Farm Emergency Credit Act of 1985

Summary

Farm Emergency Credit Act of 1985 - Amends the Agricultural Act of 1949 to direct the Secretary of Agriculture to make advance (recourse) price support loans available for 1985 for producers participating in the 1985 farm program. Makes up to 50 percent of such crop eligible for advance payments. Permits loan conversion to nonrecourse status upon harvest and availability as loan collateral. Administers such program through the Commodity Credit Corporation and the local farmer committees. Amends the Consolidated Farm and Rural Development Act to provide agricultural lenders with a 90 percent Federal guarantee in exchange for interest rates of not more than two and one-half percent above the Federal Reserve discount rate. Sets the Farmers Home Administration (FmHA) loan cash flow requirement at 100 percent. Authorizes FY 1985 appropriations for farm ownership and operating loan guarantees. Expresses the sense of the Congress that the Secretary should take immediate steps to make personnel and other resources available to facilitate the administration of such program. Requires the FmHA to approve or reject "approved lender" applications within 15 days.

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Timeline

1. 19 February 1985

   Introduced

   Read twice and referred to the Committee on Agriculture.

   Source: IntroReferral

2. 19 February 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

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 · 19 February 1985

  Open at official source

Sponsors

• Sen. Exon, J. James [D-NE] · D · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Rep. Simon, Paul [D-IL-24] · D · Sponsor
• Sen. Burdick, Quentin N. [D-ND] · D · Sponsor
• Sen. Pryor, David H. [D-AR] · D · Sponsor
• Rep. Harkin, Tom [D-IA-5] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Zorinsky, Edward [D-NE] · D · Sponsor
• · ssaf00 · Standing

Related records

• related to → Farm Emergency Credit Act of 1985
• related to → Farm Emergency Credit Act of 1985