A bill to amend the Commodity Credit Corporation Charter Act to provide additional service and protection to producers of agricultural commodities and to the purchasers of such commodities.

Summary

Provides, under the Commodity Credit Corporation Charter Act, that the Corporation shall: (1) insure any buyer who contracts to purchase from any producer for future delivery any agricultural commodity (including livestock), and insure any producer who contracts to sell for future delivery any agricultural commodity (including livestock) against financial loss resulting from failure of the buyer or seller to comply with the terms of the contract; and (2) finance the purchase of any agricultural commodity whenever the purchaser is unable to (a) make payment upon delivery because of an unavoidable delay in the delivery to a subsequent purchaser, and (b) obtain financing from usual commercial sources upon reasonable terms and conditions. (Amends 15 U.S.C. 714(c))

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Documents

1 official file

• Introduced in Senate

  summary · EN · 7 February 1974

  Open at official source

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