Agriculture

Agricultural Nitrogen Education Act of 1987

United States · United States Congress · 17 September 1987

Agricultural Nitrogen Education Act of 1987 - Directs the Secretary of Agriculture to establish an Agricultural Nitrogen Best Management Practices Task Force to: (1) develop agricultural best management practices to minimize nitrogen losses from all potential agricultural sources and practices; (2) develop and disseminate to American farmers educational and training materials with respect to such practices; and (3) report to the Congress in two years on the progress of its efforts. Authorizes appropriations. Amends the Federal Water Pollution Control Act (Clean Water Act) to require that any State assessment report or management report be developed in consultation with the task force. Directs the Administrator of the Environmental Protection Agency to consult with the task force in preparing annual reports and final reports to the Congress.

A joint resolution recognizing, encouraging, and supporting the National Rural Crisis Response Center.

United States · United States Congress · 16 September 1987

Declares that the National Rural Crisis Response Center is deserving of recognition, encouragement, and support of the Congress and the American people. Recognizes the Center for the valuable service being rendered and authorizes and requests the President to issue a proclamation calling on the people to recognize, encourage, and support the Center.

Farm Credit Act Amendments of 1987

United States · United States Congress · 11 September 1987

Farm Credit Act Amendments of 1987 - Title I: Borrower Assistance - Amends the Farm Credit Act of 1971 to direct Federal land bank associations and production credit associations, during the five-year period beginning upon this Act's enactment, to retire at par value: (1) borrower stock that was frozen, impaired, or retired at less than par value after 1982 in connection with the liquidation of an association; and (2) stock retired by an association at less than par value between January 1, 1987, and enactment of this provision. Implements this retirement of borrower stock by directing the association to issue to the member-borrower a note payable in an amount equal to the stock's par value. Sets forth the terms applicable to these notes, including provisions for their redemption by the Farm Credit Administration (FCA) if an association is unable to pay the holder. Authorizes the Secretary of Agriculture to issue to a Farm Credit System (FCS) institution generic commodity certificates to offset any loss the institution suffers as a result of interest rate reductions applied to borrower loans. Limits to $2,000,000,000 the total value of such certificates that may be issued. Prohibits their issuance from offsetting interest rate reductions that: (1) extend for more than five years; or (2) yield an effective annual interest rate below eight percent. Directs each FCS bank, within 30 days, to establish for each FCS association a special credit unit authorized to review, evaluate, restructure, defer, and otherwise arrange for the final disposition of all nonaccrual and high-risk loans held by the association. Requires the unit, within 45 days of its establishment, to prepare a plan for the review and adjustment or for the disposition of such loans in the interest of assisting farmer-borrowers. Mandates that emphasis be placed on loan restructuring and deferral when the cost of these alternatives is equal to or less than that of foreclosure. Sets forth criteria to be met by an association's plan, including requirements for prompt case-by-case review of loans and for a system to monitor the effectiveness of restructured loans. Requires each bank to establish an appeals board to review an association's liquidation and foreclosure decisions. Directs the FCA to submit quarterly reports to each bank disclosing specified information about loans subject to forbearance, restructuring, and liquidation. Requires a bank, upon receiving the report, to determine the extent to which each association is actively pursuing policies favoring alternatives other than liquidation. Permits a borrower whose loan application is rejected by an FCS institution to apply at the FCS institution nearest the one that rejected the loan. Title II: Agricultural Mortgage Secondary Market - Amends the Farm Credit Act of 1971 to establish the Federal Agricultural Mortgage Corporation as a federally-chartered institution of the Farm Credit System. States that the Corporation shall not be liable for the debts of any other FCS institution. Directs the Corporation to provide a secondary agricultural mortgage market by: (1) developing uniform underwriting, security appraisal, and repayment standards; (2) determining the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for credit enhancement of specific mortgage pools; and (3) providing credit enhancement to assure the repayment of principal and interest on pools of qualified agricultural mortgage loans. Sets forth provisions relating to: (1) both an interim and a permanent Board of Directors; (2) common stock; (3) corporate powers and Board duties; (4) agricultural mortgage marketing facility certification (including revocation); (5) credit enhancement of qualified loans; (6) a mandatory ten-percent contribution reserve for loan pools, including provisions both for distributions of any earnings on the reserve and for loss allocation; (7) standards for qualified loans; (8) credit enhancement and its funding; (9) the role of the FCA with respect to the Corporation; (10) exemption from Federal and State securities laws of securities representing an interest in a pool of qualified loans for which credit enhancement has been provided; (11) the granting of original jurisdiction to district courts (without regard to amount in controversy) for civil actions to which the Corporation is a party; and (12) a contractual preemption with respect to remedies upon default or terms of repayment applicable to certain loans secured by agricultural property.

Farm Credit Act of 1987

United States · United States Congress · 7 August 1987

Farm Credit Act of 1987 - Title I: Farm Credit Revolving Fund; Franchise Taxes; Purchase of Stock - Amends the Farm Credit Act of 1971 to repeal provisions governing: (1) the central reserve maintained by the Farm Credit Administration (FCA) for the Farm Credit System (FCS); (2) mergers of similar FCS banks; (3) the authority of the Secretary to purchase obligations issued by the Farm Credit System Capital Corporation (Capital Corporation); (4) the initial capitalization of the Capital Corporation; (5) the tax status of obligations issued jointly by the Capital Corporation and FCS banks; and (6) certain limitations on sales by FCS institutions of tracts of real estate. Directs the FCA to purchase stock to: (1) prevent impairment of FCS institution stock; (2) restore any impairment to such stock; or (3) provide collateral for obligations issued by an FCS bank to finance its lending operations. Identifies the resulting resource as the Farm Credit Revolving Fund. Requires the FCA, beginning in 1993, to mandate the retirement of such stock when the need for Government-owned stock is reduced or nonexistent. Mandates the availability of revolving fund monies to purchase obligations of the Farm Credit Banks Insurance Corporation and to make loans to the Loan Restructuring Corporation. Directs the FCA to make payments to holders of certain FCS associations placed in liquidation to ensure that they receive par value for the stock. Empowers the FCA, through the FCA Board, to make and issue non interest-bearing notes to the Secretary of the Treasury (Secretary) to obtain funds for the revolving fund as necessary to permit the FCA to carry out required stock purchases, as well as loan and payment obligations. Requires the Secretary to purchase these notes, up to a maximum total of $6,000,000,000. Prohibits the issue of obligations to obtain funds to purchase stock of FCS institutions after 1992. Imposes a franchise tax, earmarked for the revolving fund, on each FCS bank and production credit association. Forgives such tax to the extent it would result in an impairment of the institution's stock. Imposes an additional franchise tax, effective in 1993, on FCS banks or associations in which the FCA holds stock. Reduces this tax to the extent of any amount the institution either paid to the United States for the retirement of any of its FCA-held stock or contributed to another FCS bank or association to permit it to retire FCA-held stock. Directs the FCA, after notice and an opportunity for a hearing, to suspend the charter of any institution that fails to comply with franchise tax obligations. Permits the issuance of nonvoting Federal land bank stock to the FCA for this Act's purposes. Prohibits: (1) the payment of dividends on such FCA-held stock; and (2) patronage refunds in a year during which the FCA holds stock in the land bank. Applies corresponding prohibitions to Federal land bank associations. Fixes minimum funding requirements for reserves maintained by Federal land banks and Federal land bank associations. Establishes obligation contribution percentages with respect to these reserves. Grants to the FCA the first lien on stock and participation certificates it holds in Federal land banks and land bank associations. Permits the issuance of nonvoting Federal intermediate credit bank stock to the FCA for this Act's purposes. Prohibits: (1) the payment of dividends, unless authorized by the FCA Board, in any year when the FCA holds stock in the bank; and (2) the retirement of stock or of participation certificates if the FCA holds stock in the bank. Establishes a framework and procedures to govern: (1) the annual application of the net earnings of an intermediate credit bank in which the FCA holds stock; and (2) the absorption of its net losses. Includes provisions for the establishment of a reserve account. Exempts allocations to such an account from Federal income taxes. Prohibits a Federal intermediate credit bank from paying patronage refunds in a year when the FCA holds stock in the bank. Grants priority to FCA-owner stock (after liabilities are paid) for purposes of distribution of assets on liquidation. Permits the issuance to the FCA of nonvoting stock of a production credit association (PCA) for this Act's purposes. Prohibits: (1) the payment of dividends (other than preferred stock) in any year when the FCA holds stock in the PCA; and (2) patronage refunds in a year during which the FCA holds stock in the PCA. Grants to the FCA the first lien on stock and participation certificates it holds in a PCA. Grants a limited tax exemption to PCAs and their property, funds, and income. Permits the issuance to the FCA of nonvoting stock of banks for cooperatives for this Act's purposes. Grants to the FCA first lien on stock it holds in the bank. Establishes a framework and procedures to govern the annual application of the net earnings of a bank for cooperatives in which the FCA holds stock. Includes provision for the creation of a surplus account. Grants a limited tax exemption to banks for cooperatives, their property, funds, and income Empowers the FCA expressly to invest in the stock of FCS banks and associations out of the pertinent revolving fund and to require the stocks' retirement. Title II: Loan Restructuring - Amends the Farm Credit Act of 1971 to repeal the December 31, 1987, sunset review of the Farm Credit System Capital Corporation. Changes the name of the Capital Corporation to the Loan Restructuring Corporation (LRC). Requires the FCA board to revoke the charter of the LRC on December 31, 1990, unless it unanimously adopts a one-year extension. Directs the LRC to: (1) hold, restructure, collect, sell, and otherwise administer nonperforming assets participated in or acquired from other FCS institutions; and (2) provide technical assistance to FCS institutions in connection with borrower loan restructing activities. Provides for an LRC Board of Directors. Transfers generally the corporate powers of the Capital Corporation to the LRC. Adds the power to: (1) carry out a loan restructuring program; and (2) grant forbearance on, restructure, or liquidate any loan participated in or acquired from an FCS institution. Repeals a number of powers relating to the issuance and sale of obligations, the administration of financial assistance, the purchase of nonaccrual loans and assets, and the purchase of certain assets from associations undergoing liquidation. Rescinds any required Capital Corporation purchase or assessment taken between July 31, 1986, and the date of this Act's enactment. Orders a refund of such funds, as well as contributions under loss-sharing agreements, to contributor institutions. Requires the LRC and each farm credit district to have in place within 60 days of this Act's enactment a policy that includes: (1) a case-by-case review of nonaccrual loans to determine whether they should be considered for forbearance, restructuring, or liquidation; and (2) a case-by-case review of all high-risk loans to determine appropriate measures to prevent them from becoming nonaccrual loans. Describes required policy contents, including mandatory provisions indicating that forbearance will be granted to the maximum extent possible to avoid losses to the institution, and that restructuring will be effected in ways that would enable borrower repayments without impairing the borrower's standard of living if specified conditions are met. Requires each farm credit district board to establish a Special Credit Team to help the district's banks and associations in dealing with nonaccrual and high-risk loans. Mandates that each district plan establish an appeals procedure with respect to loans determined to be ineligible for restructuring. Describes criteria to be met by the appeal process. Prohibits an FCS institution from requiring a borrower to provide additional collateral or from foreclosing certain loans as a result of the borrower's failure to do so. Permits a borrower, upon application, to retain possession and occupancy of qualified homestead property for between three and five years, in certain cases of foreclosure, bankruptcy, or involuntary liquidation. Describes the eligibility requirements to be met by affected borrowers. Grants to the borrower the right of first refusal with respect to the homestead property at the end of the prescribed occupancy period. Makes homestead provisions inapplicable in cases when appraisal indicates that the value of the acquired real estate prior to the separation of the homestead would exceed the sum of the values of each component property. Prohibits an FCS institution from: (1) selling any agricultural land acquired as a result of loan foreclosure, bankruptcy, or voluntary loan liquidation if the sale would have a substantial adverse effect on the agricultural land values in the area where the real estate in question is located; or (2) combining for sale or lease acquired real estate tracts when the size of the resulting tract substantially exceeds that of an average farming or ranching operation in the area where the tracts are located. Requires FCS institutions to subdivide tracts that are larger than the average family farming or ranching operation before offering them for sale or lease. Mandates that: (1) offers to sell or lease property acquired by an FCS institution (other than offers to another FCS institution) be public offers; and (2) the sale or lease of such property be based on competitive bidding. Directs the FCA to issue regulations to govern such bidding, including provisions to ensure: (1) actual notice to the previous owner of the availability of the property; and (2) sale or lease to the highest bidder, subject to the previous owner's right of first refusal. Sets forth similar but distinct provisions to govern leases of property for terms of between five and ten years to family farmers or ranchers. Requires that each of these leases contain an option to buy the property when the lease term expires. Requires persons (beginning in 1990) who enter into installment sales agreements or similar financing arrangements, to purchase FCS acquired property to buy stock or participation certificates in the pertinent institution. Requires each FCS institution holding acquired property on the date of this Act's enactment to sell or lease the property within four years. Applies the same four-year requirement to subsequently acquired property, with the reference date being that on which the institution acquires the property. Transfers the functions and role of the Federal Farm Credit Capital Corporation to the Loan Restructuring Corporation. Lists documents and information that FCS institutions must provide to borrowers, including interest rate data and corporate materials. States that any person who suffers legal wrong or who is aggrieved or adversely affected by the violation in question has the right to sue: (1) an FCS institution for violations of duty, standard, or limitation or of corollary FCA orders; or (2) the FCA for failure to perform duties. Grants jurisdiction in such cases to Federal district courts, without regard to the amount in controversy. Title III: Insurance of Obligations of Farm Credit Banks; Liability of Banks on Obligations - Amends the Farm Credit Act of 1971 to create a Farm Credit Banks Insurance Corporation, under the direction of the FCA Board, having as its duty to insure the notes, bonds, and similar obligations of eligible FCS banks. Enumerates corporate powers. Requires each FCS bank to apply for insurance within 90 days of this Act's enactment. Describes required contents for such applications. Directs the Corporation to reject the application of any bank having unsafe financial policies or management. Prescribes: (1) the extent of insurance to be provided; (2) the assessment of premiums to be paid (not to exceed two-tenths of one percent of the proceeds of the obligation); (3) the establishment of a reserve; (4) procedures for terminating insurance; and (5) actions to be taken against banks that violate duties or engage in unsafe or unsound practices. Mandates that, beginning in 1993, any minimum capital adequacy requirement in connection with the aggregate obligations of a bank or banks be established at a level to reduce, to the extent practicable, the risk of loss to the Corporation. Prohibits a bank from participating in a joint issuance of obligations due and payable after 1992 unless it is insured by the Corporation. Sets forth the order of liability of affected banks with respect to certain consolidated or system-wide obligations issued between January 1, 1988, and December 31, 1992. Title IV: Real Estate Lending; Interest Rates - Amends the Farm Credit Act of 1971 to prohibit Federal land banks from making agricultural real estate mortgage loans to persons who are not bona fide farmers or ranchers, an defined by this Act. Requires each Federal land bank to make available to eligible borrowers long-term real estate mortgage loans having terms of at least 15 years at a fixed interest rate. Caps the permissible interest rate on such loans at two percent above the average interest rate on the bank's obligations of comparable maturities during the preceding 12 months. Provides for differential interest rate programs for loans of Federal land bank association members. Caps the permissible interest rate on all the agricultural loans of a bank at two percent above the average interest rate on obligations issued by the bank during the preceding 12 months. Permits the FCA to authorize a higher interest rate under certain circumstances. Restricts loans to no more than 75 percent of the appraised value to the real estate security (the current general restrictions is 85 percent). Permits an 85 percent limitation in case of young or beginning farmers or ranchers. Sets standards for determining appraised value. Directs each Federal land bank to: (1) require borrower financial statements at least triennially; (2) establish a future payment plan into which participating borrowers could pay amounts to be offset against indebtedness. Caps the permissible interest rate on short- and intermediate-term loans of production credit associations at two percent above their discount rate. Allows a differential interest rate program for member loans only upon stockholder approval. Requires FCA approval for certain loans. Title V: Service Organizations - Amends the Farm Credit Act of 1971 to direct the FCA to revoke the charter issued to the Farm Credit Corporation of America as of FY 1990, unless a majority of the members of the boards of directors of each Federal land bank association, production credit association, farm credit district, and the Central Bank for Cooperatives votes to permit its continuation. Bars from the charter of the Federal Farm Credit Banks Funding Corporation (Funding Corporation) provisions that would permit the Funding Corporation to set policy or otherwise assume responsibilities of other FCS institutions with regard to member-borrower services. Directs the FCA, within 30 days of this Act's enactment, to amend the charter of the Funding Corporation to provide for a board of directors. Requires the Funding Corporation to report annually to each FCS bank and association and to specified congressional committees detailing its bond placements, budget, costs, and expenses. Prohibits the FCA from issuing a charter to any new service corporation unless specifically authorized by an Act of Congress. Title VI: Mergers - Amends the Farm Credit Act of 1971 with respect to mergers of various FCS institutions. Provides for a mandatory 60-day cooling off period before a voluntary merger of FCS associations becomes effective. Requires association seeking voluntary merger: (1) to notify stockholders of the meeting date before any meeting at which they will vote on the merger; and (2) to provide a statement of the advantages and disadvantages associated with the merger. Conditions mergers of similar FCS banks on the unanimous approval of the FCA Board. Shifts from the FCA to the FCA Board the responsibility for assuring nondiscriminatory treatment of associations that disapprove mergers. Directs the FCA to issue regulations to provide for and govern reconsideration by stockholders of voluntary mergers of associations between January 1, 1986, and the date of this Act's enactment. Title VII: Boards of Directors - Amends the Farm Credit Act of 1971 to revise membership provisions with respect to the boards of directors of Federal land bank associations, production credit associations, the Central Bank for Cooperatives, and farm credit districts. Permits outside directors for the first two entities and requires them for the latter two. Establishes procedures by which FCS bank stockholders may establish or abolish a separate board of directors. Sets forth membership requirements applicable to such a board. Title VIII: Amendments to Title V of the Farm Credit Act of 1971; Miscellaneous - Amends the Farm Credit Act of 1971 to limit the annual compensation of a farm credit district director to $15,000. Revises membership provisions applicable to the FCA Board, as well as provisions relating to its internal operation and to the responsibilities of the Chairman. Subjects certain of the Chairman's personnel appointments and the Chairman's establishment of advisory committees to Board approval. Grants to the Board additional powers with regard to bank mergers and the salary scale or rate of compensation of certain FCS institution employees. Empowers the FCA to appoint a farm credit appraiser for each farm credit district. Shifts: (1) from the Chairman of the FCA board to the Board itself various determinations affecting examinations of FCS institutions; and (2) from the FCA to the FCA Board certain decision and appointments in connection with receiverships or conservatorships of FCS institutions. Prohibits any farm credit district board, bank board, or bank officer or employee from removing any director or officer of any production credit association or Federal land bank association. Sets forth provisions with respect to FCA examinations of Federal land bank associations, requiring them at least once every five years. Prohibits FCS institutions from contracting for an independent audit of FCS institutions or certain other financial institutions unless the agreement covers no more than two years and is entered into under competitive bidding procedures. Directs each Federal land bank financing all or part of the stock of a Federal land bank association to charge a loan origination fee, to a maximum of two percent of the loan amount, in connection with loans made by a bank to a borrower. Prohibits the financing of such a fee. Prohibits the requirement of Federal land bank association stock prior to full payment of the loan. Excepts loans in default from this prohibition. Requires that Federal land bank or production credit association loan applications clearly state specified information concerning the amount of stock required to be purchased and its retirement. Title IX: Farmers Home Administration Loan Restructuring - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to: (1) implement within 60 days of this Act's enactment a policy under which all nonaccrual farm ownership and operating loans held by the Farmers Home Administration (FmHA) and loans made by a Federal or State chartered bank, savings and loan association, or other legally organized lending agency that have been guaranteed by the Secretary are to be reviewed on a case-by-case basis to determine whether they should be considered for forbearance, restructuring, or liquidation; and (2) provide for a case-by-case review of all high-risk loans held by the FmHA to determine appropriate measures to prevent such loans from becoming nonaccrual loans. Authorizes the Secretary to pursue to final connection all loan-related claims against third parties assigned to the Secretary. Directs the Secretary to: (1) grant forbearance on nonaccrual and high-risk loans to the maximum extent possible to avoid FmHA losses; and (2) to restructure loans in ways that would enable borrower repayments without impairing the borrower's standard of living if specified conditions are met. Requires that the Secretary establish an appeals procedure with respect to loans determined to be ineligible for restructuring. Describes criteria to be met by the appeal process. Prohibits the Secretary from requiring any borrower to provide additional collateral or from foreclosing certain loans as a result of the borrower's failure to do so. Permits a borrower, upon application, to retain possession and occupancy of qualified homestead property for between three and five years in certain cases of foreclosure, bankruptcy, or involuntary liquidation. Describes the eligibility requirements to be met by affected borrowers. Grants to the borrower the right of first refusal with respect to the homestead property at the end of the prescribed occupancy period. Directs the Secretary to permit a borrower to redeem real property acquired through legal process during the year following the date of judgment or the period prescribed under State law, whichever is longer. Applies State law to the redemption process. Fixes priorities as to borrower preference for redemption purchases. Revises farmland disposition provisions to give previous owners or operators the right of first refusal with respect to a lease of a property and preference with respect to the awarding to management contracts governing the property. Authorizes the Secretary to sign a contract to lease land to its owner before the Secretary actually acquires the property. Requires that previous owners be given written notice of the potential sale or lease of property. Applies appeals procedures to denials of applications or disputes with respect to leases or purchase agreements. Directs the Secretary to release from the sale of any loan-securing property an amount sufficient both to assure the borrower's family a reasonable standard of living and to pay all necessary farm operating expenses. Title X: State Mediation Program - Establishes guidelines for State farm loan mediation programs. Enumerates criteria to be met by a State in order to qualify for the matching grant program instituted in this title. Lists the requirements to be met by the farm loan mediation program of a State, including provisions with respect to mediator training and duties and applications for mediation. Creates a program of matching grants to the States under which the Secretary must provide financial assistance to a qualifying State for the operation and administration of its farm loan mediation program. Limits the amount of such a grant to: (1) no more than 50 percent of the costs of the operation and administration of the State's program; and (2) $1,000,000 per year per State. Directs the Secretary to prescribe rules requiring each guarantee or insurance program under the Secretary's jurisdiction to: (1) cooperate in good faith with requests for information or for analysis; and (2) present and explore debt restructuring proposals advanced during the course of any farm loan mediation program. Mandates corresponding rulemaking by the FCA with respect to FCS institutions. Authorizes FY 1988 through 1991 appropriations.

Farm Program Revision Act of 1987

United States · United States Congress · 7 August 1987

Farm Program Revision Act of 1987 - Amends the Agricultural Act of 1949 to set 1987 through 1990 feed grain price support levels at $2.40 per bushel (current 1986 support price is $2.40 per bushel). Limits wheat and feed grain price support reductions to: (1) not less than 20 percent for 1987; and (2) not less than ten percent for 1988 through 1990. Directs the Secretary of Agriculture to make payments (as provided for in this Act) to specified 1987 feed grain producers. Sets 1988 through 1990 wheat price support levels at $2.85 per bushel. Limits to 25 percent the amount of deficiency payments that may be paid in generic in-kind certificates for the 1987 through 1990 crops of wheat, feed grains, upland and extra long staple cottons, and rice. Raises the limits on the amount of wheat and feed grain allowed in the producer reserve program. Requires that program storage payment rates equal average commercial rates.

A bill to authorize the establishment by the Secretary of Agriculture of plant stress and water conservation research laboratory and program at Lubbock, Texas.

United States · United States Congress · 7 August 1987

Authorizes appropriations to establish a plant stress and water conservation research laboratory and program at Lubbock, Texas.

Agricultural Quarantine Enforcement Act of 1987

United States · United States Congress · 7 August 1987

Agricultural Quarantine Enforcement Act of 1987 - Authorizes the Secretary of Agriculture to: (1) inspect domestic mail parcels (excluding letters) mailed from Hawaii or Puerto Rico to the conterminous United States, or international mail parcels (excluding letters) in the United States or its territories or possessions, in order to prevent the introduction of destructive plant and animal diseases and pests or noxious weeds; and (2) confiscate or destroy such prohibited plants, animals, or related articles. Authorizes the Secretary to coordinate such activities with the United States Postal Service and the United States Customs Service. Requires written notice of the Secretary's inspection authority to be displayed at all parcel mailing locations in Hawaii and Puerto Rico.

A bill to extend deadlines for the redemption of commodity payment-in-kind certificates issued by the Commodity Credit Corporation.

United States · United States Congress · 7 August 1987

States that any Commodity Credit Corporation commodity payment-in-kind certificate shall not expire earlier than one year after the expiration date of the issue.

A bill to amend the Federal Meat Inspection Act to require pizza products containing imitation cheese and meat to be labeled to reflect the fact that imitation cheese is contained therein.

United States · United States Congress · 7 August 1987

Amends the Federal Meat Inspection Act to require that labels on meat pizza products indicate any cheese substitutes or imitations used.

Dairy Production Stabilization Act Amendments of 1987

United States · United States Congress · 7 August 1987

Dairy Production Stabilization Act Amendments of 1987 - Amends the Dairy Production Stabilization Act of 1983 to include within the Act's framework dairy products imported into the United States and the importers of such products. (Current law applies only to milk produced in the United States.) Requires representation of dairy product importers on the National Dairy Promotion and Research Board. Provides for assessment of dairy product importers. Directs the Secretary of Agriculture to issue a proposed amendment to the order in effect on the date of enactment of this Act in order to conform the order to this Act. Describes the procedures to be followed with respect to this proposed amendment.

A bill to amend chapter 39 of title 31, United States Code, to require the Commodity Credit Corporation to pay an interest penalty on overdue payments, and for other purposes.

United States · United States Congress · 7 August 1987

Establishes an interest penalty for late payments by the Commodity Credit Corporation to eligible farmers or ranchers to whom the Corporation is obligated to make payments or loans. Sets forth formulae for the determination of required payment or loan closing dates.

Wheat Protein Determination Act of 1987

United States · United States Congress · 6 August 1987

Wheat Protein Determination Act of 1987 - Directs the Secretary of Agriculture to: (1) determine the protein content of 1987 through 1990 wheat for price support purposes on an "as-is" basis without regard to a "standard moisture method" of protein testing; and (2) increase 1987 wheat payments if the "standard moisture method" results in lower payments than would have resulted from an "as-is" determination.

A bill to amend the Consolidated Farm and Rural Development Act to provide for fairness in the Farmers Home Administration appeals process.

United States · United States Congress · 6 August 1987

Amends the Consolidated Farm and Rural Development Act to require the Secretary of Agriculture to provide a hearing on the record before an administrative law judge to any loan applicant or borrower, or any loan guarantee applicant or recipient, adversely affected by a decision of the Secretary. (Currently, the Secretary is required only to provide opportunity for a hearing.) Requires the Secretary to provide such appeals procedures without regard to the participation or agreement of any lender.

Agricultural Paperwork Reduction Act of 1987

United States · United States Congress · 6 August 1987

Agricultural Paperwork Reduction Act of 1987 - Directs the Secretary of Agriculture, within 180 days of this Act's enactment, to report to specified congressional committees concrete proposals for reducing recordkeeping and other paperwork required of agricultural producers in connection with price support programs and other agriculture-related activities.

A bill to amend the Farm Disaster Assistance Act of 1987 to extend the reporting date for the ethanol cost effectiveness study.

United States · United States Congress · 5 August 1987

Amends the Farm Disaster Assistance Act of 1987 to extend the reporting date for the ethanol cost-effectiveness study from 90 days to 180 days after enactment of such Act.

Optional Acreage Diversion Act of 1987

United States · United States Congress · 4 August 1987

Optional Acreage Diversion Act of 1987 - Amends the Agricultural Act of 1949 to provide that a 1988 wheat crop producer who devotes any amount in excess of 50 percent of permitted wheat acreage to conservation use shall receive deficiency payments at a bushel-rate established by the Secretary of Agriculture. (Current law provides for a 50 percent planting option.) States that such payment rate: (1) shall be not less than the projected deficiency payment rate; and (2) shall be made public prior to the program sign-up period. Requires the Secretary to issue implementing regulations within 30 days of enactment of this Act which shall include provisions ensuring that: (1) farm acreage bases and payment yields shall not be reduced if producers set aside such additional acreage; and (2) to the extent practicable such program shall not adversely affect landlord-tenant acreage base relationships.

A bill to authorize the Secretary of Agriculture to provide facilities and equipment for additional storage space and laboratories at the National Seed Storage Laboratory at Fort Collins, Colorado.

United States · United States Congress · 4 August 1987

Authorizes appropriations, not subject to fiscal year limitation, for the following improvements to be made by the Secretary of Agriculture, through the Agricultural Research Service, at the National Seed Storage Laboratory at Fort Collins, Colorado: (1) planning, construction, acquisition, alteration, and repair of buildings and equipment to provide additional storage space; and (2) renovation of existing facilities to provide laboratories.

Emergency Livestock Feed Assistance Act of 1987

United States · United States Congress · 3 August 1987

Emergency Livestock Feed Assistance Act of 1987 - Requires the Secretary of Agriculture to implement an emergency livestock feed assistance program in States (currently includes Puerto Rico, Guam, and the Virgin Islands) threatened by natural disasters. (Current law authorizes but does not mandate such an assistance program.) Requires that requests for such assistance be made by the Governor of the affected State, after consultation with a special emergency board constituted in accordance with this Act. Requires at least a 30 percent feed loss in order to qualify for such assistance. Includes within program assistance (in addition to feed cost reimbursement): (1) transportation assistance; and (2) Commodity Credit Corporation feed donations and sales. Subjects a producer who sells such feed to civil and criminal penalties.

Agricultural Nitrogen Management Act of 1987

United States · United States Congress · 30 July 1987

Agricultural Nitrogen Management Act of 1987 - Directs the Secretary of Agriculture to establish an Agricultural Nitrogen Best Management Practices Task Force to: (1) develop agricultural best management practices to minimize nitrogen losses from all potential uses of agricultural nitrogen; (2) develop and disseminate to American farmers educational and training materials with respect to such practices; and (3) report to the Congress in two years on the progress of its efforts. Authorizes appropriations. Amends the Federal Water Pollution Control Act (Clean Water Act) to require that any State assessment report or management report be developed in consultation with the task force. Directs the Administrator of the Environmental Protection Agency to consult with the task force in preparing annual reports and final reports to the Congress.

A bill to reestablish food bank special nutrition projects, to establish food bank demonstration projects, and for other purposes.

United States · United States Congress · 30 July 1987

Amends the Agricultural Act of 1980 to require the Secretary of Agriculture to submit an annual report to the Congress on food bank special nutrition projects. (Under current law, a final report was due on January 1, 1984.) Directs the Secretary to: (1) carry out at least one food bank demonstration project in each of the standard Federal regions; and (2) report to the Congress, not later than January 3, 1990, on such projects. Terminates the Secretary's authority with respect to the demonstration projects December 31, 1990.

A bill to provide for a research program for the development and implementation of new technologies in food safety and animal health, and for other purposes.

United States · United States Congress · 29 July 1987

Directs the Secretary of Agriculture to establish a research program that includes: (1) developing technology for the rapid identification of infectious agents and toxins on farms and within the processing and distribution chain; (2) establishing a statistical framework for purposes of health risk assessment related to contamination of the animal product food chain by these infectious agents and toxins; (3) analyzing the animal product food chain to determine the most effective point for preventive intervention; and (4) developing techniques to monitor the production, processing, and distribution of food animals and their food product derivatives in order to detect potential microbiological or chemical agents. Authorizes the Secretary to award grants for the funding of projects to decrease the susceptibility of food products of animal origin to infectious or toxic agents. Identifies entities eligible for such grants. Authorizes appropriations.

A bill to amend the Food Security Act of 1985 to provide for the fair and equitable application of the maximum limitation on farm program payments that may be received by a person.

United States · United States Congress · 29 July 1987

Amends the Food Security Act of 1985 with respect to payment limitations for wheat, feed grains, cotton, and rice for FY 1988 through 1990. Requires the Secretary of Agriculture to attribute to the individual members of an organizational entity engaged in farming all payments made to such entity. Treats such entity as a separate person. Requires attribution to individual members on the basis of their individual interests in the entity. Permits the Secretary not to attribute the entity payments to any member whose interest is less than ten percent when attribution to such member would have little or no effect on the implementation of the limitation. Prohibits any member of an entity from receiving payments in excess of the limitation for a separate person. Provides that a producer who leases land from an individual or entity must be combined as one person with that individual or entity for payment limitation purposes unless the producer makes a substantial contribution of owned land or owned equipment and personal labor or active personal management to the farming operation that includes the leased land.

Agricultural Credit Act of 1987

United States · United States Congress · 28 July 1987

Agricultural Credit Act of 1987 - Title I: Provisions to Assist Borrowers of, and Improve the Administration of, the Farm Credit Act of 1971 - Amends the Farm Credit Act of 1971 to provide a five-year guarantee for the value of Farm Credit System (FCS) borrower-held stock. Requires a FCS lender to restructure a financially-stressed loan if such loan's restructured value would exceed its liquidated value. Requires lenders to: (1) develop a written loan restructuring policy for Farm Credit Administration (FCA) approval; (2) review all nonaccrual and high-risk loans for restructuring possibilities; and (3) submit quarterly restructuring reports to FCA. Requires each farm credit district board to: (1) appoint a restructuring supervisory officer; and (2) monitor restructured loans. Authorizes FCS associations to establish special credit units to implement loan restructuring. Establishes a five-year federally-chartered Farm Credit System Temporary Assistance Corporation (Corporation) to replace the Farm Credit System Capital Corporation in providing financial (including stock guarantees) and technical assistance to financially troubled FCS institutions. Funds the Corporation through Treasury purchases of Corporation stock or obligations. Requires FCS repayment to the Treasury to begin five years after enactment of this Act through specified annual institution payments. Requires each institution, within 90 days of enactment of this Act, to submit a business plan (with annual updates) to the Corporation for approval as a condition for financial assistance. Stipulates that for the first 120 days after enactment of this Act, the Corporation may provide emergency assistance to a failing institution without plan approval. Sets forth FCS borrower rights, including: (1) access to documents; (2) review of adverse loan decisions and opportunity to meet with institution representatives before foreclosure; (3) protection from having to post additional collateral if all other loan obligations have been met; and (4) homestead protection and right of first refusal to repurchase foreclosed property. Establishes the Farm Credit System Insurance Corporation (Insurance Corporation) to insure securities issued by FCS institutions through the Federal Farm Credit Banks Funding Corporation (created by this Act). States that every FCS bank will be an insured bank upon enactment of this Act. Requires such banks to: (1) make reports of their condition to the Insurance Corporation, and provides penalties for failure to do so; and (2) pay specified annual funding premiums. Provides for a minimum insurance fund base of two percent of the value of outstanding FCS obligations. Requires FCS institutions to file annual premium certifications with the Insurance Corporation. Subjects an institution to forfeiture of FCS rights and privileges for failure to file or to pay the premiums, and makes a director who participated in such failure personally liable for consequential damages. Establishes the Farm Credit Insurance Fund to insure the timely payment of principal and interest on insured obligations. Transfers current revolving fund amounts to such Fund. Authorizes the Insurance Corporation to: (1) make loans to, purchase the assets or securities of, assume the liabilities of, or make contributions to a financially troubled insured institution; and (2) take specified steps to facilitate institution mergers or consolidations. Prohibits assistance to an institution if such amounts would exceed liquidation costs, unless the continued operation of the institution is essential to provide local agricultural credit services. Requires the Insurance Corporation to report annually to the Congress. Requires FCA, within 180 days of enactment of this Act, to prescribe regulations regarding the merger and reorganization of unlike FCS institutions operating in the same district. States that, in the case of a merger, the authority of the district board shall be transferred to and among specified district banks. Authorizes: (1) a Federal land bank resulting from a merger to make short term loans; and (2) a Federal intermediate credit bank or a production credit association resulting from a merger to make real estate loans. Sets forth provisions regarding merged institutions' boards of directors. Directs FCA, within 120 days after enactment of this Act, to issue regulations regarding minimum permanent capital adequacy standards for FCS institutions (to be phased in over a five-year period). Requires such standards to include fixed capital-to-asset ratios. Directs FCA to: (1) conduct a study of whether FCS institutions should implement capitalization plans that involve capitalization through methods other than the issuance of borrower stock or equities in loan-based amounts; and (2) submit such report to the Congress within two years of enactment of this Act. Provides for the appointment of two additional district board members who are not FCS borrowers, shareholders, or employees. Authorizes elections for separate boards for each bank in any farm credit district. Expands FCS rural loan authority by increasing from 15 percent to 25 percent the number of permitted nonfarmer loans and increasing the "rural area" population designation from 2,500 to 20,000. Revises provisions regarding the eligibility of specified entities to borrow from a bank for cooperatives.

Farm Credit System Loan Restructuring and Local Control Act of 1987

United States · United States Congress · 23 July 1987

Title I: Short Title - Farm Credit System Loan Restructuring and Local Control Act of 1987. Title II: Central Reserve For Farm Credit System - Amends the Farm Credit Act of 1971 to authorize the Central Reserve Fund Board (established by this Act) to issue up to $4,000,000,000 in federally guaranteed bonds. Authorizes the Secretary of the Treasury to assist in the interest payments on such bonds for five years. Title III: Central Reserve Fund Board - Establishes the Central Reserve Fund Board to administer the Central Reserve Fund. Title IV: Assistance to Farm Credit Institutions - Provides for Federal assistance to Farm Credit System (FCS) institutions. Permits the use of Central Reserve Fund moneys to pay system institutions to enable them to redeem stock at par value and to otherwise remain financially viable. Requires the board of directors of a farm credit district to have a certain plan in place in order for any FCS institution in its district to be eligible. Requires a recovery plan to be submitted within 60 days of the enactment of this Act. Requires a plan to: (1) establish a special credit team in the district to review on a case-by-case basis all the nonaccrual and high risk loans; (2) describe how the team plans to restructure rather than foreclose on troubled loans whenever it is cheaper for the institution to do so; and (3) describe how the district will reduce its operating costs at least ten percent below their 1985 levels. Requires that: (1) the restructuring of each loan be done by the FCS institution that holds the loan; and (2) the district have in place a system for monitoring restructured loans to determine whether the restructuring has been successful. Sets forth a procedure for determining whether a loan should be restructured or foreclosed. Requires the Farm Credit Administration to report quarterly to the Central Reserve Fund Board on the adherence of the districts to their filed plans. Directs the Board, on the basis of such reports, to determine whether or not a district should receive, or continue to receive, Federal assistance. Title V: Protection of Borrower Stock - Provides for protection of borrower stock. Declares that during the five year period following enactment of this Act, in the case of any FCS institution loan to a borrower that is secured by borrower stock: (1) if the stock is retired, it shall be paid at par value; (2) if the borrower defaults on the loan, the stock may be canceled; or (3) under other specified circumstances, the stock may be otherwise disposed of. Title VI: Termination of Farm Credit System Capital Corporation - Terminates the Farm Credit System Capital Corporation and transfers all of its assets and liabilities to the Central Reserve Fund. Title VII: Borrower Rights - Declares that any borrower, for a loan that is current under the loan agreement terms, may not: (1) be required to provide additional collateral; (2) be foreclosed on or otherwise liquidated for failing to post additional collateral; or (3) be required to furnish additional financial information unless the loan agreement so provides, or unless the borrower requests a change in the agreement terms. Requires FCS institutions to provide borrowers with specified information about their loans, including copies of all documents, copies of the institution's charter and by-laws, interest rates, copies of current forbearance or restructuring policies, and the appraised value of the collateral. Provides for stockholder reconsideration, upon the request of at least five percent of the stockholders, of any decision by an association under the Farm Credit System to merge voluntarily with another association. Requires such a request to be made within 60 days after a majority of an association's stockholders votes to merge. Voids the merger if a majority of stockholders present and voting at the reconsideration meeting votes against the merger. Title VIII: Establishment of Secondary Market for Agricultural Mortgages - Establishes as a federally-chartered institution of the Farm Credit System the Federal Agricultural Mortgage Corporation (Corporation). States that the Corporation shall not be liable for the debts of any other System institutions. Directs the Corporation to provide a secondary agricultural mortgage market by: (1) developing uniform underwriting, security appraisal, and repayment standards; (2) determining the eligibility of agricultural mortgage marketing facilities to contract with the Corporation for credit enhancement of specific mortgage pools; and (3) providing credit enhancement to assure repayment of principal and interest on pools of qualified agricultural mortgage loans. Sets forth provisions relating to: (1) the Board of Directors; (2) operating powers; (3) stock; (4) agricultural mortgage marketing facility certification (including revocation); (5) credit enhancement of qualified agricultural mortgage loans; (6) the required ten-percent contribution reserve (including distributions of any earnings on such reserve and loss allocation); (7) standards for qualified agricultural mortgage loans; (8) credit enhancement (including fees and limitations on liability); (9) Corporation regulation (including an annual report); and (10) exemption from Federal and State securities laws under specified conditions (including authorized investments).

A bill to amend the Food Security Act of 1985 to increase the number of acres placed in the conservation reserve program, and for other purposes.

United States · United States Congress · 22 July 1987

Amends the Food Security Act of 1985 to expand progressively the conservation reserve program to 65,000,000 acres by the end of the 1990 crop year. Directs the Secretary of Agriculture (Secretary) to report to specified congressional committees by January 1, 1988, on the inclusion in the program of lands other than highly erodible lands. Authorizes cash and in-kind conservation reserve incentives. Directs the Secretary to expand the quantity of land eligible for conservation reserve programs for acreage devoted to trees. Provides for commercial use of conservation reserve acreage under certain conditions. Revises the ownership/operation requirements related to contracts under the conservation reserve program. Requires the Secretary, in determining the acceptability of contract offers, to consider the land's fair market and rental values. Extends through FY 1990 the authority of the Secretary to use the Commodity Credit Corporation to carry out the conservation reserve program. Directs the Secretary, not later than July 1, 1988, to formulate and implement a groundwater pilot program to assist owners and operators of eligible land in conserving and improving the soil and water resources of their farms or ranches. Makes eligible for such program land: (1) that is irrigated for certain crops in an area identified as subject to the overdraft of groundwater; or (2) that is associated with an aquifer adversely affected by such irrigation. Amends the Agricultural Programs Adjustment Act of 1984 to require the Secretary to implement a program for the reamortization of certain loans based on future revenue from softwood timber crops. (Under current law, the program is discretionary.) Increases from 50,000 acres to 200,000 acres the amount of land that may be placed in such a program.

A concurrent resolution to recognize the importance of the agricultural export enhancement program.

United States · United States Congress · 22 July 1987

Recognizes the importance of the agricultural export enhancement program established under the Food Security Act of 1985. Expresses the sense of the Congress that the Secretary of Agriculture should assure that sufficient FY 1987 through 1990 funding be available for such program.

A bill to amend the Farm Credit Act of 1971 to reconstitute the finance committee which determines the amounts, maturities, rates of interest, and participation of System banks in the issuance of joint, consolidated, or System-wide obligations.

United States · United States Congress · 22 July 1987

Amends the Farm Credit Act of 1971 with respect to the finance committee that determines the amounts, maturities, interest rates, and participation of Farm Credit System (FCS) banks in the issuance of joint, consolidated, or System-wide obligations. Provides for a single eight-member committee made up of specified FCS leaders and monetary policymakers. (Under current law, a separate committee exists for each of the following: (1) Federal land banks and associations; (2) Federal intermediate credit banks and production credit associations; and (3) banks for cooperatives.)

Dairy Export Incentive Program Amendments Act of 1987

United States · United States Congress · 22 July 1987

Dairy Export Incentive Program Amendments Act of 1987 - Amends the Food Security Act of 1985 to allow for the use of generic certificates in the dairy export incentive program. States that if such certificates are exchanged for dairy products, such products (or an equal amount of other dairy products) must be exported.

A concurrent resolution to recognize the importance of the agricultural export enhancement program.

United States · United States Congress · 22 July 1987

Recognizes the importance of the agricultural export enhancement program established under the Food Security Act of 1985. Expresses the intent of the Congress that the Secretary of Agriculture should assure that sufficient FY 1988 through 1990 funding be available for such program.

Uniform Cotton Classing Fees Act of 1987

United States · United States Congress · 20 July 1987

Uniform Cotton Classing Fees Act of 1987 - Amends the Cotton Statistics and Estimates Act to extend the Secretary of Agriculture's authority to provide cotton classification services and to collect fees for such services through FY 1992. Provides that the uniform cotton per bale classification for a crop year shall be the previous year's fee, exclusive of prior adjustments, and as may be adjusted for the percentage change in the Implicit Price Deflator for Gross National Product as indexed during the most recent 12-month period. Provides that the uniform per bale classification fee for a crop year may be increased, or decreased, by up to one percent for every 100,000 bales produced below, or above, 12,500,000 bales. Stipulates that such adjustments shall not exceed 15 percent unless fees and other income sources will not provide an ending operating reserve of at least ten percent of estimated operating expenses. Authorizes the Secretary to add a special surcharge of up to five cents a bale if the projected fiscal year ending reserve is less than 25 percent of estimated operating expenses. Prohibits the Secretary from establishing a uniform per bale classification fee if (when combined with other revenues and adjusted for expenses) doing so will result in a projected operating reserve of more than 25 percent. States that the Secretary should continue to recognize that central billing can reduce administrative costs. Directs the Secretary to announce: (1) the uniform classification fee and any crop surcharge by June 1 of the year that such fee applies; and (2) the FY 1987 fee as soon as practicable after enactment of this Act.

A bill to promote rural development.

United States · United States Congress · 15 July 1987

Establishes within the Department of Agriculture a Rural Electrification and Development Administration (REDA) to: (1) oversee Department of Agriculture grant and loan programs related to rural development; (2) provide technical and leadership assistance to State and local officials in rural development enterprises; (3) work with agricultural cooperatives, private organizations, and small colleges to coordinate rural development activities; (4) assume the rural development functions of the Rural Electrification Administration and the Farmers Home Administration (5) provide technical assistance and financial advice directly to cities receiving REDA water and waste facility loans; and (6) assist communities in identifying water and waste program alternatives. Mandates that REDA industry development activities emphasize the promotion, propagation, and expansion of indigenous and existing industries. Amends the Smith-Lever Act to direct the Secretary of Agriculture to appoint extension service agents at all State service locations. Sets forth certification and knowledge requirements applicable to such personnel. Requires the Secretary to prescribe minimum continuing education requirements for them. Amends the Federal Crop Insurance Act to include alternative crops (crops not in surplus and not covered by a Federal crop program) among the agricultural commodities covered under Federal crop insurance programs. Expresses the sense of the Congress that, in view of the continuing crisis in agriculture, vocational agricultural education and organizations related to it play an important role in responding to the needs of agriculture and training a new generation of leaders to confront rural challenges. Amends the Carl D. Perkins Vocational Education Act to: (1) revise provisions relating to the filling of vacancies and to the meeting frequency and notice requirements applicable to State vocational education advisory councils; (2) direct State occupational information coordinating committees to analyze data sources and develop new program and employment data for agricultural occupations; (3) revise the uses of vocational education program funds and vocational education opportunity funds; (4) direct the National Advisory Council on Vocational Education, within 60 days after its completion, to review and develop recommendations with respect to the National Academy of Science Study of Agricultural Education on the Secondary Level; (5) require States to assign personnel to administer and supervise vocational education agriculture programs; and (6) direct the Secretary of Education to ensure a certain personnel level in the Office of Vocational and Adult Education to administer and supervise vocational education agriculture programs. Directs the Secretary of Agriculture to: (1) conduct a study of eight economically successful small communities; and (2) report, within 180 days of this Act's enactment, to specified congressional committees on the studies, on the availability of local and Federal resources for small community economic development, and on recommended economic strategies for such communities.

A bill to amend the Agricultural Act of 1949 to provide grain from the Commodity Credit Corporation to new facilities producing liquid fuels and agricultural commodity byproducts.

United States · United States Congress · 15 July 1987

Amends the Agricultural Act of 1949 to direct the Commodity Credit Corporation, upon a facility's written request and through a State entity, to make agricultural commodity surpluses (grain stocks) available to facilities producing liquid fuels and agricultural commodity byproducts. Limits this availability to: (1) the first year of a facility's operation in an amount sufficient for that year's production; (2) 20 million bushels per facility; and (3) a total yearly maximum of 100 million bushels.

Federal Meat Inspection Act Amendments of 1987

United States · United States Congress · 13 July 1987

Federal Meat Inspection Act Amendments of 1987 - Amends the Federal Meat Inspection Act to revise the definition of "misbranded" to include any meat or meat food product not labeled with its country of origin. Applies such provision to meat and meat products sold at wholesale and retail, including items subject to additional preparation after entering the United States. Directs the Secretary of Agriculture to provide for exemptions by regulations covering instances when compliance is impracticable. Authorizes the Secretary either to refuse to provide or to withdraw inspection service upon the determination, after opportunity for a hearing is given, that proper labeling has not been done. Requires the Secretary to withdraw inspection upon a third violation. Provides for judicial review by the appropriate U.S. Court of Appeals of the Secretary's determinations and orders with respect to country of origin labeling.

A bill to reestablish food bank special nutrition projects, to establish food bank demonstration projects, and for other purposes.

United States · United States Congress · 10 July 1987

Amends the Agricultural Act of 1980 to require the Secretary of Agriculture to submit an annual report to the Congress on food bank special nutrition projects. (Under current law, a final report was due on January 1, 1984.) Directs the Secretary to: (1) carry out at least one food bank demonstration project in each of the standard Federal regions; and (2) report to the Congress, not later than January 3, 1990, on such projects. Terminates the Secretary's authority with respect to the demonstration projects on December 31, 1990.

Agricultural Producer and Farm Credit System Borrower Act of 1987

United States · United States Congress · 10 July 1987

Agricultural Producer and Farm Credit System Borrower Act of 1987 - Title I: Farm Credit System Liability and Insurance - Amends the Farm Credit Act of 1971 to provide that after December 31, 1992: (1) each Farm Credit System (FCS) institution shall be individually liable for its notes and other obligations; and (2) FCS institutions will no longer be jointly and severally liable. Establishes a Farm Credit System Insurance Corporation (Corporation) which shall insure the full payment of FCS institution interest and principal. States that the Farm Credit Reserve Fund Board (established by this Act) shall act as the Corporation's board of directors until its termination, upon which the Farm Credit Administration Board shall assume such duties. Sets forth Corporation powers. Prohibits an FCS institution from joining with other institutions in issuing consolidated obligations payable after December 31, 1992, unless it is insured by the Corporation. Funds the Corporation through institution insurance premiums and stock sales. Directs the Corporation to set uniform premium levels. Authorizes the Corporation, pursuant to enumerated conditions, to terminate an institution's insured status for uncorrected status or operations violations. Directs the Corporation to maintain a general reserve, and after the Reserve Board's termination, permits it to supplement such reserve through the issuance of federally-guaranteed bonds and other obligations. Caps such obligations at $1,000,000,000. Stipulates that such supplemental reserves may only be used for insurance purposes. Requires institutions to maintain adequate capital. Directs the Farm Credit Administration (FCA) to periodically consult with the Corporation regarding capitalization levels. Provides that the Corporation shall serve as a receiver for an insured institution in receivership. Sets forth related provisions. Sets forth Corporation fund provisions, including investment provisions. Authorizes the Corporation to make loans to, or purchase the assets of, an institution if the Board determines such action is necessary to reopen a closed institution or prevent the failure of an operating institution. Title II: Financial Assistance-Subtitle A: Farm Credit Reserve Fund and Financial Assistance - Amends the Farm Credit Act of 1971 to establish a Farm Credit Reserve Fund Board to temporarily administer Federal assistance to FCS institutions and oversee the loan restructuring process. Grants emergency powers through 1989 to the Board to permit it to manage financially-troubled institutions. Requires an annual report to the Congress. Establishes a Farm Credit Reserve Fund which shall be available to the Board to carry out its operations. Funds such Fund through: (1) guaranteed debt obligations; (2) assessments; (3) Capital Corporation asset transfers; (4) revolving fund transfers; (5) Farmers Home Administration (FmHA) land assets transfers; and (6) appropriated funds. (Provides initial funding through institution assessments.) Requires: (1) each FCS district to establish a special credit unit to review and make final disposition of all nonaccrual and high risk loans held by institutions within its district; and (2) each unit to develop a loan disposition plan which emphasizes the importance of keeping farmers on their land through deferrals and restructuring. Subtitle B: Termination of Capital Corporation and Reserve Fund - Directs FCA to terminate the Farm Credit System Capital Corporation: (1) 90 days after enactment of this Act; or (2) earlier, upon the recommendation of the Board of Directors of such Corporation. States that the Farm Credit Reserve Fund Board shall succeed to the Capital Corporation's rights, assets, and obligations. Title III: Stock Protection and Capitalization - Amends the Farm Credit Act of 1971 to require that through December 31, 1992, retired institution stock shall be redeemed at par value in interest-bearing notes, unless the borrower requests a cash payment. Provides for post-1992 payment only in cash. Requires institutions to adopt a capitalization plan that meets FCA minimum requirements and is based on generally accepted accounting principles. Title IV: Structural Changes in the Farm Credit System - Subtitle A: Mergers of Farm Credit System Institutions - Amends the Farm Credit Act of 1971 to make FCS structural changes regarding: (1) the merger of banks within a district; (2) the merger of like banks in different districts; (3) transfers by production credit associations to banks; (4) transfers by Federal land banks to Federal land bank associations; (5) the merger of associations into banks; (6) the merger of like and unlike associations; (7) institutional termination and dissolution; (8) the merger of service organizations; (9) prior approval of information disclosure and issuance of charters; and (10) the taxation (or exemption) of merged banks and associations. Requires the establishment of a FCS-wide finance committee. Subtitle B: General Provisions - Authorizes a Federal land bank association or production credit association to have on its board of directors a person who is not otherwise connected with FCS institutions. Authorizes such associations to borrow and lend money without the supervision or assistance of a Federal land bank. Authorizes an FCS institution to operate outside its normal service territory. Subtitle C: Effective Date - Makes this title effective 30 days after enactment of this Act. Title V: Agricultural Mortgage Secondary Market - Amends the Farm Credit Act of 1971 to establish a federally-chartered Federal Agricultural Mortgage Corporation to: (1) develop uniform underwriting, security appraisal, and repayment standards for qualified loans; (2) determine the eligibility of agricultural mortgage marketing facilities for credit enhancement of specific mortgage pools; and (3) provide credit enhancement for the repayment of qualified loan pool principal and interest. Sets forth provisions regarding: (1) the temporary and permanent boards of directors; (2) powers and duties; (3) capitalization through stock issuances; (4) agricultural mortgage marketing facilities' certification; (5) credit enhancement of qualified loans and the establishment of uniform underwriting, security appraisal, and repayment standards. Authorizes the Mortgage Corporation to charge fees to cover operating and credit enhancement expenses. Title VI: Export Financing and OFI Authorities - Amends the Farm Credit Act of 1971 to make permanent: (1) Federal intermediate credit banks' lending authority; and (2) cooperative banks' authority to finance certain import and export transactions. Authorizes Federal land banks to make loans and provide related financial assistance to other financing institutions. Title VII: Disposition of Acquired Property - Amends the Farm Credit Act of 1971 to express the sense of the Congress that FCS institutions: (1) should sell foreclosure-acquired property unless such sale would have a detrimental effect on farm land value; and (2) should try to make such sales to local people.

A bill to provide permanent authorization for White House Conferences on Rural Development and the Family Farm.

United States · United States Congress · 10 July 1987

Directs the President to call and conduct, once during each presidential term, a National White House Conference on Rural Development and the Family Farm, bringing together State, regional, and Federal representatives for the purpose of preserving and stimulating economic and cultural vitality in rural communities. Mandates, to the extent practicable, State and regional conferences, at least one in each State, to be held as preparatory to the National Conference. Limits participation in these local conferences to participants in the National Conference and to residents of farms or of small rural communities who have a vested interest in rural community life. Directs the National Conference to examine such topics of rural concern as: (1) the delivery of essential services to rural communities; (2) the role of the family farm in these communities; (3) economic development, including job opportunities for displaced farmers; (4) the maintenance and development of the rural infrastructure; and (5) the interrelationship among Federal, State, and various local levels of government. Names the Secretary of Agriculture (Secretary) as the administrator of the National Conference and directs the heads of Federal departments and agencies to provide support and assistance as necessary. Directs the Secretary to assist in implementing the State and regional conferences. Authorizes the Secretary to enter into contracts with public agencies, private organizations, and academic institutions to carry out this Act. Makes participants responsible for their own National Conference expenses. Authorizes the President to appoint and compensate an executive director and other personnel for the National Conference. Requires: (1) the National Conference to submit a final report to the President and to the Congress not later than six months after convening; and (2) the Secretary of Agriculture and the Director of the Extension Service, after submission of the National Conference report, to submit annual reports to the Congress on the status and implementation of the National Conference's findings and recommendations. Authorizes appropriations, to remain available until expended. Prohibits Department of Agriculture funds not so specifically appropriated from being used for this Act's implementation.

Farm Credit System Loan Restructuring Act

United States · United States Congress · 9 July 1987

Farm Credit System Loan Restructuring Act - Amends the Farm Credit Act of 1971 to authorize the Central Reserve Fund Board (established by this Act) to issue up to $4,000,000,000 in federally guaranteed bonds. Authorizes the Secretary of the Treasury to assist in the interest payments on such bonds for five years. Establishes the Central Reserve Fund Board. Provides for Federal assistance to Farm Credit System institutions. Permits the use of Central Reserve Fund moneys to pay System institutions to enable them to redeem stock at par value and to otherwise remain financially viable. Requires the board of directors of a farm credit district to have a certain plan in place in order for any System institution in its district to be eligible. Requires a recovery plan to be submitted within 60 days of the enactment of this Act. Requires a plan to: (1) establish a special credit team in the district to review on a case-by-case basis the nonaccrual and high risk loans; (2) describe how the team plans to restructure rather than foreclose on troubled loans whenever it is cheaper for the institution to do so; and (3) describe how the district will reduce its operating costs at least ten percent below their 1985 levels. Requires that: (1) the restructuring of each loan be done by the System institution that holds the loan; and (2) the district have in place a system for monitoring restructured loans to determine whether the restructuring has been successful. Sets forth a procedure for determining whether a loan should be restructured or foreclosed. Requires the Farm Credit Administration to report quarterly to the Central Reserve Fund Board on the adherence of the districts to their filed plans. Directs the Board, on the basis of such reports, to determine whether or not a district should receive, or continue to receive, Federal assistance. Provides for protection of borrower stock. Declares that during the five year period following enactment of this Act, in the case of any System institution loan to a borrower that is secured by borrower stock: (1) if the stock is retired, it shall be paid at par value; (2) if the borrower defaults on the loan, the stock may be canceled; or (3) under other specified circumstances, the stock may be otherwise disposed of. Terminates the Farm Credit System Capital Corporation and transfers all of its assets and liabilities to the Central Reserve Fund.

A bill to enhance the rights of Farm Credit System borrowers.

United States · United States Congress · 9 July 1987

Amends the Farm Credit Act of 1971 to provide for stockholder reconsideration, upon the request of at least five percent of the stockholders, of any decision by an association under the Farm Credit System (FCS) to voluntarily merge with another such association. Adds provisions with respect to Federal land bank association sales of inventory land to: (1) require purchasers of such real estate to buy capital stock and participation certificates in the Federal land bank from which the association receives loans; and (2) establish priorities for sales of such property. Requires FCS institutions to provide to borrowers specified information about their loans, including the procedures for restructuring a loan, interest rates, and offers to sell foreclosure property to the previous owner before sale to any other person.

Agricultural Prompt Payment Act of 1987

United States · United States Congress · 9 July 1987

Agricultural Prompt Payment Act of 1987 - Directs the Secretary of Agriculture to pay interest on any payment to a producer, rancher, or farmer under the Agricultural Act of 1949 or the conservation acreage reserve program when such a payment is not made within ten days of its due date. Directs the Secretary to include a required payment date in each contract entered into after this Act's enactment with respect to the affected programs.

A bill to require the Commodity Credit Corporation to pay interest to certain persons with respect to whom the Corporation is delinquent in making obligated payments.

United States · United States Congress · 9 July 1987

Amends the Commodity Credit Corporation Charter Act to direct the Commodity Credit Corporation to pay interest to qualified persons on payments due them and made after the required payment date.

Truth in Frozen Pizza Labeling Act of 1987

United States · United States Congress · 7 July 1987

Truth in Frozen Pizza Labeling Act of 1987 - Amends the Federal Meat Inspection Act to require that labels on meat pizza products indicate any cheese substitutes or imitations used. Defines the terms "meat pizza products" and "cheese."

Imported Meat Inspection Reciprocity Act of 1987

United States · United States Congress · 30 June 1987

Imported Meat Inspection Reciprocity Act of 1987 - Amends the Federal Meat Inspection Act to direct the Secretary of Agriculture to investigate the meat inspection requirements of countries which export meat to the United States to determine whether a country applies standards to U.S. meat that: (1) are not substantiated by reliable analytical methods; or (2) are different from standards applied to domestic meat. Directs the Secretary, upon such findings, to: (1) notify the Congress; and (2) prohibit such country from exporting meat to the United States unless the Secretary certifies that such meat has met inspection standards applied by the country to meat imported from the United States.

A bill to amend the Agricultural Act of 1949 to require the Secretary of Agriculture to pay interest on overdue payments to producers under milk production termination contracts.

United States · United States Congress · 30 June 1987

Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to pay interest on overdue payments to producers under milk production termination contracts.

A bill to change the cutoff date determining which Farmers Home Administration borrowers may request that the interest rates they pay be the lower of the interest rate in effect on the date of loan approval or the date of loan closure.

United States · United States Congress · 30 June 1987

Amends the Supplemental Appropriations Act, 1985 to change the effective date from November 12, 1983, to October 1, 1981, for Farmers Home Administration loan rate purposes.

A bill to direct the Secretary of Agriculture to release certain restrictions on a parcel of land located in Henderson, Tennessee.

United States · United States Congress · 29 June 1987

Directs the Secretary of Agriculture to release restrictions requiring use for a public purpose with respect to specified parcels of land in Chickasaw State Park, Chester County, Tennessee, in order to facilitate a land exchange between Bethel Baptist Church of Henderson, Tennessee, and the State of Tennessee.

A bill to require the Commodity Credit Corporation to pay an interest penalty for late payment of amounts required to be paid or loaned to any person.

United States · United States Congress · 29 June 1987

Requires the Commodity Credit Corporation to pay an interest penalty for the late payment of amounts required to be paid or loaned to any person.

Truth in Frozen Pizza Labeling Act of 1987

United States · United States Congress · 26 June 1987

Truth in Frozen Pizza Labeling Act of 1987 - Amends the Federal Meat Inspection Act to require that labels on meat pizza products indicate any cheese substitutes or imitations used. Defines the terms "meat pizza products" and "cheese."

A joint resolution making urgent supplemental appropriations for the Department of Agriculture for the fiscal year ending September 30, 1987.

United States · United States Congress · 25 June 1987

Makes a supplemental appropriation for FY 1987 to the Department of Agriculture to reimburse the Commodity Credit Corporation for net realized losses.

Harvest Disaster Relief Act of 1987

United States · United States Congress · 25 June 1987

Harvest Disaster Relief Act of 1987 - Directs the Secretary of Agriculture, using the funds, facilities, and authorities of the Commodity Credit Corporation, to provide generic commodity certificates to producers of agricultural commodities to cover the value of crop losses arising from the inability to harvest a commodity because the particular locality suffered a farmworker labor shortage. Requires a State Governor to petition the Secretary to declare an area eligible for such disaster relief. Specifies that: (1) the shortage of farmworkers must result from a decrease in the number of foreign nationals seeking such work since May 1, 1987; and (2) the area as a whole must have suffered at least a 20 percent loss in the normal year's dollar value of the particular commodity due to the worker shortage. Applies to harvests beginning after May 1, 1987, and before December 31, 1988.

Roland R. Vautour, of Vermont, to be Under Secretary of Agriculture for Small Community and Rural Development, vice Frank W. Naylor, Jr.

United States · United States Senate · 24 June 1987