A bill to provide emergency assistance to persons engaged in the cattle raising business by authorizing the Secretary of Agriculture, for a temporary period of time, to guarantee loans made to such persons until they can sell their livestock.

Summary

States that in order to provide temporary emergency assistance to persons engaged in the cattle raising business during the current period of declining cattle prices, the Secretary of Agriculture is authorized to guarantee and make commitments to guarantee the repayment of 90 percent of the outstanding principal amount of any loan made to any such person by a bank or other lending institution for the purpose of assisting such person to purchase cattle, to feed his cattle and otherwise maintain his farm or ranch operation. Authorizes the Secretary to guarantee the repayment of 90 percent of the outstanding principal amount of any loan made to any such person prior to the date of enactment of this Act and which is renewed or extended by the lending institution holding such loan. Specifies that the authority of the Secretary to guarantee loans under this Act shall expire June 30, 1975.

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1 official file

• Introduced in Senate

  summary · EN · 7 June 1974

  Open at official source

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