HR 1339 IH

To provide market loss assistance during fiscal year 2001 to owners and producers on farms who are eligible for a final payment for fiscal year 2001 under production flexibility contracts entered into under the Agricultural Market Transition Act.

To provide market loss assistance during fiscal year 2001 to owners and producers on farms who are eligible for a final payment for fiscal year 2001 under production flexibility contracts entered into under the Agricultural Market Transition Act.

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

SECTION 1. MARKET LOSS ASSISTANCE FOR FISCAL YEAR 2001.

(a) IN GENERAL- The Secretary of Agriculture shall use funds of the Commodity Credit Corporation to provide assistance in the form of a market loss assistance payment to owners and producers on a farm that are eligible for a final payment for fiscal year 2001 under a production flexibility contract for the farm under the Agricultural Market Transition Act (7 U.S.C. 7201 et seq.).

(b) AMOUNT AND MANNER- In providing payments under this section, the Secretary shall--

(1) use the same contract payment rates as are used under section 802(b) of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2000 (7 U.S.C. 1421 note; Public Law 106-78); and

(2) provide the payments in a manner that is consistent with section 802(c) of that Act.

(c) TIMING- The Secretary shall make the payments required by this section not later than June 30, 2001.

(d) TREATMENT OF DIRECT SPENDING- For purposes of section 252(e) of the Balanced Budget and Emergency Deficit Control Act of 1985, all direct spending resulting from subsection (a) is designated by the Congress as an emergency requirement, subject to the additional requirement that the President also designate such direct spending as an emergency requirement under such section.