Federal Food Reserve Act

Summary

Federal Food Reserve Act - Authorizes the Secretary of Agriculture to establish, maintain, and rotate stocks in a food reserve of inventories of wheat, feed grains, and soybeans. Requires the reserve to include at least three hundred million bushels of wheat; twenty five million tons of feed grains, and one hundred million bushels of soybeans. States that the reserve shall be established by: (1) offering to producers who have eligible commodities under Commodity Credit Corporation loans an opportunity to extend the loans for a period of two years, and having such commodities held in producer-owned facilities, and earning storage at rates comparable to those paid for storage in commercial facilities; (2) setting aside from Commodity Credit Corporation-owned stocks quantities to be identified and held as reserves; and (3) purchasing in the open market at prices no less than the current price-support loan rates and no higher than the prevailing market prices, as determined by the Secretary. Provides that except when a state of emergency has been proclaimed by the President, or by a resolution of Congress, the Secretary shall offer any commodity in the reserve for sale at any time at the average price received by producers for which that commodity exceeds 105 percent of parity through two consecutive monthly reporting periods. States that the commodities may also be used for relieving distress areas, disaster areas, and in connection with civil defense emergencies. Directs the Secretary to prevent domestic shortages of the designated commodities by establishing a system of export controls. Authorizes appropriations of such sums as are necessary for carrying out the purposes of this Act.

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1 official file

• Introduced in House

  summary · EN · 25 September 1974

  Open at official source

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