Farm Income Security Act of 1999 (Introduced in the House)
HR 1468 IH
106th CONGRESS
1st Session
H. R. 1468
To amend the Agricultural Market Transition Act to eliminate the limitation
on loan rates for marketing assistance loans through the 2002 crop year.
IN THE HOUSE OF REPRESENTATIVES
April 15, 1999
Mr. THUNE (for himself, Mr. POMEROY, Mr. MINGE, and Mrs. EMERSON) introduced
the following bill; which was referred to the Committee on Agriculture
A BILL
To amend the Agricultural Market Transition Act to eliminate the limitation
on loan rates for marketing assistance loans through the 2002 crop year.
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 1999'.
SEC. 2. LOAN RATES FOR MARKETING ASSISTANCE LOANS FOR CERTAIN CROPS.
(a) WHEAT- Subsection (a) of section 132 of the Agricultural Market
Transition Act (7 U.S.C. 7232) is amended by striking paragraph (1) and
inserting the following new paragraph:
`(1) LOAN RATE- Subject to paragraph (2), the loan rate for a marketing
assistance loan under section 131 for wheat shall be equal to not less
than 85 percent of the simple average price received by producers of wheat,
as determined by the Secretary, during the marketing years for the immediately
preceding 5 crops of wheat, excluding the year in which the average price
was the highest and the year in which the average price was the lowest
in the period.'.
(b) FEED GRAINS- Subsection (b) of such section is amended by striking
paragraph (1) and inserting the following new paragraph:
`(1) LOAN RATE FOR CORN- Subject to paragraph (2), the loan rate for
a marketing assistance loan under section 131 for corn shall be equal to
not less than 85 percent of the simple average price received by producers
of corn, as determined by the Secretary, during the marketing years for
the immediately preceding 5 crops of corn, excluding the year in which
the average price was the highest and the year in which the average price
was the lowest in the period.'.
(c) UPLAND COTTON- Subsection (c)(2) of such section is amended by
striking `or more than $0.5192 per pound'.
(d) EXTRA LONG STAPLE COTTON- Subsection (d) of such section is amended
to read as follows:
`(d) EXTRA LONG STAPLE COTTON- The loan rate for a marketing assistance
loan under section 131 for extra long staple cotton shall be equal to not
less than 85 percent of the simple average price received by producers
of extra long staple cotton, as determined by the Secretary, during 3 years
of the 5-year period ending July 31 of the year preceding the year in which
the crop is planted, excluding the year in which the average price was
the highest and the year in which the average price was the lowest in the
period.'.
(e) RICE- Subsection (e) of such section is amended by inserting `not
less than' after `shall be'.
(f) OILSEEDS- Subsection (f) of such section is amended--
(1) in paragraph (1)(B), by striking `or more than $5.26'; and
(2) in paragraph (2)(B), by striking `or more than $0.093'.