Page:United States Statutes at Large Volume 92 Part 2.djvu/405

 PUBLIC LAW 95-501—OCT. 21, 1978

92 STAT. 1685

Public Law 95-501 95th Congress An Act To strengthen the economy of the United States through increased sales abroad of United States agricultural commodities.

Oct. 21, 1978 [S. 3447]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may Agricultural be cited as the "Agricultural Trade Act of 1978". " Trade Act of 1978.

TITLE I—INTERMEDIATE CREDIT

7 USC 1761 note.

SEC. 101. Section 4 of the Food for Peace Act of 1966 is amended to 7 USC 1707a. read as follows: "SEC. 4. (a) Commercial export sales of agricultural commodities Export sales, out of private stocks on credit terms of not to exceed three years may be financed by the Commodity Credit Corporation under its export credit sales program. "(b)(1) Export sales of agricultural commodities out of Commodity Credit Corporation and private stocks on credit terms in excess of three years, but not more than ten years, may be financed by the Commodity Credit Corporation. "(2) No export sale may be financed under this subsection unless the Secretary of Agriculture determines that the sale will— "(A) develop, expand, or maintain the importing nation as a 1 foreign market, on a long-term basis, for the commercial sale and export of United States agricultural commodities without displacing normal commercial sales; or > "(B) otherwise improve the capability of the importing nation to purchase and use, on a long-term basis. United States agricultural commodities. "(3) Consistent with the provisions of paragraph (2) of this subsection, intermediate credit financing under this subsection may be made available for the following uses: "(A) to establish reserve stocks consistent with international commodity agreements or other stock building plans acceptable to the United States; "(B) the export sale of breeding animals (including, but not limited to, cattle, swine, sheep, and poultry), including the cost of •',' '*• freight from the United States to designated points of entry in ' '" ' ' other nations; "(C) where determined feasible, for the establishment of facilities in the importing nation to improve handling, marketing, processing, storage, or distribution of imported agricultural commodities (through the use of local currency generated from the import and sale of United States agricultural commodities to finance all or part of such facilities); and "(D) to meet credit competition for agricultural export sales. jr "(4) Intermediate credit financing under this subsection may not be used to encourage credit competition, or for the purpose of foreign aid or debt rescheduling.

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