Page:United States Statutes at Large Volume 122.djvu/1717

 12 2 STA T . 1 694PUBLIC LA W 11 0– 246 —J U NE 1 8, 2008 natio na l a ver a g e loan rate , i f t h o s e loan rates d o not res u lt inanin c rease in outla y s .(2)PROHIB I T IO N . —A d j ust m ents under this su b section shall not result in an increase in the national average loan rate for any year. (d) A DJUS T ME NT IN L O A N R ATE F OR C OTTON.— ( 1 ) I N G ENERA L .— T he S ecretary may ma k ea p propriate adjustments in the loan rate for cotton for differences in q uality factors. (2) RE V ISIONS TO Q UALIT Y ADJUSTMENTS FOR U P LAND C OTTON.— (A) IN GENERAL.— N ot later than 1 80 days after the date of enactment of this Act, the Secretary shall imple - ment revisions in the administration of the marketing assistance loan program for upland cotton to more accurately and efficiently reflect market values for upland cotton. ( B ) M ANDATORY REVISIONS.—Revisions under subpara- graph (A) shall include— (i) the elimination of w arehouse location differen- tials (ii) the establishment of differentials for the var- ious quality factors and staple lengths of cotton based ona 3 -year, weighted moving average of the weighted designated spot market regions, as determined by regional production; (iii) the elimination of any artificial split in the premium or discount between upland cotton with a 32 or 33 staple length due to micronaire; and (iv) a mechanism to ensure that no premium or discount is established that e x ceeds the premium or discount associated with a leaf grade that is 1 better than the applicable color grade. (C) D ISCRETIONARY REVISIONS.—Revisions under subparagraph (A) may include— (i) the use of non-spot market price data, in addi- tion to spot market price data, that would enhance the accuracy of the price information used in deter- mining quality adjustments under this subsection; (ii) adjustments in the premiums or discounts asso- ciated with upland cotton with a staple length of 33 or above due to micronaire with the goal of eliminating any unnecessary artificial splits in the calculations of the premiums or discounts; and (iii) such other adjustments as the Secretary deter- mines appropriate, after consultations conducted in accordance with paragraph (3). (3) CONSULTATION W ITH PRIVATE SECTOR.— (A) PRIOR TO REVISION.—In making adjustments to the loan rate for cotton (including any review of the adjust- ments) as provided in this subsection, the Secretary shall consult with representatives of the U nited States cotton industry. (B) INAPPLICABILITY OF FEDERAL ADVISORY COMMITTEE ACT.—The F ederal Advisory Committee Act ( 5 U.S.C. App.) shall not apply to consultations under this subsection. Deadlin e .

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