7 U.S.C. § 1738q — Notification to congressional committees

Page 1032 TITLE 7—AGRICULTURE § 1738q 1 See References in Text note below. sold, reduced, or cancelled under this section or sold under section 1738o of this title. (f) Administration The Facility shall notify the Commodity Cred- it Corporation of purchasers and payors the President has determined to be eligible under subsection (c), and shall direct the corporation to carry out the sale, reduction, or cancellation of a qualified debt pursuant to this section. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect such sale, reduction, or cancellation. (g) Appropriations requirement The authorities provided by this section may be exercised only in such amounts and to such extent as is provided in advance in appropria- tions Acts. (h) Deposit of proceeds The proceeds from the sale, reduction, or can- cellation of qualified debt pursuant to this sec- tion shall be deposited in the United States Gov- ernment account or accounts established for the repayment of such debt. (i) Eligible debt swaps As used in this section, the term ‘‘eligible debt swap’’ means a debt-for-development swap or debt-for-nature swap. (July 10, 1954, ch. 469, title VI, § 617, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3510.) § 1738q. Notification to congressional committees (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 nego- tiation 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 gov- ernment 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 Com- mittee on Agriculture and the Committee on Foreign Affairs of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate. (July 10, 1954, ch. 469, title VI, § 618, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3511.) § 1738r. ‘‘Qualified debt’’ defined As used in sections 1738o, 1738p, and 1738q of this title, the term ‘‘qualified debt’’ means any obligation, or portion of such obligation, of an eligible country to pay for purchases of United States agricultural commodities guaranteed by the Commodity Credit Corporation under export credit guarantee programs authorized pursuant to section 714c(f) of title 15 or section 1707a(b) 1 of this title— (1) in which the Commodity Credit Corpora- tion obtained a legal right or interest, as a re- sult of assignment or subrogation, not later than September 1, 1992; and (2) the payment of which obligation has been, not later than September 1, 1992, re- scheduled in accordance with principles set forth in an Agreed Minute of the Paris Club. Such term includes the obligation to pay any in- terest which was due or accrued not later than September 1, 1992, and unpaid as of the date of a debt sale pursuant to section 1738o of this title or a debt sale, reduction, or cancellation pursu- ant to section 1738p of this title (as the case may be). (July 10, 1954, ch. 469, title VI, § 619, as added Pub. L. 102–532, § 2, Oct. 27, 1992, 106 Stat. 3511.) Editorial Notes REFERENCES IN TEXT Section 1707a of this title, referred to in text, was re- pealed by Pub. L. 101–624, title XV, § 1574, Nov. 28, 1990, 104 Stat. 3702. See section 5621 et seq. of this title. CHAPTER 42—AGRICULTURAL COMMODITY SET-ASIDE Sec. 1741. Maximum and minimum quantities for set- aside; ‘‘commodity set-aside’’ defined. 1742. Determination of commodity value for set- aside. 1743. Reduction of set-aside. 1744. Sale of commodities in set-aside; exemption from pricing limitations. 1745. Computation of carryover. 1746. Records and accounts. 1747. Authorization of appropriations; determina- tion of value of transferred commodity. 1748. Annual reports by agricultural attache´s. 1749. Attache´ educational program. § 1741. Maximum and minimum quantities for set-aside; ‘‘commodity set-aside’’ defined The Commodity Credit Corporation shall, as rapidly as the Secretary of Agriculture shall de- termine to be practicable, set aside within its inventories not more than the following max- imum quantities and not less than the following minimum quantities of agricultural commod- ities or products thereof heretofore or hereafter acquired by it from 1954 and prior years’ crops and production in connection with its price sup- port operations: Commodity Maximum quantity Minimum quantity Wheat (bushels) ...................... 500,000,000 400,000,000 Upland cotton (bales) .............. 4,000,000 3,000,000 Cottonseed oil (pounds) .......... 500,000,000 0 Butter (pounds) ....................... 200,000,000 0 Nonfat dry milk solids (pounds) ............................... 300,000,000 0