12 U.S.C. § 2279aa: Supervision, examination, and report of condition

for the examination of the Corporation and its affiliates; and part C of subchapter V; and beginning 6 months after December 13, 1991 , section 2252(a)(9) of this title . the purposes for which the Corporation was created; the practices appropriate to the conduct of secondary markets in agricultural loans; and the reduced levels of risk associated with appropriately structured secondary market transactions. Not later than 180 days after December 13, 1991 , the Farm Credit Administration Board shall establish within the Farm Credit Administration the Office of Secondary Market Oversight. The Farm Credit Administration Board shall carry out the authority set forth in this section through the Office of Secondary Market Oversight. The Office of Secondary Market Oversight shall be managed by a full-time Director who shall be selected by and report to the Farm Credit Administration Board. The financial transactions of the Corporation shall be examined by examiners of the Farm Credit Administration in accordance with the principles and procedures applicable to commercial corporate transactions under such rules and regulations as may be prescribed by the Administration. The examinations shall occur at such times as the Farm Credit Administration Board may determine, but in no event less than once each year. have access to all books, accounts, financial records, reports, files, and all other papers, things, or property belonging to or in use by the Corporation and necessary to facilitate the audit; and be afforded full access for verifying transactions with certified facilities and other entities with whom the Corporation conducts transactions. The Corporation shall make and publish an annual report of condition as prescribed by the Farm Credit Administration. Each report shall contain financial statements prepared in accordance with generally accepted accounting principles and contain such additional information as the Farm Credit Administration may by regulation prescribe. The financial statements of the Corporation shall be audited by an independent public accountant. The Farm Credit Administration shall assess the Corporation for the cost to the Administration of any regulatory activities conducted under this section, including the cost of any examination. As used in this subchapter, the term “affiliate” shall mean an entity effectively controlled or owned by the Corporation, except that such term shall not include an originator (as defined in section 2279aa of this title ). the Office of Secondary Market Oversight has access to a sufficient number of qualified and trained employees to adequately supervise the secondary market activities of the Corporation; and the supervision of the powers, functions, and duties of the Corporation is performed, to the extent practicable, by personnel who are not responsible for the supervision of the banks and associations of the Farm Credit System.