Page:United States Statutes at Large Volume 107 Part 2.djvu/416

 107 STAT. 1368 PUBLIC LAW 103-130—NOV. 1, 1993 Public Law 103-130 103d Congress An Act To amend the National Wool Act of 1954 to reduce the subsidies that wool and Nov. 1, 1993 mohair producers receive for the 1994 and 1995 marketing years and to eliminate [S. 1548] the wool and mohair programs for the 1996 and subsequent marketing years, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. Loans. SECTION 1. SUPPORT PMCE FOR WOOL AND MOHAIR. Section 703 of the National Wool Act of 1954 (7 U.S.C. 1782) is amended— (1) by striking subsection (a) and inserting the following new subsection: "(a) Subject to subsection (b)(3), the Secretary of Agriculture shall, through the Commodity Credit Corporation, make loans and payments to producers of wool and mohair through December 31, 1995. "; (2) in subsection (b)— (A) in paragraph (2), by striking "1997" and inserting "1995"; and (B) by striking paragraph (3) and inserting the following new paragraph: "(3) No loans, purchases, or pa3naients shall be made for the 1996 and subsequent marketing years, except that loans and pay- ments for the 1995 marketing year shall be paid in 1996."; and (3) by adding at the end the following new paragraph: "(4)(A) Through December 31, 1995, the Secretary shall offer to wool and mohair producers recourse loans under terms and conditions that are prescribed by the Secretary, except that the loans shall be administered at no net cost to the Federal Government. "(B) A producer who fails to repay a loan made under subparagraph (A) by the end of the following marketing year shall be ineligible for a loan under this Act for that meu-keting year and subsequent marketing years.". SEC. 2. REDUCTION IN PAYMENTS. Section 704(a) of the National Wool Act of 1954 (7 U.S.C. 1783(a)) is amended by inserting after the first sentence the following new sentence: "In the case of each of the 1994 and 1995 marketing years, the payments shall be 75 and 50 percent, respectively, of the amount otherwise determined under the preceding sentence.".

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