A bill to amend the Commodity Credit Corporation Charter Act to provide the highest possible prices in foreign markets for American agricultural producers and to assure a reliable supply of raw agricultural commodities to foreign purchasers.

Summary

Revises the Commodity Credit Corporation Charter Act to provide that the Corporation shall be the seller marketing agent for all export sales of wheat, corn, grain, soybeans, sorgham, barley, oats and rye in raw form. Allows exporters to enter into sales for export of such commodities at prices and terms approved by the Corporation. Authorizes the Corporation to negotiate sales for export of such commodities, to accept purchase bids from foreign purchasers, to offer selling bids to the world market, and to establish reserves to meet future export sales. Requires the Corporation to notify both Houses of Congress of the details of any sale of commodities in which it is acting as seller or as marketing agent and to receive Congressional approval for such sale. Sets forth rules for debate in Congress concerning such details. Directs the Corporation, in negotiating sales of commodities owned by the Corporation, to attempt to barter or exchange, to the maximum extent practicable, for commodities which are in short supply in the United States. Authorizes the Corporation to acquire commodities on the domestic market at prices established by the Agricultural Act of 1948. Provides that the Corporation may act upon the request of a producer or any other person as the exclusive marketing agent for the export sale of any agricultural commodity covered by this Act. Requires that records of all items and conditions of each export sale shall be made available for public inspection. States that the provisions of this Act shall take effect September 1, 1975. Specifies that any contract of sale for export entered into prior to September 1, 1975, shall not be affected by these provisions. Establishes criminal penalties for any individual who sells for export any agricultural commodity described in this Act without having the Corporation serve as marketing agent or approve the terms of such sale.

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1 official file

• Introduced in House

  summary · EN · 1 August 1975

  Open at official source

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