Storable Agricultural Commodities Reserve Act

Summary

Storable Agricultural Commodities Reserve Act - Directs the Secretary of Agriculture to establish, maintain, and dispose of a separate reserve of inventories of wheat, feed grains, and soybeans. Provides that such reserve inventories shall not include more than: (1) 300,000,000 bushels of wheat; (2) a total of 25,000,000 tons of feed grains; and (3) 100,000,000 bushels of soybeans. States that the reserve shall be constituted by offering to specified producers an opportunity to enter into a storage agreement for a five-year period, and by authorizing the Secretary to buy feed grains, wheat, and soybeans subject to specified limitations. States that, except when the President has proclaimed a state of emergency or Congress, by concurrent resolution, declares that the reserves should not be sold, the Secretary may offer such reserve commodity for sale at a price of not less than 150 percent of the average price received by U.S. farmers during the proceding five marketing years for the commodity involved or 150 percent of the established price for the commodity as provided in the Agriculture and Consumer Protection Act of 1973, whichever is higher. Authorizes the Secretary to dispose of reserve commodities in specified situations, including the relief of distress in any State and specified U.S. territories, and in connection with any major disaster determined by the President to warrant assistance by the Federal Government under Federal law. Directs the Secretary to use the Commodity Credit Corporation to the extent feasible to carry out the purposes of this Act. Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 January 1975

   Introduced

   Referred to House Committee on Agriculture.

   Source: IntroReferral

2. 14 January 1975

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 January 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

Sponsors

• Rep. Smith, Neal Edward [D-IA-4] · D · Sponsor
• · hsag00 · Standing

Related records

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