To amend the Consolidated Farm and Rural Development Act to provide farm credit assistance for activated reservists.

To amend the Consolidated Farm and Rural Development Act to provide farm credit assistance for activated reservists.

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

SECTION 1. FARM CREDIT ASSISTANCE FOR ACTIVATED RESERVISTS.

Subtitle D of the Consolidated Farm and Rural Development Act (7 U.S.C. 1981 et seq.) is amended by adding at the end the following:

`SEC. 376. FARM CREDIT ASSISTANCE FOR ACTIVATED RESERVISTS.

`(a) DEFINITIONS- In this section:

`(1) ACTIVATED RESERVIST- The term `activated reservist' means--

`(A) a member of a reserve component of any of the Armed Forces of the United States who is serving on active duty in support of a contingency operation (as defined in section 101(a)(13) of title 10, United States Code) pursuant to a call or order issued on or after September 11, 2001, under a provision of law referred to in subparagraph (B) of that section; and

`(B) a member of the National Guard of a State not in Federal service who is ordered to duty under the laws of the State in support of any operation to protect persons or property from an act of terrorism or a threat of attack by a hostile force during the period of a national emergency declared by the President or Congress on or after September 11, 2001.

`(2) ELIGIBLE PERSON- The term `eligible person' means--

`(A) an activated reservist who owns or operates a farm or ranch;

`(B) an owner or operator of the farm or ranch who is a member of the family of the activated reservist; and

`(C) an owner or operator of a farm or ranch on which an activated reservist is employed.

`(b) PROGRAM- The Secretary shall establish a program to provide assistance to any borrower of a farmer program loan who is an eligible person.

`(c) MODIFICATION OF LOAN TERMS- The Secretary shall modify the terms and conditions of a farmer program loan (including a loan in which any participant in the loan is an eligible person) made to an eligible person for a farm or ranch under this title, or purchased under section 309B, to the extent necessary, as determined by the Secretary, to alleviate conditions of distress related to the activation of the activated reservist and to assist in maintaining the farm or ranch for such period of time as the Secretary determines is fair and equitable.

`(d) DEBT RESTRUCTURING- The Secretary may modify farmer program loans, including delinquent loans, by deferring principal or interest scheduled payments, reducing interest rates or accumulated interest charges, reamortizing or consolidating loans, reducing the amount of scheduled principal or interest payments, releasing additional income, reducing collateral requirements, or taking any other restructuring actions determined appropriate by the Secretary, to alleviate conditions of distress related to the activation of the activated reservist and to assist in maintaining the farm or ranch for such period of time as the Secretary determines is fair and equitable.

`(e) EMERGENCY LOANS-

`(1) IN GENERAL- The Secretary shall make an emergency loan under subtitle C to an eligible person for a farm or ranch that has suffered, or that is likely to suffer, substantial economic injury as the result of the activation of an activated reservist, as determined by the Secretary.

`(2) ADMINISTRATION-

`(A) IN GENERAL- Except as provided in subparagraph (B), an emergency loan made under this subsection shall be made under the terms and conditions of subtitle C.

`(B) EXCEPTIONS- An emergency loan made under this subsection shall not be subject to--

`(i) the requirements of section 321(a) for a finding by the Secretary that the applicants' farming, ranching, or aquaculture operations have been substantially affected by a natural disaster in the United States or by a major disaster or emergency designated by the President;

`(ii) section 321(b); or

`(iii) any other requirement of subtitle C that the Secretary waives to carry out this subsection.

`(3) PERIOD OF ELIGIBILITY- To obtain an emergency loan under this subsection, an eligible person shall apply for the emergency loan during the period--

`(A) beginning on the date on which the activated reservist is activated; and

`(B) ending 180 days after the date on which the activated reservist is discharged or released from active duty.

`(f) NOTICE- The Secretary shall develop a program to notify eligible persons of assistance that is available under this section.

`(g) SPOUSES OR RELATIVES-

`(1) IN GENERAL- The Secretary may provide for procedures under which the spouse or other close relative (as determined by the Secretary) of an activated reservist may participate in, or make decisions related to, a program administered by the Secretary under this title.

`(2) REPRESENTATION- The Secretary may rely on the representation of the spouse or close relative (even in the absence of a power of attorney) made under the procedures described in paragraph (1) if the Secretary--

`(A) determines that the reliance is appropriate in order to prevent undue hardship and to provide equitable treatment for the activated reservist; and

`(B) has no reason to believe that the representation of the spouse or close relative is not in accordance with the intent and interests of the activated reservist.'.

SEC. 2. REGULATIONS.

(a) IN GENERAL- As soon as practicable after the date of enactment of this Act, the Secretary of Agriculture shall promulgate such regulations as are necessary to implement the amendment made by section 1.

(b) PROCEDURE- The promulgation of the regulations and administration of the amendment made by section 1 shall be made without regard to--

(1) the notice and comment provisions of section 553 of title 5, United States Code;

(2) the Statement of Policy of the Secretary of Agriculture effective July 24, 1971 (36 Fed. Reg. 13804), relating to notices of proposed rulemaking and public participation in rulemaking; and

(3) chapter 35 of title 44, United States Code (commonly known as the `Paperwork Reduction Act').

(c) CONGRESSIONAL REVIEW OF AGENCY RULEMAKING- In carrying out this section, the Secretary shall use the authority provided under section 808 of title 5, United States Code.