Trade Suspension Commodity Reserves Act of 1980

Summary

Trade Suspension Commodity Reserves Act of 1980 - Authorizes the Secretary of Agriculture to establish trade suspension reserves of wheat, corn, grain sorghums, oats, barley, rye, and such other grains as the Secretary deems appropriate, whenever: (1) the President or other member of the executive branch causes the commercial sales of such commodities to any country or area of the world to be suspended for reasons of national security or foreign policy under any provision of law; and (2) the prices producers receive for such commodities are, or will be, adversely affected by such action. Directs the Secretary to announce, within 30 days after such suspension: (1) whether trade suspension grain reserves under this Act will be established; and (2) the amount of the commodity to be placed in such reserves. Requires that such amount be that portion of the suspended commercial exports which should be removed from the market to maintain producer prices at the levels immediately prior to the suspension. Authorizes the Secretary to establish reserves necessary to stabilize prices under this Act by: (1) purchasing, through the Commodity Credit Corporation, commodities suitable for use in the production of alcohol for fuel and paying reserve maintenance and disposition costs; and (2) increasing the stocks held under the producer storage program of the Agricultural Act of 1949 by making additional nonrecourse loans available to producers under such program, if the export sales of wheat or feed grains are suspended. Permits the Secretary to dispose of such commodities, acquired by the Corporation under this Act, only through sale, at not less than the fuel conversion price for the commodity involved, for use in the production of alcohol as motor fuel at facilities which: (1) begin operation after January 4, 1980; and (2) can produce alcohol from agricultural or forestry biomass feedstocks other than the commodity involved. Authorizes the Secretary to facilitate the use for fuel production purposes of commodities held in reserve under this Act by producers under the producer storage program by requiring such producers to repay nonrecourse loans under such program whenever the then current market price for the commodity involved is not less than the fuel conversion price. Directs the Secretary to announce such fuel conversion prices, whenever nonrecourse loans are announced available under this Act and every three months thereafter while such loans are available or outstanding. Requires that such fuel conversion price: (1) be determined by the Secretary according to specified considerations; and (2) permit gasoline-alcohol mixtures using alcohol produced from the commodity to be competitive in price with nonlead gasoline priced at the point it leaves the refinery, adjusted for differences in octane rating. Directs the Secretary to establish safeguards to assure that commodities held in trade suspension grain reserves under this Act shall not be used in any manner to unduly depress, manipulate, or curtail the free market. Requires that all producers of a commodity be eligible for nonrecourse loans under the producer storage program made available under this Act. Declares this Act to be effective only with respect to suspensions implemented after December 31, 1979.

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 Senate

  summary · EN · 20 February 1980

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.