The President shall establish a program under this subchapter to provide for the sale of agricultural commodities to developing countries and private entities for dollars on credit terms, or for local currencies (including for local currencies on credit terms) for use under this subchapter. Such program shall be implemented by the Secretary.
7 U.S. Code § 1701 - Economic assistance and food security
1996—Subsec. (a). Pub. L. 104–127, § 202(1), inserted “and private entities” after “developing countries”.
Subsec. (b). Pub. L. 104–127 inserted “and private entities” after “developing countries” and “and entities” after “such countries”.
1990—Pub. L. 101–624 amended section generally, substituting present provisions for provisions authorizing President to negotiate agreements with friendly countries for sales of commodities for dollars on credit terms, or for foreign currencies, on credit or on terms permitting conversion to dollars, setting minimum level for sales in foreign currencies, limiting extent of sales for foreign currency to amounts that can be productively used in private sector of foreign country, and requiring that sales for foreign currency through financial intermediaries be on terms and conditions specified in agreements.
1987—Subsec. (b)(1). Pub. L. 100–202, § 8(1), inserted provisions which required for each of fiscal years 1988 through 1990 that each agreement provide for some sale of foreign currencies for use under section 1708 of this title unless the President determines that the level of agricultural commodities furnished under this subchapter will be significantly reduced as a result of this sentence.
1985—Pub. L. 99–198 in amending section generally, incorporated existing text in provisions designated subsec. (a) and added subsecs. (b) to (d).
1981—Pub. L. 97–113 substituted “, to the extent that sales for dollars under the terms applicable to such sales are not possible, for foreign currencies on credit terms and on terms which permit conversion to dollars at the exchange rate applicable to the sales agreement” for “for foreign currencies”.
1966—Pub. L. 89–808 substituted “agreements with friendly countries to provide for the sale of agricultural commodities for dollars on credit terms or for foreign currencies” for “agreements with friendly nations or organizations of friendly nations to provide for the sale of surplus agricultural commodities for foreign currencies” and struck out subsecs. (a) to (d), (f), and (g), relating to safeguarding usual marketings and disruption of world prices and normal patterns of commercial trade with friendly countries, use of private channels to maximum extent practicable, development and expansion of foreign markets, restrictive commitments from participating countries, exchange rates, and currency conversion, now covered by section 1703(c), (e) to (h), and (m)(1) of this title, respectively, and subsec. (e), relating to maximum opportunity for friendly nation to purchase surplus agricultural commodities.
1964—Subsec. (f). Pub. L. 88–638, § 1(1), inserted “, and which are not less favorable than the highest of exchange rates obtainable by any other nation”, and struck out “from the government or agencies thereof” before “in the respective countries”.
Subsec. (g). Pub. L. 88–638, § 1(2), added subsec. (g).
1963—Subsec. (f). Pub. L. 88–205 substituted “the highest of exchange rates legally obtainable from the Government or agencies thereof” for “the rates at which United States Government agencies can buy currencies from the United States disbursing officers”.
1961—Subsec. (f). Pub. L. 87–128 added subsec. (f).
1958—Subsec. (a). Pub. L. 85–931 required President to take reasonable precautions to assure that sales of surplus commodities would not disrupt normal patterns of commercial trade with friendly countries.
“Because uncertainty in connection with Public Law 480 transactions tends to depress market prices, it is the sense of Congress that, in carrying out this Aid to India program, the Administration should, subject to the requirement of section 401 of Public Law 480 [section 1731 of this title] with respect to the availability of the commodity at the time of exportation, make announcements of intention, purchases and shipments of commodities on schedules and under circumstances which will protect and strengthen farm market prices to the maximum extent possible.
“The Congress endorses the President’s policy of equal participation on the part of the United States with all other nations, under terms and conditions set forth in Public Law 480, as amended [this chapter], in assisting the Government of India to meet these needs.
“Further, the Congress recommends, on the basis of estimates now available, that the United States provide an additional amount of food grain not to exceed three million tons at an estimated cost of $190,000,000 as the United States share toward meeting the India food deficit, provided it is appropriately matched, and specifically extends its support to the allocation of approximately $190,000,000 of funds available to the Commodity Credit Corporation in calendar year 1967 which will be required to accomplish this purpose.
“The Congress further recommends that the President provide an additional $25,000,000 of emergency food relief for distribution by CARE and other American voluntary agencies.”
Pub. L. 85–931, § 8, Sept. 6, 1958, 72 Stat. 1792, as amended by Pub. L. 89–808, § 3(d), Nov. 11, 1966, 80 Stat. 1538; Pub. L. 110–246, title III, § 3001(c), June 18, 2008, 122 Stat. 1821, provided that:
Act Aug. 3, 1956, ch. 933, § 3, 70 Stat. 988, provided that: