Farmer Mac’s congressional charter was established in 1988. It authorizes us to issue debt securities and invest the proceeds into loan purchases, Farmer Mac Guaranteed Securities, and liquidity investment assets in accordance with policies—established by our board of directors—that comply with the Farm Credit Administration’s Liquidity and Investment Regulations.
Farmer Mac’s debt obligations include discount notes and fixed and floating-rate medium-term notes, including callable notes. Farmer Mac debt securities are not guaranteed by and do not constitute debts or obligations of Farm Credit Administration or the United States or any agency or instrumentality of the United States other than Farmer Mac. Farmer Mac is an institution of the Farm Credit System but is not liable for any debt or obligation of any other institution of the Farm Credit System. Likewise, neither the Farm Credit System nor any other individual institution of the Farm Credit System is liable for any debt or obligation of Farmer Mac.
As an instrumentality of the United States, Farmer Mac debt securities may carry privileges for certain holders. Farmer Mac debt issuances are underwritten by an approved dealer group and sold to a wide variety of GSE debt investors. Most Farmer Mac debt securities are maintained and transferred on the Federal Reserve book-entry, while the remaining are cleared through the Depository Trust Company.
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