Farmer Owned Reserve Restoration Act of 1999 (Introduced in the Senate)

S 839 IS

106th CONGRESS

1st Session

S. 839

To restore and improve the farmer owned reserve program.

IN THE SENATE OF THE UNITED STATES

April 20, 1999

Mr. KERREY (for himself, Mr. HARKIN, Mr. DASCHLE, Mr. CONRAD, and Mr. JOHNSON) introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To restore and improve the farmer owned reserve program.

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 `Farmer Owned Reserve Restoration Act of 1999'.

SEC. 2. RESTORATION OF FARMER OWNER RESERVE PROGRAM.

(a) IN GENERAL- Section 171(b)(1) of the Agricultural Market Transition Act (7 U.S.C. 7301(b)(1)) is amended--

(1) by striking subparagraph (E); and

(2) by redesignating subparagraphs (F) through (L) as subparagraphs (E) through (K), respectively.

(b) CONFORMING AMENDMENTS- Section 110 of the Agricultural Act of 1949 (7 U.S.C. 1445e) is amended--

(1) in subsection (b), by striking `this title' each place it appears in paragraphs (1) and (2) and inserting `subtitle C of the Agricultural Market Transition Act (7 U.S.C. 7231 et seq.)'; and

(2) in subsections (n) and (p), by striking `1990' each place it appears and inserting `1999'.

SEC. 3. INTEREST CHARGES.

Section 110(c) of the Agricultural Act of 1949 (7 U.S.C. 1445e(c)) is amended--

(1) in paragraph (1), by striking `105 percent of the then current established price for the commodity' and inserting `150 percent of the loan rate for the commodity under this section'; and

(2) in paragraph (2), by striking `105 percent of the established price for the commodities' and inserting `150 percent of the loan rate for the commodity under this section'.

SEC. 4. STORAGE PAYMENTS.

Section 110(d) of the Agricultural Act of 1949 (7 U.S.C. 1445e(d)) is amended by striking paragraphs (2) and (3) and inserting the following:

`(2) TIMING- The Secretary shall make storage payments available to participants in this program--

`(A) at the end of each quarter; or

`(B) at the option of the Secretary, not more than 1 year in advance of the date the payments would otherwise be payable under subparagraph (A).

`(3) DURATION- The Secretary shall cease making storage payments whenever the price of wheat or feed grains is equal to or exceeds 140 percent of loan rate for the commodities under this section, and for any 90-day period immediately following the last day on which the price of wheat or feed grains was equal to or in excess of 140 percent of the loan rate for the commodities under this section.'.

SEC. 5. QUANTITY OF COMMODITIES IN PROGRAM.

Section 110(f) of the Agricultural Act of 1949 (7 U.S.C. 1445e(f)) is amended--

(1) in paragraph (1), by striking `less than 300 million bushels, nor more than 450 million bushels' and inserting `more than 300,000,000 bushels'; and

(2) in paragraph (2), by striking `less than 600 million bushels, nor more than 900 million bushels' and inserting `more than 1,000,000,000 bushels'.

SEC. 6. WITHDRAWAL OF WHEAT AND FEED GRAINS.

Section 110 of the Agricultural Act of 1949 (7 U.S.C. 1445e) is amended by striking subsection (h) and inserting the following:

`(h) WITHDRAWAL OF WHEAT AND FEED GRAINS- In the case of a producer that has wheat or feed grains stored under this section, if the price of wheat or feed grains is--

`(1) less than 130 percent of the loan rate for wheat or feed grains, respectively, under this section, the producer may not withdraw the wheat or feed grains from storage;

`(2) at least 130 percent, but less than 140 percent, of the loan rate for wheat or feed grains, respectively, under this section, the producer may--

`(A) withdraw the wheat or feed grains from storage and repay any loan made for wheat or feed grains under this section; or

`(B) continue to store the wheat or feed grains under this section and receive storage payments for the wheat or feed grains under subsection (d);

`(3) at least 140 percent, but less than 150 percent, of the loan rate for wheat or feed grains, respectively, under this section, the producer may continue to store the wheat or feed grains under this section, but shall not be eligible for storage payments for the wheat or feed grains under subsection (d); or

`(4) 150 percent or more of the loan rate for wheat or feed grains, respectively, under this section, the producer shall withdraw the wheat or feed grains from storage under this section and repay any loan made for wheat or feed grains under this section.'.