A bill to amend the Commodity Credit Corporation Charter Act to create within the Commodity Credit Corporation a National Grain Board, to provide the highest possible prices in foreign markets for American agricultural producers, to provide price and supply stability in domestic markets, and for other purposes.

Summary

Amends the Commodity Credit Corporation Act to designate the Commodity Credit Corporation as the seller or marketing agent for all export sales of wheat, feed grains, rice, and soybeans. Allows an exporter to enter into a sale for such commodity only if it is approved and purchased from the Corporation. Prohibits any contract for sale at less than the established price. Establishes a civil penalty for violations of this Act. Authorizes the Board of Directors of the Corporation, acting as the National Grain Board, to negotiate, barter, accept purchase bids from foreign purchasers, and offer selling bids in the world market for such commodities. Permits the Corporation to acquire commodities on the domestic market to meet the objectives of this Act, and to establish reserves to meet future export sales. Establishes in the Treasury of the United States a revolving Export Sales Fund to receive revenues made by the Corporation. Allocates the moneys in such Fund for the making of deficiency payments under the Agricultural Act of 1949 with respect to the agricultural commodities concerned. Allocates ten percent of such Fund to establish and maintain a reserve to provide international famine relief assistance. Requires the Secretary of Agriculture, at the beginning of each crop year, to increase the established price of an agricultural commodity, according to a specified formula, if any moneys in the Export Sales Fund are derived from such commodity. Directs the Secretary to establish a permanent advisory committee. Requires the Corporation to make statistics and other information concerning export sales available to the public on a quarterly basis.

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1 official file

• Introduced in House

  summary · EN · 5 January 1981

  Open at official source

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