PUBLIC LAW 102-552—OCT. 28, 1992 106 STAT. 4103

Sec. 514. Financial disclosure and conflict of interest reporting by directors, offi-
cers, and employees of Farm Credit System institutions.

Sec. 515. One-time EFAP assistance.
Sec. 516. Technical corrections.

SEC. 2. REFERENCES TO THE FARM CREDIT ACT OF 1971.

Whenever in this Act an amendment or repeal is expressed
in terms of an amendment to, or repeal of, a section or other
provision, the reference shall be considered to be made to a section
or other provision of the Farm Credit Act of 1971 (12 U.S.C. 2001
et seq.), except to the extent otherwise provided.

TITLE I—IMPROVEMENTS TO FARM
CREDIT SYSTEM SAFETY AND SOUND-

NESS

SEC. 101. DEFINITION OF PERMANENT CAPITAL.

Paragraph (1) of section 4.3A(a) (12 U.S.C. 2154a(aXD) is
amended to read as follows:

"(1) PERMANENT CAPITAL.—The term 'permanent capital*
means—

"(A) current year retained earnings;
"(B) allocated and unallocated earnings (which, in the
case of earnings allocated in any form by a System bank
to any association or other recipient and retained by the
bank, shall be considered, in whole or in part, permanent
capital of the bank or of any such association or other
recipient as provided under an agreement between the
bank and each such association or other recipient);
"(C) all surplus (less allowances for losses);
U(D) stock issued by a System institution, except—
"(i) stock that may be retired by the holder of
the stock on repayment of the holder's loan, or other-
wise at the option or request of the holder; or

"(ii) stock that is protected under section 4.9A
or is otherwise not at risk; and

"(E) any other debt or equity instruments or other
accounts that the Farm Credit Administration determines
appropriate to be considered permanent capital.".

SEC. 102. QUALIFICATIONS OF FARM CREDIT ADMINISTRATION
BOARD MEMBERS.

Section 5.8 (12 U.S.C. 2242) is amended by adding at the
end the following new subsection:

"(e) The President shall appoint members of the Board who— President.

"(1) are experienced or knowledgeable in agricultural
economics and financial reporting and disclosure;

"(2) are experienced or knowledgeable hi the regulation
of financial entities; or

"(3) have a strong financial, legal, or regulatory back-
ground.".