banks. This helped farmers recover from the Dust Bowl. The Emergency Farm Mortgage Act loaned funds to farmers in danger of losing their properties. The campaign refinanced 20% of farmer's mortgages.
Lattitude: 38.9072° N
Longitude: 77.0369° W
Region: North America
Modern Day United States
Subjects Who or What enacted?
-
-
Franklin Delano Roosevelt (FDR) 32nd President of ...
Objects To Whom or What was enacted?
-
Farm Credit Administration Independent agency of th...
Timelines (that include this event)
Events in 1933 MORE
