Agricultural Commodity Export Expansion Act of 1993

Summary: Agricultural Commodity Export Expansion Act of 1993 - Amends the Agricultural Trade Act of 1978 to revise restrictions for the agricultural export direct credit and credit guarantee programs.

That this Act may be 
cited as the ``Agricultural Commodity Export Expansion Act of 1993''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) agricultural commodity exports are essential to the 
        economic well-being of the United States farmers and ranchers 
        and related industries and to the entire United States economy;
            (2) the United States exports the commodity production from 
        one-third of its harvested acreage, worth over $40,000,000,000 
        in exports, and one million Americans in the United States 
        labor force depend on agricultural commodity exports for their 
        jobs;
            (3) the newly-formed Republics of the former Soviet Union 
        are struggling to put in place the institutions of democratic 
        government and free market economies and have great need to 
        import agricultural commodities and products to sustain that 
        effort and achieve any measure of success;
            (4) the former Soviet Union has been the largest importer 
        of United States grain and the new Republics represent an 
        important market in the future for United States agricultural 
        commodities and products;
            (5) the virtual cessation in recent months of United States 
        agricultural exports to the Republics of the former Soviet 
        Union has created an adverse impact on the markets for the 
        commodities held by United States agricultural producers and is 
        estimated to result in a $1,300,000,000 addition to the United 
        States deficit if not reversed;
            (6) the abundant natural resources of the Republics of the 
        former Soviet Union and the capacity to produce revenues 
        through the development of those resources provide assurance of 
        their ability to repay direct loans and loan guarantees 
        extended by the United States for the export of agricultural 
        commodities and products within a reasonable time; and
            (7) in addition to the authority to provide direct loans 
        and credit guarantees and in order to develop, maintain, and 
        expand foreign markets for United States agricultural products 
        under the Agricultural Trade Act of 1978, the Secretary of 
        Agriculture--
                    (A) has been provided the authority to institute a 
                program in which agricultural commodities and products 
                may be provided to importing countries through barter 
                in exchange for foreign products from such importing 
                countries;
                    (B) may initiate a variation of the Export 
                Enhancement Program, the Dairy Export Incentive 
                Program, and the Sunflower Oil Assistance Program that 
                allows sales to third-country buyers for commodities 
                destined to the Republics of the former Soviet Union 
                wherein such buyers are also third-country purchasers 
                of goods exported from the Republics of the former 
                Soviet Union and such buyers rely on compensatory forms 
                of trade such as barter, countertrade, offset 
                arrangements and escrow accounts to be eligible for 
                U.S. Department of Agriculture trade program bonuses; 
                and
                    (C) may initiate a program through which payment 
                for United States agricultural commodities can be made 
                by recipient countries based on the future sales of 
                their abundant natural resources.

SEC. 3. RESTRICTIONS FOR DIRECT LOANS.

    Section 201(f) of the Agricultural Trade Act of 1978 (7 U.S.C. 
5621(f)) is amended to read as follows--
    ``(f) Restrictions.--In determining whether to make export sales 
financing authorized under this section available in connection with 
sales of agricultural commodities, the Commodity Credit Corporation 
shall take into account--
            ``(1) the credit needs of countries that are potential 
        purchasers of United States agricultural exports;
            ``(2) the long-term repayment ability of such countries; 
        and
            ``(3) whether the availability of Commodity Credit 
        Corporation financing will maintain or improve the competitive 
        position of the United States agricultural exports in world 
        markets.''.

SEC. 4. RESTRICTIONS FOR CREDIT GUARANTEES.

    Section 202(f) of the Agricultural Trade Act of 1978 (7 U.S.C. 
5622(f)) is amended to read as follows--
    ``(f) Restrictions.--In determining whether to make credit 
guarantees available in connection with sales of agricultural 
commodities under this section, the Commodity Credit Corporation shall 
take into account--
            ``(1) the credit needs of countries that are potential 
        purchasers of United States agricultural exports;
            ``(2) the long-term repayment ability of such countries; 
        and
            ``(3) whether the availability of Commodity Credit 
        Corporation guarantees will maintain or improve the competitive 
        position of the United States agricultural exports in world 
        markets.''.