Source: http://law2.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1736f-1)&num=0&edition=prelim
Timestamp: 2019-04-24 04:47:26+00:00

Document:
To provide for a trust solely to meet emergency humanitarian food needs in developing countries, the Secretary of Agriculture (referred to in this section as the "Secretary") shall establish and maintain a trust of wheat, rice, corn, or sorghum, any combination of the commodities, or funds for use as described in subsection (c).
(iii) to maximize the value of the trust, in accordance with subsection (d)(3).
(ii) by designation by the Secretary of stocks of eligible commodities of the Commodity Credit Corporation.
(iii) from funds accrued through the management of the trust under subsection (d).
(II) created by a demonstrably abnormal event or series of events that produces dislocation in the lives of residents of a country or region of a country on an exceptional scale.
(IV) severe food access or availability conditions resulting from sudden economic shocks, market failure, or economic collapse, that result in an erosion of the ability of communities and vulnerable populations to meet food needs.
(III) for recovery and rehabilitation after an emergency.
A release under clause (i) shall be carried out in the same manner, and pursuant to the same authority as provided in title II of that Act.
The funds and commodities held in the trust shall be made immediately available on a determination by the Administrator that funds available for emergency needs under title II of that Act (7 U.S.C. 1721 et seq.) for a fiscal year are insufficient to meet emergency needs during the fiscal year.
Nothing in this paragraph requires a waiver by the Administrator of the Agency for International Development under section 204(a)(3) of the Food for Peace Act (7 U.S.C. 1724(a)(3)) as a condition for a release of funds or commodities under subparagraph (B).
Eligible commodities that are released from the trust established under this section may be processed in the United States and shipped to a developing country when conditions in the recipient country require processing.
The Secretary may exchange an eligible commodity for another United States commodity of equal value, including powdered milk, pulses, and vegetable oil.
To the maximum extent practicable consistent with the fulfillment of the purposes of this section and the effective and efficient administration of this section, the Secretary shall use the usual and customary channels, facilities, arrangements, and practices of trade and commerce to carry out this subsection.
The Secretary shall provide for the management of eligible commodities and funds held in the trust in a manner that is consistent with maximizing the value of the trust, as determined by the Secretary.
If any commodity held in the trust is exchanged for funds under subsection (b)(1)(D)(ii), the funds shall be held in the trust until the date on which the funds are released in the case of an emergency under subsection (c).
The Secretary may invest funds held in the trust in any short-term obligation of the United States or any other low-risk short-term instrument or security insured by the Federal Government in which a regulated insurance company may invest under the laws of the District of Columbia.
(2) subject to any quantitative limitation on exports that may be imposed under section 4606 3 of title 50.
Subject to the limitations provided in this section, the funds, facilities, and authorities of the Commodity Credit Corporation shall be used by the Secretary in carrying out this section, except that any restriction applicable to the acquisition, storage, or disposition of eligible commodities owned or controlled by the Commodity Credit Corporation shall not apply.
The Commodity Credit Corporation shall be reimbursed for the release of eligible commodities from funds made available to carry out the Food for Peace Act (7 U.S.C. 1691 et seq.) and the funds shall be available to replenish the trust under subsection (b).
(ii) the export market price of the eligible commodity (as determined by the Secretary) as of the time the eligible commodity is released from the trust.
The reimbursement may be made from funds appropriated for subsequent fiscal years.
Any determination by the Secretary under this section shall be final.
The authority to replenish stocks of eligible commodities to maintain the trust established under this section shall terminate on September 30, 2023.
Eligible commodities remaining in the trust after September 30, 2023, shall be disposed of by release for use in providing for emergency humanitarian food needs in developing countries as provided in this section.
The Food Security Wheat Reserve Act of 1980, referred to in subsec. (b)(1)(A), (B), is title III of the Agricultural Act of 1980, Pub. L. 96–494, Dec. 3, 1980, 94 Stat. 2578 , which enacted former section 1736f–1 of this title and provisions set out as notes under that section, prior to the general amendment of title III by Pub. L. 104–127, title II, §225(a), Apr. 4, 1996, 110 Stat. 959 .
The Food for Peace Act, referred to in subsecs. (b)(2)(B)(i), (c)(1)(B), (C), (e)(1), and (f)(2)(A), is act July 10, 1954, ch. 469, 68 Stat. 454 , which is classified generally to this chapter (§1691 et seq.). Title II of the Act is classified to subchapter III (§1721 et seq.) of this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 1691 of this title and Tables.
Section 4606 of title 50, referred to in subsec. (e)(2), was repealed by Pub. L. 115–232, div. A, title XVII, §1766(a), Aug. 13, 2018, 132 Stat. 2232 .
Section was enacted as part of the Bill Emerson Humanitarian Trust Act which is title III of the Agricultural Act of 1980, and not as part of the Food for Peace Act which comprises this chapter.
A prior section 1736f–1, Pub. L. 96–494, title III, §302, Dec. 3, 1980, 94 Stat. 2578 ; Pub. L. 99–198, title X, §1013, Dec. 23, 1985, 99 Stat. 1456 ; Pub. L. 101–624, title XI, §1143, title XV, §1515(c), Nov. 28, 1990, 104 Stat. 3515 , 3663, established food security wheat reserve, prior to general amendment of title III of Pub. L. 96–494 by Pub. L. 104–127, §225(a).
2018-Subsec. (b)(2)(B)(i). Pub. L. 115–334, §3303(1), substituted "2023" for "2018" in two places.
Subsec. (h). Pub. L. 115–334, §3303(2), substituted "2023" for "2018" in pars. (1) and (2).
2014-Subsec. (b)(2)(B)(i). Pub. L. 113–79, §3202(1), substituted "2018" for "2012" in two places.
Subsec. (h). Pub. L. 113–79, §3202(2), substituted "2018" for "2012" in pars. (1) and (2).
2008-Subsec. (a). Pub. L. 110–246, §3201(1), substituted "establish and maintain a trust" for "establish a trust stock" and "any combination of the commodities, or funds" for "or any combination of the commodities, totaling not more than 4,000,000 metric tons".
Subsec. (b)(1)(D). Pub. L. 110–246, §3201(2)(A), added subpar. (D) and struck out former subpar. (D) which read as follows: "funds made available under paragraph (2)(B) which shall be used solely to replenish commodities in the trust."
Subsec. (b)(2)(B)(i). Pub. L. 110–246, §3201(2)(B)(i), substituted "2012" for "2007" in two places, substituted "(c)(1)" for "(c)(2)", and struck out "and" at end.
Pub. L. 110–246, §3001(b)(1)(A), (2)(E), substituted "Food for Peace Act" for "Agricultural Trade Development and Assistance Act of 1954".
Subsec. (b)(2)(B)(ii), (iii). Pub. L. 110–246, §3201(2)(B)(ii), (iii), substituted "; or" for period at end of cl. (ii) and added cl. (iii).
Subsec. (c). Pub. L. 110–246, §3201(3), added par. (1), redesignated former pars. (3) to (5) as (2) to (4), respectively, and struck out former pars. (1) and (2) which related to, in par. (1), release of eligible commodities to provide emergency assistance to developing countries under title II of the Agricultural Trade Development and Assistance Act of 1954, and, in par. (2), release of eligible commodities to provide emergency food assistance to developing countries at such time as the domestic supply of such commodities had been so limited that quantities of them could not have been made available for disposition under the Act.
Subsec. (d). Pub. L. 110–246, §3201(4), substituted "Management of trust" for "Management of eligible commodities" in subsec. heading, added par. (1), designated existing provisions as par. (2), inserted par. heading, redesignated former pars. (1) to (3) as subpars. (A) to (C), respectively, of par. (2), and added par. (3).
Subsecs. (e)(1), (f)(2)(A). Pub. L. 110–246, §3001(b)(1)(A), (2)(E), substituted "Food for Peace Act" for "Agricultural Trade Development and Assistance Act of 1954".
Subsec. (h). Pub. L. 110–246, §3201(5), substituted "2012" for "2007" in pars. (1) and (2).
2002-Subsec. (b)(2)(B)(i). Pub. L. 107–171 substituted "2007" for "2002" in two places.
Subsec. (h). Pub. L. 107–171 substituted "2007" for "2002" in pars. (1) and (2).
1998-Pub. L. 105–385, §212(b)(3)(A), substituted "trust" for "reserve" in section catchline.
Subsec. (a). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve" in two places.
Subsec. (b). Pub. L. 105–385, §212(a)(1)(A), (b)(3)(C)(i), in heading inserted "or funds" after "Commodities" and substituted "trust" for "reserve".
Subsec. (b)(1). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve" in introductory provisions.
Subsec. (b)(1)(B). Pub. L. 105–385, §212(b)(3)(C)(ii), substituted "trust," for "reserve,".
Subsec. (b)(1)(C). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve".
Subsec. (b)(1)(D). Pub. L. 105–385, §212(a)(1)(B), added subpar. (D).
Subsec. (b)(2). Pub. L. 105–385, §212(b)(3)(C)(iii), substituted "trust" for "reserve" in heading.
Subsec. (b)(2)(A). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve" in introductory provisions.
Subsec. (b)(2)(B). Pub. L. 105–385, §212(a)(1)(C), added subpar. (B) and struck out heading and text of former subpar. (B). Text read as follows: "Any use of funds to acquire eligible commodities through purchases from producers or in the market to replenish the reserve must be authorized in an appropriations Act."
Subsec. (c)(1)(B). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve" in introductory provisions.
Subsec. (c)(2). Pub. L. 105–385, §212(a)(2), (b)(3)(B), designated existing provisions as subpar. (A), inserted heading, substituted "trust" for "reserve", and added subpar. (B).
Subsecs. (c)(3), (d)(1), (2). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve".
Subsec. (d)(3). Pub. L. 105–385, §212(a)(3), added par. (3).
Subsec. (e). Pub. L. 105–385, §212(b)(3)(B), (D), substituted "trust" for "reserve" in heading and introductory provisions.
Subsec. (f)(2). Pub. L. 105–385, §212(a)(4)(A), inserted "of trust" after "Reimbursement" in heading.
Subsec. (f)(2)(A). Pub. L. 105–385, §212(a)(4)(B), inserted before period at end "and the funds shall be available to replenish the trust under subsection (b)".
Subsecs. (f)(2)(B)(ii), (h)(1), (2). Pub. L. 105–385, §212(b)(3)(B), substituted "trust" for "reserve".
Pub. L. 96–494, title III, §303, Dec. 3, 1980, 94 Stat. 2580 , provided that title III of Pub. L. 96–494 (enacting former section 1736f–1 of this title and provisions formerly set out as a note under that section) became effective on Dec. 3, 1980, prior to the general amendment of title III of Pub. L. 96–494 by Pub. L. 104–127, §225(a).
Pub. L. 96–494, title III, §301, as added by Pub. L. 104–127, title II, §225(a), Apr. 4, 1996, 110 Stat. 959 , and amended by Pub. L. 105–385, title II, §212(b)(2), Nov. 13, 1998, 112 Stat. 3466 , provided that: "This title [enacting this section] may be cited as the 'Bill Emerson Humanitarian Trust Act'."
A prior section 301 of title III of Pub. L. 96–494 provided that title III (enacting former section 1736f–1 of this title and provisions set out as a note under that section) could be cited as the "Food Security Wheat Reserve Act of 1980", prior to the general amendment of title III of Pub. L. 96–494 by Pub. L. 104–127, §225(a).

References: §225
 §1766
 §302
 §1013
 §1143
 §1515
 §225
 §3303
 §3303
 §3202
 §3202
 §3201
 §3201
 §3201
 §3001
 §3201
 §3201
 §3201
 §3001
 §3201
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §212
 §303
 §225
 §301
 §225
 §212
 §225