Farm credit system regulation

(a) In general The Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.) is amended by inserting after section 4.20 the following: 4.21. Farm credit system regulation (a) The Farm Credit Administration shall be the sole and independent regulator of the Farm Credit System with respect to activities subject to this Act. (b) Nothing in this section shall limit or affect any regulatory or other authority granted to the Farm Credit System Insurance Corporation under this Act. (c) A law enacted or rule promulgated after the date of the enactment of this section shall not be held to modify or supersede the exclusive authority provided by subsection (a), except to the extent that the enacted law does so expressly.. (b) Effective date The amendment made by subsection (a) shall take effect on the date of the enactment of this Act.