[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1700.1]

[Page 19]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1700--GENERAL INFORMATION--Table of Contents
 
                           Subpart A--General
 
Sec. 1700.1  General.


    (a) The Rural Electrification Administration (REA) was established 
by Executive Order No. 7037 on May 11, 1935. Statutory authority was 
provided by the Rural Electrification Act of 1936 (RE Act) (7 U.S.C. 
901). The RE Act established REA as a lending agency with responsibility 
for developing a program for rural electrification.
    (b) On October 28, 1949, the RE Act was amended to authorize REA to 
make loans to improve and extend telephone service in rural areas. The 
Rural Telephone Bank (RTB), an agency of the United States, was 
established by amendment to the RE Act, approved May 7, 1971. The 
Administrator of RUS serves as the Bank's chief executive with the title 
of Governor.
    (c) The Secretary of Agriculture (Secretary) established the Rural 
Utilities Service (RUS) on October 20, 1994, pursuant to the Department 
of Agriculture Reorganization Act of 1994, (7 U.S.C. 6941 et seq.). RUS 
was assigned responsibility for administering electric and 
telecommunications loan and loan guarantee programs previously 
administered by REA, including programs of the Rural Telephone Bank 
(RTB), and water and waste loans and grants previously administered by 
the Rural Development Administration, along with other functions as the 
Secretary determined appropriate. The rights, interests, obligations, 
duties, and contracts previously vested in REA were transferred to, and 
vested in RUS.