Page:United States Statutes at Large Volume 89.djvu/274

 89 STAT. 214 Guarantee authority, extension.

7 USC prec. 1961 note. Report to congressional committees.

Contents.

7 USC 1992.

PUBLIC LAW 94-35—JUNE 16, 1975 (e) Section 8 is amended to read as follows: "SEC. 8. The provisions of this Act shall become effective upon enactment, and the authority to make new guarantees shall terminate on December 31, 1976.". (f) Section 10 is amended by adding at the end thereof the following new sentence: "Insofar as practicable, the Secretary shall complete action on each loan application within thirty days after its receipt.". (g) The Act is amended by adding at the end thereof the following new section 11: "SEC. 11. The Secretary shall report to the Committee on Agriculture, United States House of Representatives, and the Committee on Agriculture and Forestry, United States Senate, on or within one year of the date of the enactment of this section, and annually thereafter, with respect to the effectiveness of this Act. The Secretary shall be required, but not limited, to include in such report the number of loan applications submitted, the number and amount of loans approved, the financial situation facing cattlemen at the time of the report, the effect of this Act on the retail marketing of beef and on the farm-retail price spread of beef, and any recommendations he may have as to actions which can be taken to further decrease the price spread and to increase the consumption of beef.". SEC. 2. Section 344 of the Consolidated Farm and Rural Development Act (86 Stat. 667) is amended by changing the last sentence thereof to read as follows: "No contract guaranteeing any such loan by such other lender shall require the Secretary to guarantee more than 90 per centum of the principal and interest on such loan.". Approved June 16, 1975.

LEGISLATIVE HISTORY: HOUSE REPORTS: No. 94-125 (Comm. on Agriculture) and No. 94-244 (Comm. of Conference). SENATE REPORTS: No. 94-43 (Comm. on Agriculture and Forestry) and No. 94-151 (Comm. of Conference). CONGRESSIONAL RECORD, Vol. 121 (1975): Mar. 20, considered and passed Senate. May 6, considered and passed House, amended. May 22, Senate agreed to conference report. June 3, House agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 11, No. 25: June 16, Presidential statement.

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