A bill to provide emergency livestock assistance to agricultural producers, with an offset.

Summary: Emergency Livestock Assistance Act of 2002 - Directs: (1) the Secretary of Agriculture to make payments to livestock producers in emergency-designated counties who have suffered losses in 2001 or 2002; and (2) producers to elect payments for one but not both of such years. Obligates specified amounts for the American Indian livestock program.Amends the Food Security Act of 1985 to reduce direct and counter-cyclical payments that a producer may receive during any crop year for: (1) peanuts, and (2) covered commodities (wheat, corn grain sorghum, barley, oats, upland cotton, rice, soybeans, and other oilseeds).Increases the total gain that a producer may receive from marketing loans, loan deficiency payments, and commodity certificate coupons in any crop year from: (1) loan commodities; and (2) other commodities. Revises gain determination provisions, including the addition of commodity certificate coupons.Sets forth a specified limitation for single farming operations.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Emergency Livestock Assistance Act 
of 2002''.

SEC. 2. LIVESTOCK ASSISTANCE PROGRAM.

    (a) In General.--The Secretary of Agriculture shall use 
$500,000,000 of the funds of the Commodity Credit Corporation to make 
and administer payments for livestock losses to producers for--
            (1) 2001 losses in a county that has received an emergency 
        designation by the President or the Secretary after January 1, 
        2001; or
            (2) 2002 losses in a county that has received an emergency 
        designation by the President or the Secretary after January 1, 
        2002.
    (b) Election.--The producers on a farm or ranch may elect to 
receive payments under paragraph (1) or (2) of subsection (a), but not 
both paragraphs.
    (c) American Indian Livestock Program.--Of the amount made 
available under subsection (a), the Secretary shall make $12,000,000 
available for the American Indian livestock program under section 806 
of the Agriculture, Rural Development, Food and Drug Administration, 
and Related Agencies Appropriations Act, 2001 (Public Law 106-387; 114 
Stat. 1549, 1549A-51).
    (d) Administration.--The Secretary shall make assistance available 
under this section in the same manner as provided under section 806 of 
the Agriculture, Rural Development, Food and Drug Administration, and 
Related Agencies Appropriations Act, 2001 (Public Law 105-277; 114 
Stat. 1549, 1549A-51).
    (e) Commodity Credit Corporation.--The Secretary shall use the 
funds, facilities, and authorities of the Commodity Credit Corporation 
to carry out this section.

SEC. 3. PAYMENT LIMITATIONS.

    Section 1001 of the Food Security of 1985 (7 U.S.C. 1308) is 
amended--
            (1) in subsection (b), by striking ``$40,000'' each place 
        it appears and inserting ``$17,500'';
            (2) in subsection (c), by striking ``$65,000'' each place 
        it appears and inserting ``$32,500''; and
            (3) by striking subsection (d) and inserting the following:
    ``(d) Limitations on Marketing Loan Gains, Loan Deficiency 
Payments, and Commodity Certificate Transactions.--
            ``(1) Loan commodities.--The total amount of the following 
        gains and payments that a person may receive during any crop 
        year may not exceed $90,000:
                    ``(A)(i) Any gain realized by a producer from 
                repaying a marketing assistance loan for 1 or more loan 
                commodities under subtitle B of title I of the Farm 
                Security and Rural Investment Act of 2002 (7 U.S.C. 
                7931 et seq.) at a lower level than the original loan 
                rate established for the loan commodity under that 
                subtitle.
                    ``(ii) In the case of settlement of a marketing 
                assistance loan for 1 or more loan commodities under 
                that subtitle by forfeiture, the amount by which the 
                loan amount exceeds the repayment amount for the loan 
                if the loan had been settled by repayment instead of 
                forfeiture.
                    ``(B) Any loan deficiency payments received for 1 
                or more loan commodities under that subtitle.
                    ``(C) Any gain realized from the use of a commodity 
                certificate issued by the Commodity Credit Corporation 
                for 1 or more loan commodities, as determined by the 
                Secretary, including the use of a certificate for the 
                settlement of a marketing assistance loan made under 
                that subtitle.
            ``(2) Other commodities.--The total amount of the following 
        gains and payments that a person may receive during any crop 
        year may not exceed $90,000:
                    ``(A)(i) Any gain realized by a producer from 
                repaying a marketing assistance loan for peanuts, wool, 
                mohair, or honey under subtitle B or C of title I of 
                the Farm Security and Rural Investment Act of 2002 (7 
                U.S.C. 7931 et seq.) at a lower level than the original 
                loan rate established for the commodity under those 
                subtitles.
                    ``(ii) In the case of settlement of a marketing 
                assistance loan for peanuts, wool, mohair, or honey 
                under those subtitles by forfeiture, the amount by 
                which the loan amount exceeds the repayment amount for 
                the loan if the loan had been settled by repayment 
                instead of forfeiture.
                    ``(B) Any loan deficiency payments received for 
                peanuts, wool, mohair, and honey under those subtitles.
                    ``(C) Any gain realized from the use of a commodity 
                certificate issued by the Commodity Credit Corporation 
                for peanuts, wool, mohair, and honey, as determined by 
                the Secretary, including the use of a certificate for 
                the settlement of a marketing assistance loan made 
                under those subtitles.
    ``(f) Single Farming Operation.--Notwithstanding subsections (b) 
through (e), if an individual participates only in a single farming 
operation and receives, directly or indirectly, any payment or gain 
covered by this section through the operation, the total amount of 
payments or gains (as applicable) covered by this section that the 
individual may receive during any crop year may not exceed twice the 
dollar amount prescribed in this section.''.

SEC. 4. REGULATIONS.

    (a) In General.--The Secretary of Agriculture may promulgate such 
regulations as are necessary to implement this Act and the amendments 
made by this Act.
    (b) Procedure.--The promulgation of the regulations and 
administration of this Act and the amendments made by this Act 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.