Livestock Producers Emergency Loan Relief Act

Summary

Livestock Producers Emergency Loan Relief Act - Authorizes and directs the Secretary of Agriculture to make emergency loans to bona fide farmers and ranchers who are primarily and directly engaged in the breeding, raising, or fattening of livestock. Provides that such loans shall be made to farmers and ranchers who cannot obtain such loans from commercial sources on reasonable terms and conditions. Provides that such loans shall be made for the purpose of assisting such farmers and stockmen to maintain their livestock operations. Provides that the amount of the loan shall be determined by: (1) multiplying the number of cattle owned by the applicant by $150; (2) multiplying the number of swine and sheep owned by the applicant by an amount which the Secretary determines bears an appropriate relationship to $150, taking into consideration the relative value of swine and sheep as compared with cattle and the cost of maintaining swine and sheep as compared with cattle; and (3) but in no case shall the amount of the loan exceed $250,000. Authorizes the Secretary to use funds of the Commodity Credit Corporation in carrying out the provisions of this Act. Provides that no loan may be made under this Act at any time beyond one year after the date of enactment of this Act. Authorizes the Secretary to issue such rules and regulations as he determines necessary to carry out this Act effectively and expeditiously.

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 · 24 February 1975

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.