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106TH CONGRESS

1ST SESSION H. R. 1468

To amend the Agricultural Market Transition Act to eliminate the limitation

on loan rates for marketing assistance loans through the 2002 crop year.

IN THE HOUSE OF REPRESENTATIVES

APRIL 15, 1999

Mr. THUNE (for himself, Mr. POMEROY, Mr. MINGE, and Mrs. EMERSON) introduced the following bill; which was referred to the Committee on Agriculture

A BILL

To amend the Agricultural Market Transition Act to eliminate the limitation on loan rates for marketing assistance

loans through the 2002 crop year.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Farm Income Security

5 Act of 1999’’.

6 SEC. 2. LOAN RATES FOR MARKETING ASSISTANCE LOANS

7 FOR CERTAIN CROPS.

8 (a) WHEAT.—Subsection (a) of section 132 of the

9 Agricultural Market Transition Act (7 U.S.C. 7232) is
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1 amended by striking paragraph (1) and inserting the fol2 lowing new paragraph:

3 ‘‘(1) LOAN RATE.—Subject to paragraph (2),

4 the loan rate for a marketing assistance loan under

5 section 131 for wheat shall be equal to not less than

6 85 percent of the simple average price received by

7 producers of wheat, as determined by the Secretary,

8 during the marketing years for the immediately pre9 ceding 5 crops of wheat, excluding the year in which

10 the average price was the highest and the year in

11 which the average price was the lowest in the pe12 riod.’’.

13 (b) FEED GRAINS.—Subsection (b) of such section

14 is amended by striking paragraph (1) and inserting the

15 following new paragraph:

16 ‘‘(1) LOAN RATE FOR CORN.—Subject to para17 graph (2), the loan rate for a marketing assistance

18 loan under section 131 for corn shall be equal to not

19 less than 85 percent of the simple average price re20 ceived by producers of corn, as determined by the

21 Secretary, during the marketing years for the imme22 diately preceding 5 crops of corn, excluding the year

23 in which the average price was the highest and the

24 year in which the average price was the lowest in the

25 period.’’.
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1 (c) UPLAND COTTON.—Subsection (c)(2) of such sec2 tion is amended by striking ‘‘or more than $0.5192 per

3 pound’’.

4 (d) EXTRA LONG STAPLE COTTON.—Subsection (d)

5 of such section is amended to read as follows:

6 ‘‘(d) EXTRA LONG STAPLE COTTON.—The loan rate

7 for a marketing assistance loan under section 131 for

8 extra long staple cotton shall be equal to not less than

9 85 percent of the simple average price received by pro10 ducers of extra long staple cotton, as determined by the

11 Secretary, during 3 years of the 5-year period ending July

12 31 of the year preceding the year in which the crop is

13 planted, excluding the year in which the average price was

14 the highest and the year in which the average price was

15 the lowest in the period.’’.

16 (e) RICE.—Subsection (e) of such section is amended

17 by inserting ‘‘not less than’’ after ‘‘shall be’’.

18 (f) OILSEEDS.—Subsection (f) of such section is

19 amended—

20 (1) in paragraph (1)(B), by striking ‘‘or more

21 than $5.26’’; and

22 (2) in paragraph (2)(B), by striking ‘‘or more

23 than $0.093’’.

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