Farm Credit System Preservation and Reorganization Act of 1985

[AI summary unavailable — showing source text] Farm Credit System Preservation and Reorganization Act of 1985 - Directs the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) to: (1) conduct a complete audit of the Farm Credit System within 90 days; and (2) determine the ratio of the aggregate assets to the aggregate liabilities of such System, treating any stock in a System unit which is held by any agricultural producer as a liability. Establishes the Emergency Farm Credit Authority (EFCA) within FDIC. Abolishes the Farm Credit Administration (FCA) and the Federal Farm Credit Board. Transfers the powers and duties of: (1) the Board to the Board of Directors of FDIC; (2) the FCA to EFCA; and (3) the Governor of the Administration to the Administrator of EFCA. Directs the FDIC Board to: (1) order an examination of each institution of the System and each agent of any such institution whenever necessary, but not less than once each year; and (2) report the results of such examinations to the Congress annually. Directs the EFCA Administrator to offer to replace any System obligation issued before enactment of this Act with an obligation containing the same terms, conditions, and maturity period, except that the…