Emergency Livestock Credit Act

Summary

Emergency Livestock Credit Act - Authorizes the Secretary of Agriculture to provide financial assistance to bona fide farmers and ranchers, including operators of feedlots, who are primarily engaged in agricultural production for the purpose of breeding, raising, fattening, or marketing livestock. Defines "livestock" to mean beef cattle, dairy cattle, swine, chickens, turkeys, or the products thereof. Directs the Secretary to provide such assistance by guaranteeing loans made by any Federal or State chartered bank, savings and loan association, cooperative lending agency, or other approved lender. Requires that the total loans guaranteed under this Act for any farmer or rancher shall not exceed $500,000, and that in the case of any loan to refinance the livestock operations of a farmer or rancher, the loan and refinancing are absolutely essential in order for the farmer or rancher to remain in business. States that loans guaranteed under this Act shall bear interest at a rate to be agreed upon by the lender and borrower. Limits loan guarantees outstanding at any one time to $3,000,000,000. Terminates this Act one year after enactment except the authority to make guarantees may be extended for 6 months if the Secretary of Agriculture determines guarantees are needed and notifies the House Committee on Agriculture and the Senate Committee on Agriculture and Forestry.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 28 June 1974

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.