15 U.S. Code § 714b. General powers of Corporation
The Federal Tort Claims Act, referred to in subsec. (c), is title IV of act Aug. 2, 1946, ch. 753, 60 Stat. 842, which was classified principally to chapter 20 (§§ 921, 922, 931–934, 941–946) of former Title 28, Judicial Code and Judiciary. Title IV of act Aug. 2, 1946, was substantially repealed and reenacted as sections 1346(b) and 2671 et seq. of Title 28, Judiciary and Judicial Procedure, by act June 25, 1948, ch. 646, 62 Stat. 992, the first section of which enacted Title 28. The Federal Tort Claims Act is also commonly used to refer to chapter 171 of Title 28, Judiciary and Judicial Procedure. For complete classification of title IV to the Code, see Tables. For distribution of former sections of Title 28 into the revised Title 28, see Table at the beginning of Title 28.
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (h), is act June 7, 1939, ch. 190, as revised generally by Pub. L. 96–41, § 2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§ 98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.
The effective date of this Act, referred to in subsec. (h), probably refers to the effective date of Pub. L. 89–758, which was approved on Nov. 5, 1966.
The words “of the District of Columbia and” in the phrase of subsec. (c) reading “including the district courts of the District of Columbia and of any Territory or possession” have been deleted as superfluous in view of section 132(a) of Title 28, Judiciary and Judicial Procedure, which states that “There shall be in each judicial district a district court which shall be a court of record known as the United States District Court for the district” and section 88 of Title 28 which states that “The District of Columbia constitutes one judicial district”.
In subsec. (h), “chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41” substituted for “the Federal Property and Administrative Services Act of 1949, as amended” on authority of Pub. L. 107–217, § 5(c), Aug. 21, 2002, 116 Stat. 1303, which Act enacted Title 40, Public Buildings, Property, and Works, and Pub. L. 111–350, § 6(c), Jan. 4, 2011, 124 Stat. 3854, which Act enacted Title 41, Public Contracts.
Amendment by Pub. L. 95–113, which directed the Corporation to make secured storage facility loans of not to exceed $50,000, later increased to $100,000, to growers of dry or high moisture grain, soybeans, rice, and high moisture forage and silage during the period Oct. 1, 1977, to Sept. 30, 1981, was omitted from the Code as terminated. See Effective and Termination Dates of 1977 Amendment note set out below.
1998—Subsec. (g). Pub. L. 105–277 substituted “$188,000,000” for “$193,000,000”.
Pub. L. 105–185 substituted “$193,000,000” for “$275,000,000”.
1996—Subsec. (g). Pub. L. 104–127, § 161(b)(1)(A), inserted before period at end of first sentence “, except that obligations under all such contracts or agreements (other than reimbursable agreements under section 714i of this title) for equipment or services relating to automated data processing, information technologies, or related items (including telecommunications equipment and computer hardware and software) may not exceed $170,000,000 in fiscal year 1996 and not more than $275,000,000 in the 6-fiscal year period beginning on October 1, 1996, unless additional amounts for such contracts and agreements are provided in advance in appropriation Acts”.
Subsec. (h). Pub. L. 104–127, § 161(b)(1)(B), in second sentence, struck out “shall have power to acquire personal property necessary to the conduct of its business but” after “The Corporation”.
1987—Subsec. (i). Pub. L. 100–202 substituted “$30,000,000,000” for “$25,000,000,000”.
1986—Subsec. (m). Pub. L. 99–260 inserted provision authorizing the Corporation to dispose of or export surplus agricultural commodities in amounts that will enable the Corporation to finance research and development of external combustion engines using fuel other than that derived from petroleum and petroleum products and limiting the total value of the commodities exported annually to a maximum of $30,000,000.
1985—Subsec. (h). Pub. L. 99–198, § 1761, inserted an additional proviso reading as follows: “That any contract entered into by the Corporation for the use of a storage facility shall provide at least that (1) the rental rate charged for an extended term in excess of one year shall be at an annual rate less than that which is charged for a one-year contract, (2) any obligation of the Corporation to pay for the use of any space in a facility shall be relieved to the extent that the Corporation does not use the space and payment is made by another person for the use of such space, and (3) if the Corporation determines that it no longer needs the space reserved in the facility, the Corporation may be relieved, for the remaining term of the contract, of its obligations to an extent and in a manner that will provide significant savings to the Corporation while permitting the owner of the facility reasonable time to lease such space to another person:”.
Pub. L. 99–198, § 1167(b), in sentence beginning “Notwithstanding any other provision of law” substituted “Commodity Credit Corporation shall, to the maximum extent practicable, in consultation with the Secretary of State, and upon terms and conditions prescribed or approved by the Secretary of Agriculture, accept strategic and critical materials” for “Commodity Credit Corporation is authorized, upon terms and conditions prescribed or approved by the Secretary of Agriculture, to accept strategic and critical materials”; in sentence beginning “Insofar as practicable” substituted “the Secretary shall: (1) use normal commercial trade channels; (2) take action to avoid displacing usual marketings of United States agricultural commodities and the products thereof; (3) take reasonable precautions to prevent the resale or transshipment to other countries, or use for other than domestic use in the importing country, of agricultural commodities used for such exchange; and (4) give priority” for “normal commercial trade channels shall be utilized and priority shall be given”; inserted sentence reading “The Corporation may solicit bids from, and utilize, private trading firms to effect such exchange of goods.”; in sentence beginning “Strategic and critical materials” substituted “in the same fiscal year such materials are transferred” for “when transferred”; and inserted sentence beginning “If the volume of petroleum products” and sentence beginning “the terms and conditions” relating to acquisition of petroleum products for placement in the Strategic Petroleum Reserve and terms and conditions of each exchange.
1982—Subsec. (c). Pub. L. 97–164 substituted “Claims Court” for “Court of Claims”.
1981—Subsec. (h). Pub. L. 97–98 inserted “, except that the Secretary shall make such loans in areas in which the Secretary determines that there is a deficiency of such storage”, and inserted provision authorizing the Secretary to make loans to grain growers needing storage facilities for the storage of grain on farms in areas where the Secretary determines that there is a deficiency of such storage and also inserted provision that, to encourage the alleviation of natural resource conservation problems that reduce the productive capacity of the Nation’s land and water resources or that cause degradation of environmental quality, the Corporation may, beginning December 22, 1981, make loans to any agricultural producer for those natural resource conservation and environmental enhancement measures that are recommended by the applicable county and State committees established under section 590h(b) of title 16 and are included in the producer’s conservation plan approved by the local soil and water conservation district, that such loans shall be for a period not to exceed ten years at a rate of interest based upon the rate of interest charged the Corporation by the United States Treasury, that the Corporation may make loans to any one producer in any fiscal year in an amount not to exceed $25,000, that loans up to $10,000 in amount may be unsecured and loans in excess of $10,000 shall be secured, that the total of such unsecured and secured loans made in each fiscal year shall not exceed $200,000,000, and that the authority to make such loans be effective only to the extent and in such amounts as may be provided for in prior appropriation Acts.
Pub. L. 97–35 substituted “the Corporation may make loans” for “the Corporation shall make loans” in fourth proviso.
1980—Subsec. (h). Pub. L. 96–234 substituted “$100,000” for “$50,000” in two places, and struck out provisions respecting the size of the facility for purposes of obtaining loans.
1979—Subsec. (h). Pub. L. 96–41 substituted “section 3 of the Strategic and Critical Materials Stock Piling Act” for “section 2 of the Strategic and Critical Materials Stock Piling Act (60 Stat. 596)” and “the President” for “the Munitions Board of the Department of Defense”.
1978—Subsec. (i). Pub. L. 95–279 substituted “$25,000,000,000” for “$14,500,000,000”.
1977—Subsec. (h). Pub. L. 95–113 inserted proviso directing the Corporation to make secured storage facility loans of not to exceed $50,000 to growers of dry or high moisture grain, soybeans, rice, and high moisture forage and silage during the period Oct. 1, 1977, to Sept. 30, 1981. See Codification note set out above.
1966—Subsec. (h). Pub. L. 89–758 inserted provisions allowing for the sale of grain storage facilities by bids when no person offers to pay the minimum price set by the Commodity Credit Corporation at not less than the minimum price to any public or private nonprofit agency.
1956—Subsec. (i). Act Aug. 1, 1956, substituted “$14,500,000,000” for “$12,000,000,000”.
1955—Subsec. (i). Act Aug. 11, 1955, substituted “$12,000,000,000” for “$10,000,000,000”.
1954—Subsec. (i). Act Aug. 31, 1954, substituted “$10,000,000,000” for “$8,500,000,000”.
Subsec. (i). Act Mar. 20, 1954, substituted “$8,500,000,000” for “$6,750,000,000”.
1950—Subsec. (i). Act June 28, 1950, substituted “$6,750,000,000” for “$4,750,000,000”.
1949—Subsec. (c). Act June 7, 1949, § 5, conferred jurisdiction on the district courts “without regard to the amount in controversy”, enabled the Corporation and persons having claims against the Corporation to plead set-offs and counterclaims which are barred by the statute of limitations, if, at the time the plaintiff’s cause of action arose, the defendant’s cause of action on which the set-off or counterclaim is based was not barred by the statute of limitations, and provided that certain claims against the United States could be brought in the United States Court of Claims.
Subsec. (h). Act June 7, 1949, § 2, enabled the Corporation to acquire items of personal and real property to be used in connection with the care, preservation, storage, and handling of agricultural commodities controlled by it, and enabled the Corporation to take liens on real property as security for obligations owing to it and to bid in on any execution or foreclosure sale to protect its financial interests in the matter.
National Military Establishment changed to Department of Defense by act Aug. 10, 1949.
Section 1104 of Pub. L. 95–113 provided that the amendment made by that section is effective only with respect to the fiscal years beginning Oct. 1, 1977, and ending Sept. 30, 1981.
Functions of President under subsec. (h) of this section delegated to Secretary of Defense, see section 2 of Ex. Ord. No. 12626, Feb. 25, 1988, 53 F.R. 6114, set out as a note under section 98 of Title 50, War and National Defense.
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under section 712a of this title.
Pub. L. 100–203, title I, § 1106, Dec. 22, 1987, 101 Stat. 1330–5, required the Secretary of Agriculture to reduce expenditures of the Commodity Credit Corporation for commercial storage, transportation, and handling of commodities owned by the Corporation by $230,000,000 from the amount of funds otherwise projected to be expended in fiscal years 1988 and 1989 under the budget base determined under section 901 of title 2.
 So in original. Should be “)”.