Federal Food Reserve Act

Summary

Federal Food Reserve Act - Declares the purposes of this Act. Defines the terms used in this Act. Title I; Federal Food Reserve - Directs the Secretary of Agriculture to establish and maintain a Federal food reserve of designated commodities including: wheat, corn, rice, barley, oats, grain sorghum, and edible dry beans. Prescribes the procedures for purchasing such commodities over a sixty-month period and the prices at which they shall be purchased. Empowers the Secretary to proclaim a Federal food reserve purchase allotment whenever he proclaims a food shortage alert with respect to a commodity. States that the commodities shall be stored in geographically dispersed areas of the United States selected by the Secretary after consultation with the Secretary of Defense and the Secretary of Housing and Urban Development. Authorizes the Secretary to sell stocks of any designated commodity at any time the national food supply reserve exceeds the national food supply reserve target level for such commodity. Provides that the Secretary may, at the direction of the President, utilize the stocks for disaster relief and for the needs of the Nation in a food price emergency. Outlines the conditions under which a food shortage alert or a food price emergency may be declared. Requires the Secretary to issue weekly a report summarizing information regarding the national food reserve. Establishes a Federal Food Reserve Fund on the books of the Treasury. Authorizes to be appropriated for each fiscal year such sums as necessary to carry out the provisions of this title. Title II: Control of Exports of Designated Commodities - Makes it unlawful to export any designated commodity from the United States except pursuant to a license issued by the Secretary under this title. Sets forth the circumstances under which such licenses shall be issued. Title III: Effective Dates; Regulations; Reports to Congress - Sets forth the effective dates of the provisions of this Act. Empowers the Secretary to issue regulations and use the Commodity Credit Corporation under this Act. Requires that specified reports be filed with Congress.

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1 official file

• Introduced in Senate

  summary · EN · 30 April 1974

  Open at official source

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