[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4615 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4615

  To amend the Agricultural Market Transition Act to provide for the 
retroactive lifting of the caps on loan rates for marketing assistance 
                        loans for the 1998 crop.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 23, 1998

Mr. Thune (for himself, Mrs. Emerson, Mr. Hill, Mr. Watkins, Mr. Minge, 
 Mr. Hinojosa, Mr. Pomeroy, and Mr. Peterson of Minnesota) introduced 
 the following bill; which was referred to the Committee on Agriculture

_______________________________________________________________________

                                 A BILL


 
  To amend the Agricultural Market Transition Act to provide for the 
retroactive lifting of the caps on loan rates for marketing assistance 
                        loans for the 1998 crop.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Farm Income Security Act of 1998''.

SEC. 2. LIFTING OF CAPS ON LOAN RATES FOR MARKETING ASSISTANCE LOANS 
              FOR 1998 CROPS OF LOAN COMMODITIES.

    (a) Findings.--Congress hereby finds the following:
            (1) Low commodity prices, adverse weather conditions, and 
        declining world economies have created severe economic 
        hardships for farmers and ranchers in many parts of the United 
        States.
            (2) A Federal agriculture program oriented toward planting 
        flexibility and a market-driven price structure is desirable.
            (3) Until free, fair, and open agricultural trade is 
        established and market opportunities for United States 
        agricultural products are secured, additional assistance to 
        farmers and ranchers in the United States is necessary to 
        ensure the viability of the American agricultural economy.
            (4) Removal for the 1998 crop year of the caps imposed on 
        nonrecourse marketing assistance loans provided to producers 
        under subtitle C of the Agricultural Market Transition Act (7 
        U.S.C. 7231 et seq.) would be a direct and targeted response to 
        the severe economic hardships being experienced by America's 
        farmers and ranchers and would provide them with additional 
        income needed to maintain the viability of the agricultural 
        economy in the United States.
    (b) Special Rule for 1998 Crops.--Section 132 of the Agricultural 
Market Transition Act (7 U.S.C. 7232) is amended by adding at the end 
the following new subsection:
    ``(g) Lifting of Caps for 1998 Crops.--The cap specified in this 
section on the loan rate for a marketing assistance loan for a loan 
commodity shall not apply with respect to the 1998 crop of that 
commodity. With respect to the 1998 crop of rice, the Secretary may 
establish a loan rate in excess of the rate specified in subsection 
(e).''.
    (c) Retroactive Application.--The amendment made by this section 
shall apply with respect to the 1998 crop of each loan commodity (as 
defined in section 102(10) of the Agricultural Market Transition Act (7 
U.S.C. 7202(10))) whether or not marketing assistance loans or loan 
deficiency payments have already been made for that crop under subtitle 
C of that Act (7 U.S.C. 7231 et seq.). The Secretary of Agriculture 
shall adjust marketing assistance loans or loan deficiency payments 
previously made for the 1998 crop to reflect the amendment.
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