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7 U.S.C. § 1704a — Terms and conditions of sales
Federal law — U.S. Code and appendices · legal_authorities
**(a) Payment**
(1) **Dollars** — Except as provided in paragraph (2), agreements under this subchapter shall require that payment for agricultural commodities be made in dollars.
(2) **Local currencies**
(A) *In general* — The Secretary may permit payment under an agreement under this subchapter in the local currency of the appropriate country in order to use the proceeds from such payments to carry out activities under [section 1704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1704&num=0&edition=prelim).
(B) *Rates of exchange* — Payments in local currency shall be at rates of exchange that are no less favorable than the highest exchange rate legally obtainable in the country and that are no less favorable than the highest exchange rate obtainable by any other country.
**(b) Interest** Such agreements shall provide that interest accrue on the payment deferred under such agreement at a concessional rate as determined appropriate by the Secretary.
**(c) Duration** Payments required under such agreements may be made in reasonable annual amounts over the period (not more than 30 years from the date of the last delivery of commodities in each year under such agreement) specified in the agreement.
**(d) Deferral of payments** The Secretary may defer the date on which the developing country or private entity is required to begin making payment, under such agreements, for a period of not in excess of 5 years after the date of the last delivery of commodities in each year under the agreement, and interest shall be computed from the date of such last delivery.
**(e) Delivery of commodities** Delivery of the commodities shall be made in accordance with the terms of the agreement.
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Source file: Laws/federal/codes/united-states-code/title-7/section-1704a-terms-and-conditions-of-sales--0d2f37883f.md
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Source location: Title 7, Chapter 41, § 1704a; chapter-041-food-for-peace.md
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**(a) Payment**
(1) **Dollars** — Except as provided in paragraph (2), agreements under this subchapter shall require that payment for agricultural commodities be made in dollars.
(2) **Local currencies**
(A) *In general* — The Secretary may permit payment under an agreement under this subchapter in the local currency of the appropriate country in order to use the proceeds from such payments to carry out activities under [section 1704 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1704&num=0&edition=prelim).
(B) *Rates of exchange* — Payments in local currency shall be at rates of exchange that are no less favorable than the highest exchange rate legally obtainable in the country and that are no less favorable than the highest exchange rate obtainable by any other country.
**(b) Interest** Such agreements shall provide that interest accrue on the payment deferred under such agreement at a concessional rate as determined appropriate by the Secretary.
**(c) Duration** Payments required under such agreements may be made in reasonable annual amounts over the period (not more than 30 years from the date of the last delivery of commodities in each year under such agreement) specified in the agreement.
**(d) Deferral of payments** The Secretary may defer the date on which the developing country or private entity is required to begin making payment, under such agreements, for a period of not in excess of 5 years after the date of the last delivery of commodities in each year under the agreement, and interest shall be computed from the date of such last delivery.
**(e) Delivery of commodities** Delivery of the commodities shall be made in accordance with the terms of the agreement.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Priority** In selecting agreements to be entered into under this subchapter, the Secretary shall give priority to agreements providing for the export of agricultural commodities to developing countries that—
(1) are undertaking measures for economic development purposes to improve food security and agricultural development, alleviate poverty, and promote broad-based equitable and sustainable development; and
(2) demonstrate the greatest need for food.
**(b) Private entities** An agreement entered into under this subchapter with a private entity shall require such security, or such other provisions as the Secretary determines necessary, to provide reasonable and adequate assurance of repayment of the financing extended to the private entity.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1704
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Notice of negotiations** The Secretary of State and the Secretary of the Treasury shall, in every feasible instance, notify the designated congressional committees not less than 15 days prior to any formal negotiation for debt relief under this subchapter.
**(b) Transmittal of text of agreements** The Secretary of State shall transmit to the designated congressional committees a copy of the text of any agreement with any foreign government which would result in any debt relief under this subchapter no less than 30 days prior to its entry into force, together with a detailed justification of the interest of the United States in the proposed debt relief.
**(c) Annual report** The Secretary of State or the Secretary of the Treasury, as appropriate, shall submit to the designated congressional committees not later than February 1 of each year a consolidated statement of the budgetary implications of all debt relief agreements entered into force under this subchapter during the preceding fiscal year.
**(d) Designated congressional committees** As used in this section, the term “designated congressional committees” means the Committee on Agriculture and the Committee on Foreign Affairs of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1691
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 1693, acts July 10, 1954, ch. 469, title III, § 304, 68 Stat. 459; Aug. 13, 1957, Pub. L. 85–128, § 1(6), 71 Stat. 345; Oct. 8, 1964, Pub. L. 88–638, § 1(16), 78 Stat. 1037, provided for assistance to friendly nations in being independent of Russian or Communist Chinese trade, prevention of increased availability of commodities to unfriendly nations, and nonauthorization of transactions with Russia or Communist China. See [section 1703(j) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1703/j&num=0&edition=prelim).
Section 1694, acts July 10, 1954, ch. 469, title III, § 305, 68 Stat. 459; Sept. 21, 1959, Pub. L. 86–341, title I, § 10, 73 Stat. 607, provided for identification of packages and containers by appropriate markings. See [section 1722 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1722&num=0&edition=prelim).
Section 1695, act July 10, 1954, ch. 469, title III, § 306, as added Sept. 21, 1959, Pub. L. 86–341, title I, § 11, 73 Stat. 608, provided for distribution of surplus food commodities to needy persons in United States: authorization, term of program, and cost limitation; duties of Secretary of Agriculture; issuance of food stamps and their redemption; receipt of benefits not deemed income or resources under provisions of other laws; availability of surplus foods for distribution; definition of needy person; report to Congress; and authorization of appropriations. See Supplemental Nutrition Assistance Program classified to chapter 51 of this title.
Section 1696, act July 10, 1954, ch. 469, title III, § 307, as added Sept. 21, 1959, Pub. L. 86–341, title I, § 12, 73 Stat. 609, provided for availability of surplus commodities for distribution t
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1702
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter:
(1) **Administrator** — The term “Administrator” means the Administrator of the Agency for International Development, unless otherwise specified in this chapter.
(2) **Agricultural commodity** — The term “agricultural commodity”, unless otherwise provided for in this chapter, includes any agricultural commodity or the products thereof produced in the United States, including wood and processed wood products, fish, and livestock as well as value-added, fortified, or high-value agricultural products. Effective beginning on October 1, 1991, for purposes of subchapter III, a product of an agricultural commodity shall not be considered to be produced in the United States if it contains any ingredient that is not produced in the United States, if that ingredient is produced and is commercially available in the United States at fair and reasonable prices.
(3) **Appropriate committee of Congress** — The term “appropriate committee of Congress” means—
(A) the Committee on Agriculture, Nutrition, and Forestry of the Senate;
(B) the Committee on Agriculture of the House of Representatives; and
(C) the Committee on Foreign Affairs of the House of Representatives.
(4) **Cooperative** — The term “cooperative” means a private sector organization whose members own and control the organization and share in its services and its profits and that provides business services and outreach in cooperative development for its membership.
(5) **Developing country** — The term “developing country” means a country that has a shortage of foreign exchange earnings and has difficulty meeting all of its food needs through commercial channels.
(6) **Food security** — The term “food security” means access by all people at all times to sufficient food and nutrition
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Federal law — U.S. Code and appendices · legal_authorities
(a) United States development cooperation policy
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of President to furnish assistance** In order to carry out the purposes of this part, the President is authorized to furnish assistance, on such terms and conditions as he may determine, to countries and areas through programs of grant and loan assistance, bilaterally or through regional, multilateral, or private entities.
**(b) Authority of President to make loans; terms and conditions** The President is authorized to make loans payable as to principal and interest in United States dollars on such terms and conditions as he may determine, in order to promote the economic development of countries and areas, with emphasis upon assisting long-range plans and programs designed to develop economic resources and increase productive capacities. The President shall determine the interest payable on any loan. In making loans under this part, the President shall consider the economic circumstances of the borrower and other relevant factors, including the capacity of the recipient country to repay the loan at a reasonable rate of interest, except that loans may not be made at a rate of interest of less than 3 per centum per annum commencing not later than ten years following the date on which the funds are initially made available under the loan, during which ten-year period the rate of interest shall not be lower than 2 per centum per annum, nor higher than the applicable legal rate of interest of the country in which the loan is made.
**(c) Dollar receipts from loans to be paid into Treasury** Dollar receipts paid during any fiscal year from loans made under subchapter I of this chapter or from loans made under predecessor foreign assistance legislation shall be deposited in the Treasury as miscellaneous receipts.
**(d) Assistance to research and educational
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ineligible commodities**
(1) **Alcoholic beverages** — Alcoholic beverages shall not be made available for disposition under this chapter.
(2) **Tobacco** — Tobacco or the products thereof shall not be made available under [section 1727b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1727b&num=0&edition=prelim) or subchapter III of this chapter.
**(b) Market development activities** Subsection (a)(1) shall not be construed to prohibit representatives of the United States wine, beer, distilled spirits, or other alcoholic beverage industry from participating in agricultural market development activities carried out by the Secretary with foreign currencies made available under subchapter II of this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
The Secretary of Defense shall pay to the Commodity Credit Corporation an amount not to exceed $6,000,000 per year until the amount due for foreign currencies used for housing constructed or acquired under title II of the Food for Peace Act ([7 U.S.C. 1721–172](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1721–172&num=0&edition=prelim)6) has been liquidated.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1707
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Federal law — U.S. Code and appendices · legal_authorities
It is the policy of the United States to use its abundant agricultural productivity to promote the foreign policy of the United States by enhancing the food security of the developing world through the use of agricultural commodities and local currencies accruing under this chapter to—
(1) combat world hunger and malnutrition and their causes;
(2) promote broad-based, equitable, and sustainable development, including agricultural development;
(3) expand international trade;
(4) foster and encourage the development of private enterprise and democratic participation in developing countries; and
(5) prevent conflicts.
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1692
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Federal law — U.S. Code and appendices · legal_authorities
Page 970
TITLE 7—AGRICULTURE
§ 1704a
out fiscal year limitation for the purposes of section
104(m) of that Act [former subsec. (m) of this section],
including administrative expenses directly related
thereto, in an amount not to exceed the equivalent of
$1,275,000.’’
INTERNATIONAL COOPERATION IN HEALTH RESEARCH,
RESEARCH TRAINING, AND RESEARCH PLANNING
Use of foreign currencies accruing under this sub-
chapter to carry out purposes of International Health
Research Act of 1960, see section 2103 of Title 22, For-
eign Relations and Intercourse.
USE OF FOREIGN CURRENCIES
Foreign currencies accruing to United States under
this subchapter may be used for purposes set forth in
this section, see Ex. Ord. No. 12752, § 2(b)(1), (2), Feb. 25,
1991, 56 F.R. 8255, set out as a note under section 1691
of this title.
§ 1704a. Agreements for use of foreign currencies;
reports to Congress
Within sixty days after any agreement is en-
tered into for the use of any foreign currencies,
a full report thereon shall be made to the Senate
and the House of Representatives of the United
States and to the Committees on Agriculture
and Appropriations thereof.
(Pub. L. 85–128, § 1(5), Aug. 13, 1957, 71 Stat. 345.)
Editorial Notes
CODIFICATION
Section was not enacted as part of the Food for Peace
Act which comprises this chapter.
Executive Documents
TRANSMISSION OF REPORTS
For provisions requiring Secretary of Agriculture and
Administrator of Agency for International Develop-
ment to transmit reports required by this section as re-
lated to use of foreign currencies accruing under sub-
chapters II and III–A of this chapter, see section 2(b)(3)
of Ex. Ord. No. 12752, Feb. 25, 1991, 56 F.R. 8255, set out
as a note under section 1691 of this title.
§ 1704b. Repealed. Pub.
Source: Supplied 2024 U.S. Code historical extraction · 7 U.S.C. § 1704a
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