TITLE I—AGRICULTURAL PROGRAMS
DEPARTMENT OF AGRICULTURE

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AGRICULTURAL STABILIZATION AND CONSERVATION SERVICE DAIRY AND BEEKEEPER INDEMNITY PROGRAMS

For necessary expenses involved in making payments to dairy farmers and manufacturers of dairy products who have been directed to remove their milk or milk products from commercial markets because it contained residues of chemicals registered and approved for use by the Federal Government, and to beekeepers who through no fault of their own have suffered losses as a result of the use of economic poisons which had been registered and approved for use by the Federal Government, $4,050,000, to remain available until expended: Provided, That none of the funds contained in this Act shall be used to make indemnity payments to any farmer whose milk was removed from commercial markets as a result of his willful failure to follow procedures prescribed by the Federal Government.22

22 A similar limitation was contained in prior appropriation acts.

ACT OF MARCH 8, 1938,' AS AMENDED

AN ACT

To maintain unimpaired. the capital of the Commodity Credit Corporation at $100,000,000, and for other purposes.

To authorize annual appropriation to reimburse Commodity Credit Corporation for net realized losses sustained during any fiscal year in lieu of annual appropriations to restore capital impairment based on annual Treasury appraisals, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That sections i and 2 of the Act of March 8, 1938, as amended (15 U.S.C. 713a-1, 2), are hereby repealed.

SEC. 2. There is hereby authorized to be appropriated annually for each fiscal year, commencing with the fiscal year ending June 30, 1961, out of any money in the Treasury not otherwise appropriated, an amount sufficient to reimburse Commodity Credit Corporation for its net realized loss incurred during such fiscal year, as reflected in its accounts and shown in its report of its financial condition as of the close of such fiscal year. Reimbursement of net realized loss shall be with appropriated funds, as provided herein, rather than through the cancellation of notes. (15 U.S.C. 713a–11.)

SEC. 3. In the event the accounts of the Commodity Credit Corporation reflect a net realized gain for any such fiscal year, the amount of such net realized gain shall be deposited in the Treasury by the Commodity Credit Corporation and shall be credited to miscellaneous receipts. (15 U.S.C. 713a-12.)]

SEC. 3. [This section provided for the transfer of stock of the Delaware corporation to the United States.]

BORROWING POWER

SEC. 4. With the approval of the Secretary of the Treasury, the Commodity Credit Corporation is authorized to issue and have out

152 Stat. 107, 15 U.S.C. 713a-1, et seq.

Sections 1 and 2 repealed by 75 Stat. 391, August 17. 1961.

75 Stat. 391, August 17, 1961.

standing at any one time, bonds, notes, debentures, and other similar obligations in an aggregate amount not exceeding $25,000,000,000.* Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation, with the approval of the Secretary of the Treasury. Such obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof, and such obligations shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In the event that the Commodity Credit Corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the Treasury shall pay to the holder the amount thereof which is hereby authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations. The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Commodity Credit Corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under the Second Liberty Bond Act, as amended, and the purposes for which securities may be issued under such Act, as amended, are extended to include any purchases of the Commodity Credit Corporation's obligations hereunder. The Secretary of the Treasury may at any time sell any of the obligations of the Commodity Credit Corporation acquired by him under this section. All redemptions, purchases, and sales by the Secretary of the Treasury of the obligations of the Commodity Credit Corporation shall be treated as public-debt transactions of the United States. No such obligations shall be issued in excess of the assets of the Commodity Credit Corporation, including the assets to be obtained from the proceeds of such obligations, but a failure to comply with this provision shall not invalidate the obligations or the guaranty of the same: Provided. That this sentence shall not limit the authority of the Corporation to issue obligations for the purpose of carrying out its annual budget programs submitted to and approved by the Congress pursuant to the Government Corporation Control Act (31 U.S.C., 1946 edition. sec. 841). The Commodity Credit Corporation shall have power to purchase such obligations in the open market at any time and at any price (15 U.S.C. 713a-4.)

This amount has been increased a number of times and was increased from $14,500, 000,000 to $25,000,000,000 by Sec. 301 of the Emergency Agricultural Act of 1978. P.L 95-279, 91 Stat. May 15, 1978, effective October 1, 1978. See also section 4(i) of the Commodity Credit Corporation Charter Act (p. 155) and the Government Corporation Control Act (31 U.S.C. 841). 5 Proviso added by section 410 of the Agricultural Act of 1949, 63 Stat. 1057.

(8) in the case of property pledged to the Commodity Credit Corporation, to the extent of the amount received as a loan from the Commodity Credit Corporation and treated by the taxpayer as income for the year in which received pursuant to section 77, and to the extent of any deficiency on such loan with respect to which the taxpayer has been relieved from liability; *** (26 U.S.C. 1016.)

INSURANCE OF COTTON AND RECONCENTRATION OF COTTON

[See section 383 of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1383 (a) and (b)) and the Act of June 16, 1938 (7 U.S.C. 1383a) p. 144.]

STIMULATION OF FOREIGN PRODUCTION

Taft Anti-Inflation Law -SEC. 7. Notwithstanding any other provision of law, in order to alleviate and prevent shortages in foods, agricultural commodities, and products thereof, Commodity Credit Corporation is authorized to carry out projects to stimulate and increase the production of foods, agricultural commodities and products thereof, in non-European foreign countries. Such projects may include procurement, the making of advances and price guaranties, the furnishing of technical information and assistance, the furnishing of seed, fertilizer, machinery, equipment, and other materials, and such other actions as are necessary or incident to the carrying out of such projects: Provided, That any such program is first submitted to Congress by the Secretary of Agriculture, and is not disapproved by concurent resolution of Congress within sixty days thereafter. (Dec. 30, 1947, 61 Stat. 945, 947; 50 U.S.C. App. 1917.)