This Act provides with respect to Federal programs for farm credit. It establishes the oversight, examination, regulatory, and enforcement authorities of the Farm Credit Administration over the Farm Credit System (FCS). The Act also sets forth the purpose and authorities of all FCS institutions. The Act provides with respect legal status, administration, operations, etc. of farm credit banks, production credit associations, Federal land bank association, banks for cooperatives and a revolving fund and the Federal Farm Credit Banks Funding Corporation. It also concerns the organization of the Farm Credit Administration.
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Britain's American colonies broke with the mother country in 1776 and were recognized as the new nation of the United States of America following the Treaty of Paris in 1783. During the 19th and 20th centuries, 37 new states were added to the original 13 as the nation expanded across the North American continent and acquired a number of overseas possessions.