Farmer Mac’s Congressional charter authorizes Farmer Mac 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 its board of directors that comply with 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 and government-sponsored enterprise (“GSE”), 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.