Page:United States Statutes at Large Volume 104 Part 5.djvu/196

 104 STAT. 3518 PUBLIC LAW 101-624—NOV. 28, 1990 Options Pilot Program Act of 1990. 7 USC 1421 note. Government contracts. (3) provide a summary of such data and determinations on a program crop-by-program crop and State-by-State basis; and (4) provide such other recommendations or information as the Secretary determines appropriate. Subtitle E—Options Pilot Program SEC. 1151. SHORT TITLE. This subtitle may be cited as the 1990". 'Options Pilot Program Act of SEC. 1152. PURPOSES. It is the purpose of this subtitle to require the Secretary of Agriculture (hereinafter in this subtitle referred to as the Secretary") to conduct research necessary— (1) to ascertain whether futures options trading would provide reasonable protection to producers from fluctuations in the value of the commodities they produce; (2) to ascertain whether producers will accept and fully utilize this method of price protection if information is provided to the producers concerning its proper use; and (3) to determine the effect widespread adoption of such futures options trading program would have on commodity prices. SEC. 1153. OPTIONS PILOT PROGRAM. (a) IN GENERAL.—To determine whether regulated agricultural commodity options trading can be used by producers to obtain protection from fluctuations in the market prices of the commodities they produce and the impact of such trading on the prices of the commodities, the Secretary shall conduct a pilot program for each of the 1991 through 1995 crops of corn and for each of the 1993 through 1995 crops of wheat and soybeans. O?) COUNTIES.— The Secretary shall conduct the pilot program in various counties that produce significant quantities of the 1991 through 1995 crops of corn, and significant quantities of the 1993 through 1995 crops of wheat and soybeans. For the 1991 crop year, the Secretary shall select not less than three counties in each of three major corn-producing States to conduct the pilot program for corn for the crop year. The Secretary may add additional States and counties to the program in succeeding crop years. (c) BROKERS.—Trades under the pilot program conducted under this subtitle shall be carried out through registered commodity brokers who choose to participate in the program. (d) ELIGIBLE PRODUCER PARTICIPANTS. —The Secretary shall contract with eligible producers who wish to participate in the program and who are located in the counties selected for the pilot program. The contracts shall set forth the terms and conditions for participation in the pilot program, including a provision that the contract may be terminated by any participating producer at any time prior to receiving payments for options contracted for under the pilot program. SEC. 1154. TERMS AND CONDITIONS. (a) EuGiBiLiTY REQUIREMENTS. — (1) IN GENERAL. —To be eligible to participate in the pilot program conducted under this subtitle, a producer shall meet A

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