A bill to establish an export grain bank, to maximize profits on the sale of certain American commodities in foreign markets, and for other purposes.

Summary

Establishes in the Treasury an Export Grain Bank, under the Department of Agriculture, which shall: (1) administer a system providing two prices for U.S. farm commodities, one for foreign sales and one for domestic sales; and (2) make regular payments to growers out of the additional revenues obtained from foreign sales. Prohibits exports of farm commodities unless: (1) the export sales contract is approved by the Secretary of Agriculture (Secretary); and (2) the exporter agrees to make specified payments to the Export Grain Bank. Requires the exporter to provide the Secretary with specified information. Requires the Secretary to approve such export sales contracts unless the contract price is less than the minimum price established by the Secretary. Requires the Secretary to establish such minimum price based upon a study of domestic and foreign commodities markets. Requires using the funds in the Export Grain Bank to: (1) make the required payments to growers of farm commodities; and (2) if funds are left over, reduce the national debt. Sets forth the procedures for determining the amounts of payments to growers. Establishes an advisory committee to advise the Secretary on the Secretary's responsibilities under this Act. Prohibits exports of farm commodities except as provided under this Act. Sets forth penalties for violations of this Act. Repeals certain export subsidies and authorities that were added by the Food Security Act of 1985.

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Documents

1 official file

• Introduced in House

  summary · EN · 6 February 1986

  Open at official source

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