7 USC 5621 - Direct credit sales program

U.S Code last checked for updates: Nov 23, 2024

§ 5621.

Direct credit sales program

(a)

Short-term program

(b)

Intermediate-term program

(c)

Determinations

The Commodity Credit Corporation shall not finance an export sale under subsection (b) unless the Secretary determines that such sale will—

(1)

develop, expand, or maintain the importing country as a foreign market, on a long-term basis, for the commercial sale and export of United States agricultural commodities, without displacing normal commercial sales;

(2)

improve the capability of the importing country to purchase and use, on a long-term basis, United States agricultural commodities; or

(3)

otherwise promote the export of United States agricultural commodities.

The reference in paragraphs (1) and (2) to “on a long-term basis” shall not apply in the case of determinations with respect to sales to the independent states of the former Soviet Union.

(d)

Use of program

(1)

General uses

The Commodity Credit Corporation may use export sales financing authorized under this section—

(A)

to increase exports of agricultural commodities;

(B)

to compete against foreign agricultural exports;

(C)

to assist countries in meeting their food and fiber needs, particularly—

(i)

developing countries; and

(ii)

countries that are emerging markets that have committed to carry out, or are carrying out, policies that promote economic freedom, private domestic production of food commodities for domestic consumption, and the creation and expansion of efficient domestic markets for the purchase and sale of agricultural commodities; and

(D)

for such other purposes as the Secretary determines appropriate consistent with the provisions of subsection (c).

(2)

General restrictions

(e)

Terms of credit assistance

Any contract for the financing of exports by the Commodity Credit Corporation under this section shall include—

(1)

a requirement that repayment shall be made in dollars with interest accruing thereon as determined appropriate by the Secretary; and

(2)

a requirement, if the Secretary determines such requirement appropriate to protect the interests of the United States, that an initial payment be made by the purchaser at the time of sale or shipment of the agricultural commodity that is subject to the contract.

(f)

Restrictions

(Pub. L. 95–501, title II, § 201, as added Pub. L. 101–624, title XV, § 1531, Nov. 28, 1990, 104 Stat. 3672; amended Pub. L. 102–511, title VII, § 707(a)–(c), Oct. 24, 1992, 106 Stat. 3350, 3351; Pub. L. 104–127, title II, § 277(c)(2), Apr. 4, 1996, 110 Stat. 979.)

cite as: 7 USC 5621