I
107TH CONGRESS
1ST SESSION
H. R. 2653
To amend the Consolidated Farm and Rural Development Act to improve
the agricultural credit programs of the Department of Agriculture, and
for other purposes.
IN THE HOUSE OF REPRESENTATIVES
JULY 26, 2001
Mrs. CLAYTON (for herself, Mr. TOWNS, Mr. THOMPSON of Mississippi, Mr.
BISHOP, Ms. EDDIE BERNICE JOHNSON of Texas, Mrs. MEEK of Florida,
Ms. KILPATRICK, Ms. KAPTUR, Mrs. JONES of Ohio, Mr. DAVIS of Illi-
nois, Ms. CARSON of Indiana, Ms. DELAURO, Mr. POMEROY, Ms. BROWN
of Florida, Mr. CLYBURN, Mr. CONYERS, Mr. FATTAH, Ms. LEE, Mr.
LEWIS of Georgia, Ms. MCKINNEY, Ms. MILLENDER-MCDONALD, Mr.
MEEKS of New York, Ms. NORTON, Mr. OWENS, Mr. PAYNE, Mr. WATT
of North Carolina, Mr. WYNN, Mr. CLAY, Mr. FARR of California, Mr.
SCOTT, Mr. RUSH, Mrs. THURMAN, Mr. ETHERIDGE, Mr. JEFFERSON,
Mr. RANGEL, Mr. FORD, Mr. CUMMINGS, Mr. JACKSON of Illinois, Mr.
PRICE of North Carolina, Mr. HASTINGS of Florida, and Ms. JACKSON-
LEE of Texas) introduced the following bill; which was referred to the
Committee on Agriculture
A BILL
To amend the Consolidated Farm and Rural Development
Act to improve the agricultural credit programs of the
Department of Agriculture, and for other purposes.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Agricultural Credit Act
of 2001’’.
SEC. 2. DEFINITION OF DEBT FORGIVENESS.
Section 343(a)(12)(B) of the Consolidated Farm and
Rural Development Act (7 U.S.C. 1991(a)(12)(B)) is
amended to read as follows:
‘‘(B) EXCEPTIONS.—The term ‘debt for-
giveness’ does not include—
‘‘(i) consolidation, rescheduling, re-
amortization, or deferral of a loan;
‘‘(ii) a write-down during the lifetime
of the borrower that is due to a financial
problem of the borrower relating to a nat-
ural disaster or a medical condition of the
borrower or an immediate family member
of the borrower (or, in the case of a bor-
rower that is an entity, a principal owner
of the borrower or an immediate family
member of such an owner); or
‘‘(iii) any write-down provided as a
part of a resolution of a discrimination
complaint against the Secretary.’’.
aster Relief and Emergency Assistance
Act; or
‘‘(ii) has suffered from an economic
emergency, as determined by the Sec-
retary.’’; and
(2) by striking paragraph (3).
(b) GUARANTEED
OPERATING
LOANS.—Section
319(b)(2) of such Act (7 U.S.C. 1949(b)(2)) is amended
to read as follows:
‘‘(2) DISASTERS AND EMERGENCIES.—A farmer
or rancher shall be eligible to receive a guaranteed
operating loan under this subtitle if the borrower is
operating in an area which, during the preceding or
current crop year—
‘‘(A) the Secretary finds has been affected
by a natural disaster in the United States or by
a major disaster or emergency designated by
the President under the Disaster Relief and
Emergency Assistance Act; or
‘‘(B) has suffered from an economic emer-
gency, as determined by the Secretary.’’.
SEC. 6. PERCENTAGE OF RECAPTURE FOR SHARED APPRE-
CIATION ARRANGEMENT.
(a) IN GENERAL.—Section 353(e)(3) of the Consoli-
dated Farm and Rural Development Act (7 U.S.C.
2001(e)(3)) is amended by striking ‘‘, and 50’’ and insert-
ing ‘‘, 50 percent if the recapture occurs after 4 years
and within 8 years after the restructuring, and 35’’.
(b) APPLICABILITY.—The amendment made by sub-
section (a) shall apply to shared appreciation arrange-
ments with respect to which recapture has not occurred,
regardless of whether the arrangements were entered into
before, on, or after the date of the enactment of this Act.
SEC. 7. TECHNICAL CORRECTION.
Section 353 of the Consolidated Farm and Rural De-
velopment Act (7 U.S.C. 2001) is amended—
(1) by striking subsection (m); and
(2) by redesignating subsections (n) and (o) as
subsections (m) and (n), respectively.
Æ