Page:United States Statutes at Large Volume 99 Part 2.djvu/379

 PUBLIC LAW 99-198—DEC. 23, 1985

99 STAT. 1489

(1) reduce or eliminate trade barriers or distortions identified in the annual reports required to be submitted under subsections (a) and (c); and (2) expand United States agricultural export opportunities Exports. identified in such annual reports. CONTRACT SANCTTTY AND PRODUCER EMBARGO PROTECTION

SEC. 1133. (a) It is hereby declared to be the policy of the United States— (1) to foster and encourage the export of agricultural commodities and the products of such commodities; (2) not to restrict or limit the export of such commodities and products except under the most compelling circumstances; (3) that any prohibition or limitation on the export of such commodities or products should be imposed only in time of a national emergency declared by the President under the Export Administration Act; and (4) that contracts for the export of such commodities or products entered into before the imposition of any prohibition or limitation on the export of such commodities or products should not be abrogated. (b) Section 1204 of the Agriculture and Food Act of 1981 (7 U.S.C. 1736J) is amended— (1) in subsection (a), by striking out "involved by" and all that follows through the period and inserting in lieu thereof "involved by making payments available to such producers, as provided in subsection (b) of this section."; (2) by striking out "clause (1) of' in subsection (b); (3) by striking out subsection (d); and (4) by redesignating subsections (e), (f), and (g) as subsections (d), (e), and (f), respectively.

Exports. 7 USC 1736y.

STUDY TO REDUCE FOREIGN EXCHANGE RISK

SEC. 1134. (a) The Secretary of Agriculture shall conduct a study Exports. to determine the feasibility, practicability and cost of implementing a program to reduce the risk of foreign exchange fluctuations that is incurred by the purchasers of United States agricultural exports under United States export credit promotion programs. The purpose of the study is to examine whether the GSM-102 program and all other United States export credit initiatives relating to agricultural exports would be enhanced by the United States assuming the foreign exchange risk of the buyer which resulted from a rise in the value of the United States doUar compared to the trade-weighted index of the dollar. The index referred to is the "trade-weighted index" published by the Department of Commerce as a measurement of the relative buying power of the dollar compared to the currencies of nations trading with the United States. The elements of the program to be considered in this study would include the following: (1) On the date a foreign buyer receives GSM-102 or other Loans. credit for purposes of purchasing United States agricultural products, the maximum loan repayment exchange rate would be tied to the trade-weighted value of the United States dollar on the same date.

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