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

Summary: Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture to establish a program to provide a farm or ranch owner or operator reservist or National Guard member activated on or after September 11, 2001, an owner or operator of a farm or ranch who is a family member of the activated reservist, or a farm or ranch owner or operator employing activated reservists with specified farm credit assistance, including loan modification, debt restructuring, and emergency loans.

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.

            Passed the Senate December 11, 2001.

            Attest:

                                                  JERI THOMSON,

                                                             Secretary.