---
kind: "section"
citation: "12 U.S.C. § 2279bb"
title: "12"
title_heading: "Banks and Banking"
number: "2279bb"
heading: "Definitions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/2279bb"
units:
  - "Chapter 23 — Farm Credit System"
  - "Subchapter VIII — Agricultural Mortgage Secondary Market"
  - "Part B — Regulation of Financial Safety and Soundness of Federal Agricultural Mortgage Corporation"
---

# §2279bb. Definitions


For purposes of this part:

- (1) **Compensation—** The term “compensation” means any payment of money or the provision of any other thing of current or potential value in connection with employment.
- (2) **Core capital—** The term “core capital” means, with respect to the [Corporation](/usc/12/2279aa.md?p=4), the sum of the following (as determined in accordance with generally accepted accounting principles):
  - (A) The par value of outstanding common stock.
  - (B) The par value of outstanding preferred stock.
  - (C) Paid-in capital.
  - (D) Retained earnings.
- (3) **Director—** The term “Director” means the Director of the [Office](#4) of Secondary Market Oversight of the Farm [Credit](/usc/12/5481.md?p=7) Administration, selected under [section 2279aa–11(a)(3) of this title](/usc/12/2279aa–11.md?p=a-3).
- (4) **Office—** The term “Office” means the Office of Secondary Market Oversight of the Farm [Credit](/usc/12/5481.md?p=7) Administration, established in [section 2279aa–11(a) of this title](/usc/12/2279aa–11.md?p=a).
- (5) **Regulatory capital—** The term “regulatory capital” means, with respect to the [Corporation](/usc/12/2279aa.md?p=4), the [core capital](#2) of the [Corporation](/usc/12/2279aa.md?p=4) plus an allowance for losses and [guarantee](/usc/12/2279aa.md?p=5) claims, as determined in accordance with generally accepted accounting principles.
- (6) **State—** The term “[State](/usc/12/2279aa.md?p=8)” means the [States](/usc/12/2279aa.md?p=8) of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the Virgin Islands, American Samoa, the Trust Territory of the Pacific Islands, and any other territory or possession of the United States.

## Source credit

(Pub. L. 92–181, title VIII, § 8.31, as added Pub. L. 102–237, title V, § 503(b)(2), Dec. 13, 1991, 105 Stat. 1871.)

## Notes

### Executive Documents

### Termination of Trust Territory of the Pacific Islands

For termination of Trust Territory of the Pacific Islands, see note set out preceding section 1681 of Title 48, Territories and Insular Possessions.