CHAPTER 15 —ECONOMIC RECOVERY
SUBCHAPTER I—GENERALLY
SUBCHAPTER II—COMMODITY CREDIT CORPORATION
SUBCHAPTER I—GENERALLY
§701. Omitted
Editorial Notes
Codification
Section was section 1 of the National Industrial Recovery Act of June 16, 1933, ch. 90,
Statutory Notes and Related Subsidiaries
Short Title of 2022 Amendment
§§702 to 702f. Repealed. Pub. L. 89–554, §8(a), Sept. 6, 1966, 80 Stat. 648
Section 702, act June 16, 1933, ch. 90, §2,
§§703 to 712. Omitted
Editorial Notes
Codification
Executive Documents
Ex. Ord. No. 7252. Terminating the National Recovery Administration and Transferring Certain Agencies and Functions Thereof to the Departments of Commerce and Labor
Ex. Ord. No. 7252, Dec. 21, 1935, provided:
1. The National Recovery Administration and the office of Administrator thereof are hereby terminated.
2. The Division of Review, the Division of Business Cooperation, and the Advisory Council, as constituted by Ex. Ord. No. 7075 of June 15, 1935, together with all of their officers and employees, files, records, equipment, and property of every kind, are hereby transferred to the Department of Commerce. The Secretary of Commerce is authorized and directed, under the general direction of the President, to appoint, employ, discharge, and fix the compensation and define the duties and direct the conduct of all officers and employees engaged in the administration of the agencies transferred by this Order to the Department of Commerce, to exercise and perform in connection with the said agencies the functions and duties now exercised and performed, or authorized to be exercised and performed, by the National Recovery Administration, to report to the President on all matters relating thereto, and to terminate the functions and duties of the said agencies not later than April 1, 1936.
3. The Consumers' Division, established within the National Recovery Administration by Executive Order No. 7120 of July 30, 1935, together with all of its officers and employees, files, records, equipment, and property of every kind, are hereby transferred to the Department of Labor. The Secretary of Labor is authorized and directed, under the general direction of the President, to appoint, employ, discharge, and fix the compensation and define the duties and direct the conduct of all officers and employees as may be engaged in the administration of the said Consumers' Division, to exercise and perform in connection with said Consumers' Division the functions and duties now exercised and performed, or authorized to be exercised and performed, by the National Recovery Administration, and to report to the President on all matters relating thereto.
4. No person transferred by this Order shall by such transfer acquire a civil service status. Any new appointments under this Order may be made without regard to the Civil Service Rules and Regulations.
5. All Orders and Regulations heretofore issued concerning the administration of Title I of the National Industrial Recovery Act, as amended, are hereby modified to the extent necessary to make this Order fully effective.
6. This Order shall become effective on January 1, 1936.
Executive Order No. 7323
Ex. Ord. No. 7323, Mar. 26, 1936, 1 F.R. 69, created the Committee of Industrial Analysis to complete the summary of the results and accomplishments of the National Industrial Recovery Administration and report thereon, which report was transmitted to the President on February 17, 1937.
National Emergency Council
National Emergency Council abolished and functions transferred to Executive Office of President and to Office of Education in Federal Security Agency by Reorg. Plan No. II of 1939, §§201(a), 301, eff. July 1, 1939, 4 F.R. 2732,
National Resources Committee
National Resources Committee abolished and functions and personnel transferred to National Resources Planning Board in Executive Office of President, which Board was also directed to wind up affairs of the Committee, by Reorg. Plan No. I of 1939, §§4, 5, eff. July 1, 1939, 4 F.R. 2727, 2728,
§712a. Limitation of obligations for administrative expenses of certain agencies; limitation on life of certain agencies
(a) Notwithstanding any other provision of law, none of the establishments or agencies named in subsection (b) of this section shall, after June 30, 1937, incur any obligations for administrative expenses, except pursuant to an annual appropriation specifically therefor, nor shall any such establishment or agency continue to function after said date unless established by or pursuant to law: Provided, That nothing contained in this section shall be construed to extend the period during which any such establishment or agency heretofore has been authorized by law to function.
(b) [1., 2. Repealed] 3. Federal Housing Administration; 4. Federal Surplus Commodities Corporation; 5. Export-Import Bank of the United States; 6. Second Export-Import Bank of Washington, District of Columbia; 7. Reconstruction Finance Corporation; 8. Electric Home and Farm Authority; 9. Commodity Credit Corporation; 10. Federal Emergency Administration of Public Works; [11. Repealed] 12. Reconstruction Finance Mortgage Company.
(June 22, 1936, ch. 689, §7,
Editorial Notes
Amendments
1989—Subsec. (b).
1961—Subsec. (b).
Statutory Notes and Related Subsidiaries
Applicability to National Housing Agency; Transfer of Funds; Report to Congress
Act May 3, 1945, ch. 106, title I, §101,
Similar provisions were contained in acts June 26, 1943, ch. 145, title I, §101,
Executive Documents
Transfers of Functions and Changes in Names
Federal Housing Administration consolidated into National Housing Agency during World War II by Ex. Ord. No. 9070, Feb. 24, 1942. Federal Housing Administration subsequently consolidated into Housing and Home Finance Agency by Reorg. Plan No. 3 of 1947, eff. July 27, 1947, 12 F.R. 4981,
Federal Surplus Commodities Corporation, which was included in Surplus Marketing Administration by Reorg. Plan No. III of 1940, §5, eff. June 30, 1940, 5 F.R. 2108,
Export-Import Bank of Washington was set out as one of several agencies for which Federal Loan Administrator should supervise administration and be responsible for coordination of functions and activities by Reorg. Plan No. I of 1939, §402, eff. July 1, 1939, 4 F.R. 2730,
Second Export-Import Bank of Washington, D.C. was established under Ex. Ord. No. 6638, Mar. 9, 1934. Its commitments were transferred to Export-Import Bank of Washington (see above) and it was abolished by Ex. Ord. No. 7365, May 7, 1936, 1 F.R. 372.
Federal Loan Agency's and Federal Loan Administrator's functions and duties relating to Reconstruction Finance Corporation, Reconstruction Finance Mortgage Company, Electric Home and Farm Authority and Export-Import Bank of Washington, and other agencies, transferred to Department of Commerce, during World War II, see Ex. Ord. No. 9071, Feb. 24, 1942, 7 F.R. 1531. By act Feb. 24, 1945, ch. 4,
Electric Home and Farm Authority was set out as one of several agencies for which Federal Loan Administrator should supervise administration and be responsible for coordination of functions and activities, by Reorg. Plan No. I of 1939, §402, eff. July 1, 1939, 4 F.R. 2730,
Electric Home and Farm Authority, Inc., was authorized by Ex. Ord. No. 6514, Dec. 19, 1933. Existence continued until February 1, 1937, by act Mar. 31, 1936, ch. 163, §1,
Commodity Credit Corporation, Federal Farm Mortgage Corporation, and Farm Credit Administration, and their functions and activities, together with their respective personnel, records, and property transferred to Department of Agriculture by Reorg. Plan No. I of 1939, §401, eff. July 1, 1939, 4 F.R. 2730,
Federal Emergency Administration of Public Works, created by act June 16, 1933, ch. 90, title II, §201,
For changes affecting other agencies enumerated in subsection (b) of this section, see Reorg. Plan No. I of 1939, §§301, 305, 401, 402, eff. July 1, 1939, 4 F.R. 2729, 2730,
Exceptions From Transfer of Functions
Functions of corporations of Department of Agriculture, boards of directors and officers of such corporations; Advisory Board of Commodity Credit Corporation; and Farm Credit Administration or any agency, officer or entity of, under, or subject to the supervision of the Administration excepted from functions of officers, agencies and employees transferred to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, §1, eff. June 4, 1953, 18 F.R. 3219,
§713. Omitted
Editorial Notes
Codification
Section, acts Jan. 31, 1935, ch. 2, §7,
Subsec. (a), continuing the Commodity Credit Corporation, a Delaware corporation, until the close of business on June 30, 1948, authorizing the Corporation to use all its assets (including capital and net earnings therefrom and all moneys allocated to or borrowed by it) in the exercise of its functions as a United States agency, including the making of loans on agricultural commodities, and requiring the Corporation to maintain complete and accurate books of account and to determine the procedures to be followed in the transaction of corporate business, was superseded by
Initial proviso clause of subsec. (b), "That the Corporation shall continue to have the authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts of its fiscal officers" was superseded by
Remainder of section, relating to audit of financial transactions of the Corporation, was superseded by sections 841 to 870 of former Title 31 [see
Statutory Notes and Related Subsidiaries
Repeals
Act July 1, 1941, ch. 270, §1,
Acts July 16, 1943, ch. 241, §1,
Dissolution of Corporation
Secretary of Agriculture authorized to dissolve the Delaware corporation under authority of
Transfer of Assets of Corporation
Assets, funds, liabilities, etc., of Delaware corporation transferred to newly created Commodity Credit Corporation under authority of
Subsidy Operations
Act July 25, 1946, ch. 671, §6,
Increase in Certain Subsidy Payments
Act July 31, 1945, ch. 332,
Allocation of Livestock and Poultry Feeds
Act July 25, 1946, ch. 671, §15,
Purchases of Wheat Prior to April 1, 1947
Act July 25, 1946, ch. 671, §16,
§713a. Repealed. June 30, 1947, ch. 166, title II, §206(p), 61 Stat. 208
Section, act Apr. 10, 1936, ch. 168,
§§713a–1, 713a–2. Repealed. Pub. L. 87–155, §1, Aug. 17, 1961, 75 Stat. 391
Section 713a–1, acts Mar. 8, 1938, ch. 44, §1,
Section 713a–2, act Mar. 8, 1938, ch. 44, §2,
§713a–3. Omitted
Editorial Notes
Codification
Section, act Mar. 8, 1938, ch. 44, §3,
§713a–4. Obligations of Commodity Credit Corporation; issuance; sale; purchase; redemption; etc.
With the approval of the Secretary of the Treasury, the Commodity Credit Corporation is authorized to issue and have outstanding at any one time, bonds, notes, debentures, and other similar obligations in an aggregate amount not exceeding $30,000,000,000. Such obligations shall be in such forms and denominations, shall have such maturities, shall bear such rates of interest, shall be subject to such terms and conditions, and shall be issued in such manner and sold at such prices as may be prescribed by the Commodity Credit Corporation, with the approval of the Secretary of the Treasury. Such obligations shall be fully and unconditionally guaranteed both as to interest and principal by the United States, and such guaranty shall be expressed on the face thereof, and such obligations shall be lawful investments and may be accepted as security for all fiduciary, trust, and public funds the investment or deposit of which shall be under the authority or control of the United States or any officer or officers thereof. In the event that the Commodity Credit Corporation shall be unable to pay upon demand, when due, the principal of, or interest on, such obligations, the Secretary of the Treasury shall pay to the holder the amount thereof which is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, and thereupon to the extent of the amount so paid the Secretary of the Treasury shall succeed to all the rights of the holders of such obligations. The Secretary of the Treasury, in his discretion, is authorized to purchase any obligations of the Commodity Credit Corporation issued hereunder, and for such purpose the Secretary of the Treasury is authorized to use as a public-debt transaction the proceeds from the sale of any securities hereafter issued under
(Mar. 8, 1938, ch. 44, §4,
Editorial Notes
Codification
"
Amendments
1987—
1978—
1956—Act Aug. 1, 1956, substituted "$14,500,000,000" for "$12,000,000,000".
1955—Act Aug. 11, 1955, substituted "$12,000,000,000 for "$10,000,000,000".
1954—Act Aug. 31, 1954, substituted "$10,000,000,000" for "$8,500,000,000".
Act Mar. 20, 1954, substituted "$8,500,000,000" for "$6,750,000,000".
1950—Act June 28, 1950, substituted "$6,750,000,000" for "$4,750,000,000".
1949—Act Oct. 31, 1949, inserted proviso in next to last sentence.
1945—Act Apr. 12, 1945, substituted "$4,750,000,000" for "$3,000,000,000".
1943—Act July 16, 1943, substituted "$3,000,000,000" for "$2,650,000,000".
1941—Act July 1, 1941, substituted "$2,650,000,000" for "$1,400,000,000".
1940—Act Aug. 9, 1940, substituted "$1,400,000,000 for "$900,000,000".
1939—Act Mar. 4, 1939, substituted $900,000,000" for "$500,000,000".
Statutory Notes and Related Subsidiaries
Effective Date of 1978 Amendment
Discharge of Indebtedness
Act May 26, 1947, ch. 82, title I, §101,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§713a–5. Exemption of Commodity Credit Corporation and its obligations from taxation
Bonds, notes, debentures, and other similar obligations issued by the Commodity Credit Corporation under the provisions of
(Mar. 8, 1938, ch. 44, §5,
Editorial Notes
References in Text
Sections 713a–1 to 713a–5, referred to in text, was in the original "this Act". Section 1 and 2 of that act, set out as
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§713a–6. Sale of surplus agricultural commodities to foreign governments
Notwithstanding any other provision of law, the Commodity Credit Corporation, with the approval of the President, is authorized to sell surplus agricultural commodities, acquired by such Corporation through its loan operations, to foreign governments on the condition that, except for rotation to prevent deterioration, such commodities shall be held in reserve by such governments for a period of not less than five years from the date of acquisition, and shall not be disposed of unless a war or war emergency results in a serious interruption of normal supplies of such commodities: Provided, That under this section no concession below the prevailing world market price for the unrestricted use of such commodities, as determined by the Secretary of Agriculture, shall be granted, in consideration of the obligation assumed by such governments to hold such commodities in reserve as required hereinbefore, in excess of a maximum amount equal to the average carrying charges, as estimated by the Secretary of Agriculture, that would be incurred if such commodities should be held for an additional eighteen months' period by the Commodity Credit Corporation. In determining specific cotton to be sold under this section, the determination shall be made by sampling and selection at the place where the cotton is stored on the date of signing any sales agreement or contract under this section, and no cotton shall be sold under any such sales agreement or contract which, after such date, is transported to any other place and there sampled and selected: Provided further, That in case of a sale, settlement must be made within sixty days after delivery and not more than five hundred thousand bales of cotton shall be sold upon the terms and conditions provided in this section.
(Aug. 11, 1939, ch. 701,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§713a–7. Exchange of surplus agricultural commodities for reserve stocks of strategic materials
Notwithstanding any other provision of law, whenever the President, by and with the advice and consent of the Senate, has concluded a treaty involving the exchange of surplus agricultural commodities produced in the United States which are held under loans made or made available by the Commodity Credit Corporation for stocks of strategic and critical materials produced abroad, the Commodity Credit Corporation is authorized, upon terms and conditions prescribed by the Secretary of Agriculture, to accept such strategic and critical materials in exchange for such surplus agricultural commodities; and for the purpose of such exchange the Secretary of the Army, the Secretary of the Navy, and the Secretary of the Interior acting jointly through the agency of the Munitions Board shall determine which materials are strategic and critical and the quantity and quality of such materials. In order to carry out the provisions of this section, the Commodity Credit Corporation is authorized, upon terms and conditions prescribed by the Secretary of Agriculture, to procure, convey, transport, handle, store, maintain, or rotate such surplus agricultural commodities, and such reserve stocks of strategic and critical materials, as may be necessary to accomplish the purposes of this section.
The Commodity Credit Corporation is authorized and directed to transfer to warehouses in or near cotton manufacturing centers in New England not to exceed three hundred thousand bales of cotton, to which it now has title or may hereafter acquire title, having regard for the grades and staples customarily required by manufacturers in that area: Provided, That all necessary costs in connection with such transfer will not result in additional net cost to the Corporation.
In determining specific cotton to be exchanged under this section, the determination shall be made by sampling and selection at the place where the cotton is stored on the date of ratification of a treaty providing for such exchange, and no cotton shall be exchanged under such treaty which, after such date, is transported to another place and there sampled and selected. Such reserve stocks of strategic and critical materials shall be stored on military or naval reservations or in other locations approved by the Secretary of the Army and the Secretary of the Navy. The Commodity Credit Corporation is authorized to transfer such reserve stocks of strategic and critical materials, upon such terms and conditions as the Secretary of Agriculture shall approve, to any other governmental agency. Such reserve stocks or strategic and critical materials shall be made available or disposed of by the Commodity Credit Corporation or other governmental agency only upon order of the President in accordance with the terms of the applicable treaty; when necessary to prevent deterioration, the Commodity Credit Corporation or other governmental agency is authorized to replace those quantities of the reserve stocks of such strategic and critical materials subject to deterioration with equivalent quantities of the same materials. The funds now or hereafter made available to the Commodity Credit Corporation are made available to carry out the purposes of this section. There is authorized to be appropriated such additional sums as may be required to carry out the provisions of this section. All funds for carrying out the provisions of this section shall be available for allotment to bureaus and offices of the Department of Agriculture, and for transfer to such other agencies of the Federal Government as the Secretary of Agriculture may request to cooperate or assist in carrying out the provisions of this section.
(Aug. 11, 1939, ch. 690,
Editorial Notes
Codification
The Department of War was designated the Department of the Army and the title of the Secretary of War was changed to Secretary of the Army by section 205(a) of act July 26, 1947, ch. 343, title II,
Statutory Notes and Related Subsidiaries
Transfer of Functions
Army and Navy Munitions Board ceased to exist when Chairman of Board of Munitions took office and records and personnel of Army and Navy Munitions Board were transferred to Munitions Board by act July 26, 1947, ch. 343, title II, §213,
Executive Documents
Transfer of Functions
Munitions Board abolished by section 2 of Reorg. Plan No. 6 of 1953, 18 F.R. 3743,
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§713a–8. Omitted
Editorial Notes
Codification
Section, acts July 1, 1941, ch. 270, §4,
§713a–9. Reimbursement of corporation from funds of Government agencies for services, losses, operating costs, or commodities purchased
Full reimbursement shall be made to the Commodity Credit Corporation for services performed, losses sustained, operating costs incurred, or commodities purchased or delivered to or on behalf of the Lend-Lease Administration, the Army or Navy, the Board of Economic Warfare, the Reconstruction Finance Corporation, or any other Government agency, from the appropriate funds of these agencies.
(July 16, 1943, ch. 241, §4,
Executive Documents
Transfer of Functions
Lend-Lease Administration and Board of Economic Warfare, referred to in text, consolidated with Foreign Economic Administration by Ex. Ord. No. 9380, Sept. 25, 1943. Foreign Economic Administration subsequently terminated and functions of Lend-Lease Administration and Board of Economic Warfare transferred to Department of State pursuant to Ex. Ord. No. 9630, Sept. 27, 1945, 10 F.R. 12245, as amended by Ex. Ord. No. 9730, May 27, 1946, 11 F.R. 5777.
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
Abolition of Reconstruction Finance Corporation
Section 6(a) of Reorg. Plan No. 1 of 1957, eff. June 30, 1957, 22 F.R. 4633,
§713a–10. Omitted
Editorial Notes
Codification
Section was a composite of provisions contained in the Agriculture, Rural Development, and Related Agencies Appropriation Act for Fiscal Year 1983 (
Dec. 23, 1981,
Aug. 13, 1981,
Dec. 15, 1980,
Nov. 9, 1979,
Oct. 11, 1978,
Aug. 12, 1977,
July 12, 1976,
Oct. 21, 1975,
Dec. 31, 1974,
Oct. 24, 1973,
Aug. 22, 1972,
Aug. 10, 1971,
Dec. 31, 1970,
Nov. 26, 1969,
Aug. 8, 1968,
Oct. 14, 1967,
Sept. 7, 1966,
Nov. 2, 1965,
Sept. 2, 1964,
Dec. 30, 1963,
Oct. 24, 1962,
July 26, 1961,
June 29, 1960,
April 13, 1960,
July 8, 1959,
May 20, 1959,
June 13, 1958,
Aug. 2, 1957,
June 4, 1956, ch. 355, title II,
May 19, 1956, ch. 313, Ch. I,
May 23, 1955, ch. 43, title II,
Jan. 25, 1955, ch. 3, Ch. II,
June 29, 1954, ch. 409, title II,
July 28, 1953, ch. 251, title II,
July 5, 1952, ch. 574, title II,
Aug. 31, 1951, ch. 374, title III,
Sept. 6, 1950, ch. 896, Ch. VI, title II,
June 29, 1949, ch. 280, title II,
July 19, 1948, ch. 543, title II, §202,
July 30, 1947, ch. 356, title II, §202,
§713a–11. Annual appropriations to reimburse Commodity Credit Corporation for net realized loss
There is authorized to be appropriated annually for each fiscal year by means of a current, indefinite appropriation, out of any money in the Treasury not otherwise appropriated, an amount sufficient to reimburse Commodity Credit Corporation for its net realized loss incurred during such fiscal year, as reflected in its accounts and shown in its report of its financial condition as of the close of such fiscal year. Reimbursement of net realized loss shall be with appropriated funds, as provided herein, rather than through the cancellation of notes.
(
Editorial Notes
Amendments
1987—
Statutory Notes and Related Subsidiaries
Effective Date of 1987 Amendment
Operating Expenses
§713a–11a. Interest prohibited when reimbursing Corporation for net realized losses
After September 30, 1964, the portion of borrowings from Treasury equal to the unreimbursed realized losses recorded on the books of the Commodity Credit Corporation after September 30 of the fiscal year in which such losses are realized, shall not bear interest and interest shall not be accrued or paid thereon.
(
Editorial Notes
Amendments
1976—
§713a–12. Deposit of net realized gain of Commodity Credit Corporation in Treasury
In the event the accounts of the Commodity Credit Corporation reflect a net realized gain for any such fiscal year, the amount of such net realized gain shall be deposited in the Treasury by the Commodity Credit Corporation and shall be credited to miscellaneous receipts.
(
§713a–13. Policies and procedures for minimum acquisition of stocks by Commodity Credit Corporation, encouragement of marketing through private trade channels and procurement of maximum returns in marketplace for producers and Corporation
Congress hereby reconfirms its long-standing policy of favoring the use by governmental agencies of the usual and customary channels, facilities, and arrangements of trade and commerce, and directs the Secretary of Agriculture and the Commodity Credit Corporation to the maximum extent practicable to adopt policies and procedures designed to minimize the acquisition of stocks by the Commodity Credit Corporation, to encourage orderly marketing of farm commodities through private competitive trade channels, both cooperative and noncooperative, and to obtain maximum returns in the marketplace for producers and for the Commodity Credit Corporation.
(
§713a–14. Repealed. Pub. L. 113–79, title I, §1423(a), Feb. 7, 2014, 128 Stat. 695
Section,
§713b. Repealed. July 31, 1945, ch. 341, §10, 59 Stat. 529
Section, acts Jan. 31, 1935, ch. 2, §9,
Section was also repealed by act June 30, 1947, ch. 166, title II, §206(m),
Section 10 of act July 31, 1945, which repealed this section, was repealed by
Executive Documents
Dissolution of Second Export-Import Bank of Washington, D.C.
Ex. Ord. No. 7365, May 7, 1936, 1 F.R. 372, dissolved said Bank on June 30, 1936, and provided that all remaining funds be covered into United States Treasury as miscellaneous receipts and all records transferred to Export-Import Bank of Washington.
§713c. Federal Surplus Commodities Corporation; continuance of existence; purchase and distribution of surplus agricultural commodities
In carrying out the provisions of clause (2) of
(June 28, 1937, ch. 385,
Editorial Notes
Amendments
1958—
1942—Act June 27, 1942, provided for the continuance of the Corporation from June 30, 1942, to June 30, 1945. It read as follows: "The Federal Surplus Commodities Corporation is hereby continued as an agency of the United States, under the direction of the Secretary of Agriculture, until June 30, 1945."
1938—Act Feb. 16, 1938, substituted "until June 30, 1942" for "until June 30, 1939".
Executive Documents
Transfer of Functions
For transfer of functions of Federal Surplus Commodities Corporation, see Transfer of Functions note set out under
§713c–1. Annual report to Congress by Federal Surplus Commodities Corporation
The Federal Surplus Commodities Corporation shall submit to Congress on the first day of each regular session an annual report setting forth a statement of the activities, receipts, and expenditures of the Corporation during the previous year.
(Feb. 16, 1938, ch. 30, title II, §204,
Editorial Notes
Codification
Section was previously classified to
Executive Documents
Transfer of Functions
For transfer of functions of Federal Surplus Commodities Corporation, see Transfer of Functions note set out under
§713c–2. Purchase and distribution of surplus fishery products
Any part of the funds not to exceed $1,500,000 per year, created under and to carry out the provisions of
(Aug. 11, 1939, ch. 696, §1,
Editorial Notes
Codification
The first part of this section originally read: "Any part of the funds not to exceed $1,500,000 per year, transferred by the Secretary of Agriculture to the Federal Surplus Commodities Corporation created under and to carry out the provisions of
Statutory Notes and Related Subsidiaries
Similar Provisions
Earlier provisions on this subject were contained in act Mar. 5, 1937, ch. 29,
Joint Res. Apr. 12, 1937, ch. 73,
Act Mar. 5, 1937, ch. 29,
Executive Documents
Transfer of Functions
Functions of all officers, agencies, and employees of Department of Agriculture transferred, with certain exceptions, to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, §1, eff. June 4, 1953, 18 F.R. 3219,
For transfer of functions of Federal Surplus Commodities Corporation, see Transfer of Functions note set out under
§713c–3. Promotion of the free flow of domestically produced fishery products
(a) Definitions
As used in this section—
(1) The term "person" means—
(A) any individual who is a citizen or national of the United States or a citizen of the Northern Mariana Islands;
(B) any fishery development foundation or other private nonprofit corporation located in Alaska; and
(C) any corporation, partnership, association, or other entity (including, but not limited to, any fishery development foundation or other private nonprofit corporation not located in Alaska), nonprofit or otherwise, if such entity is a citizen of the United States within the meaning of
(i) the term "State" as used therein includes any State referred to in paragraph (3),
(ii) citizens of the United States must own not less than 75 percent of the interest in the entity or, in the case of a nonprofit entity, exercise control in the entity that is determined by the Secretary to be the equivalent of such ownership, and
(iii) nationals of the United States and citizens of the Northern Mariana Islands shall be treated as citizens of the United States in meeting the ownership and control requirements referred to in clause (ii).
(2) The term "Secretary" means the Secretary of Commerce.
(3) The term "State" means any State, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Virgin Islands of the United States, Guam, the Northern Mariana Islands, and any other Commonwealth, territory, or possession of the United States.
(4) The term "United States fishery" means any fishery, including any tuna fishery, that is, or may be, engaged in by citizens or nationals of the United States or citizens of the Northern Mariana Islands.
(5) The term "citizen of the Northern Mariana Islands" means—
(A) an individual who qualifies as such under section 8 of the Schedule on Transitional Matters attached to the Constitution of the Northern Mariana Islands; or
(B) a corporation, partnership, association, or other entity organized or existing under the laws of the Northern Mariana Islands, not less than 75 percent of the interest in which is owned by individuals referred to in subparagraph (A) or citizens or nationals of the United States, in cases in which "owned" is used in the same sense as in
(b) Transfer of funds
(1) The Secretary of Agriculture shall transfer to the Secretary each fiscal year, beginning with the fiscal year commencing July 1, 1954, and ending on June 30, 1957, from moneys made available to carry out the provisions of
(A) use by the Secretary—
(i) to provide financial assistance for the purpose of carrying out fisheries research and development projects approved under subsection (c),1
(ii) to implement the national fisheries research and development program provided for under subsection (d);
(iii) to implement the Northwest Atlantic Ocean Fisheries Reinvestment Program established under
(iv) to fund the Federal share of a fishing capacity reduction program established under
(B) the provision of moneys, subject to paragraph (2), to carry out the purposes of the Fisheries Promotion Fund established under section 208(a) 2 of the Fish and Seafood Promotion Act of 1986 [
(2) There are transferred from the fund established under paragraph (1) to the Fisheries Promotion Fund referred to in paragraph (1)(B) $750,000 in fiscal year 1987, $3,000,000 in each of fiscal years 1988 and 1989, and $2,000,000 in each of fiscal years 1990 and 1991.
(c) Fisheries research and development projects
(1) The Secretary shall make grants from the fund established under subsection (b) to assist persons in carrying out research and development projects addressed to any aspect of United States fisheries, including, but not limited to, fisheries science, recreational fishing, harvesting, processing, marketing, and associated infrastructures.
(2) The Secretary shall—
(A) at least once each fiscal year, receive, during a 60-day period specified by him, applications for grants under this subsection;
(B) prescribe the form and manner in which applications for grants under this subsection must be made, including, but not limited to, the specification of the information which must accompany applications to ensure that the proposed projects comply with Federal law and can be evaluated in accordance with paragraph (3)(B); and
(C) approve or disapprove each such application before the close of the 120th day after the last day of the 60-day period (specified under subparagraph (a)) in which the application was received.
(3)(A) No application for a grant under this subsection may be approved unless the Secretary—
(i) is satisfied that the applicant has the requisite technical and financial capability to carry out the project; and
(ii) based on the recommendations of the American Fisheries Advisory Committee established in subsection (e), evaluates the proposed project as to—
(I) soundness of design;
(II) the possibilities of securing productive results;
(III) minimization of duplication with other fisheries research and development projects;
(IV) the organization and management of the project;
(V) methods proposed for monitoring and evaluating the success or failure of the project; and
(VI) such other criteria as the Secretary may require.
(B) If the Secretary fails to provide funds to a grant selected by the American Fisheries Advisory Committee, the Secretary shall provide a written document to the Committee justifying the decision.
(4) Each grant made under this subsection shall be subject to such terms and conditions as the Secretary may require to protect the interests of the United States, including, but not limited to, the following:
(A) The recipient of the grant must keep such records as the Secretary shall require as being necessary or appropriate for disclosing the use made of grant funds and shall allow the Secretary and the Comptroller General of the United States, or any of their authorized representatives, access to such records for purposes of audit and examination.
(B) The amount of a grant may not be less than 50 percent of the estimated cost of the project.
(C) The recipient of the grant must submit to the Secretary periodic project status reports.
(5)(A) If the cost of a project will be shared by the grant recipient, the Secretary shall accept, as a part or all of that share, the value of in-kind contributions made by the recipient, or made available to, and applied by, the recipient, with respect to the project.
(B) For purposes of subparagraph (A), in-kind contributions may be in the form of, but are not limited to, personal services rendered in carrying out functions related to, and permission to use real or personal property owned by others (for which consideration is not required) in carrying out the project. The Secretary shall establish (i) the training, experience, and other qualifications which shall be required in order for services to be considered as in-kind contributions; and (ii) the standards under which the Secretary will determine the value of in-kind contributions for purposes of subparagraph (A).
(C) Any valuation determination made by the Secretary for purposes of this paragraph shall be conclusive.
(6) Any person awarded a grant under this subsection shall make publicly available a title and abstract of the project to be carried out by the grant funds that serves as the public justification for funding the project that includes a statement describing how the project serves to enhance United States fisheries, including harvesting, processing, marketing, and associated infrastructures, if applicable.
(d) National fisheries research and development program
(1) The Secretary shall carry out a national program of research and development addressed to such aspects of United States fisheries (including, but not limited to, harvesting, processing, marketing, and associated infrastructures) if not adequately covered by proj- ects assisted under subsection (c), as the Secretary deems appropriate.
(2) The Secretary shall, after consultation with appropriate representatives of the fishing industry, submit to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Merchant Marine and Fisheries of the House of Representatives, an annual report, that must be submitted not later than 60 days before the close of each fiscal year, containing—
(A) the fisheries development goals and funding priorities under paragraph (1) for the next fiscal year;
(B) a description of all pending projects assisted under subsection (c) or carried out under paragraph (1), in addition to—
(i) a list of those applications approved and those disapproved under subsection (c), and the total amount of grants made, for the current fiscal year, and
(ii) a statement of the extent to which available funds were not obligated or expended by the Secretary for grants under subsection (c) during the current fiscal year; and
(C) an assessment of each project assisted under subsection (c) or carried out under paragraph (1) that was completed in the preceding fiscal year regarding the extent to which (i) the objectives of the project were attained, and (ii) the project contributed to fishery development.
(e) American Fisheries Advisory Committee
(1) Definitions
In this subsection:
(A) Committee
The term "Committee" means the American Fisheries Advisory Committee established under paragraph (2).
(B) Fishing community
The term "fishing community" means harvesters, marketers, growers, processors, recreational fishermen, charter fishermen, and persons providing them with goods and services.
(C) Marketing and promotion
The term "marketing and promotion" means an activity aimed at encouraging the consumption of seafood or expanding or maintaining commercial markets for seafood.
(D) Processor
The term "processor" means any person in the business of preparing or packaging seafood (including seafood of the processor's own harvesting) for sale.
(E) Seafood
The term "seafood" means farm-raised and wild-caught fish, shellfish, or marine algae harvested in the United States or by a United States flagged vessel for human consumption.
(2) Establishment
Not later than 90 days after May 12, 2022, the Secretary shall establish 6 regions within the American Fisheries Advisory Committee as follows:
(A) Region 1 shall consist of Alaska, Hawaii, the Commonwealth of the Northern Mariana Islands, and the Territories of Guam and American Samoa.
(B) Region 2 shall consist of Maine, New Hampshire, Massachusetts, Rhode Island, and Connecticut.
(C) Region 3 shall consist of Texas, Alabama, Louisiana, Mississippi, Florida, Arkansas, Puerto Rico, and the Territory of the Virgin Islands of the United States.
(D) Region 4 shall consist of California, Washington, Oregon, and Idaho.
(E) Region 5 shall consist of New Jersey, New York, Delaware, Maryland, Virginia, North Carolina, South Carolina, and Georgia.
(F) Region 6 shall consist of Michigan, Minnesota, Wisconsin, Illinois, Indiana, Ohio, and Pennsylvania.
(3) Membership
The Committee shall be composed of the following members:
(A) Regional representation
Each of the regions listed in subparagraphs (A) through (F) of paragraph (2) shall be represented on the Committee by 3 members—
(i) who are appointed by the Secretary;
(ii) who reside in a State or territory in the region that the member will represent;
(iii) of which—
(I) one shall have experience as a seafood harvester or processor;
(II) one shall have experience as recreational or commercial fisher or have experience growing seafood; and
(III) one shall be an individual who represents the fisheries science community or the relevant Regional Fishery Management Council; and
(iv) that are selected so that the members of the Committee have experience or expertise with as many seafood species as practicable.
(B) At-large members
The Secretary shall appoint to the Committee at-large members as follows:
(i) One individual with experience in food distribution, marketing, retail, or food service.
(ii) One individual with experience in the recreational fishing industry supply chain, such as fishermen, manufacturers, retailers, and distributors.
(iii) One individual with experience in the commercial fishing industry supply chain, such as fishermen, manufacturers, retailers, and distributors.
(iv) One individual who is an employee of the National Marine Fisheries Service with expertise in fisheries research.
(C) Balanced representation
In selecting the members described in subparagraphs (A) and (B), the Secretary shall seek to maximize on the Committee, to the extent practicable, a balanced representation of expertise in United States fisheries, seafood production, and science.
(4) Member terms
The term for a member of the Committee shall be 3 years, except that the Secretary shall designate staggered terms for the members initially appointed to the Committee.
(5) Responsibilities
The Committee shall be responsible for—
(A) identifying needs of the fishing community that may be addressed by a project funded with a grant under subsection (c);
(B) developing the request for proposals for such grants;
(C) reviewing applications for such grants; and
(D) selecting applications for approval under subsection (c)(2)(B).
(6) Chair
The Committee shall elect a chair by a majority of those voting, if a quorum is present.
(7) Quorum
A simple majority of members of the Committee shall constitute a quorum, but a lesser number may hold hearings.
(8) Meetings
(A) Frequency
The Committee shall meet not more than 2 times each year.
(B) Location
The meetings of the Committee shall rotate between the geographic regions described under paragraph (2).
(C) Minimizing costs
The Committee shall seek to minimize the operational costs associated with meetings, hearings, or other business of the Committee, including through the use of video or teleconference.
(9) Designation of staff member
The Secretary shall designate a staff member to coordinate the activities of the Committee and to assist with administrative and other functions as requested by the Committee.
(10) Per diem and expenses and funding
(A) In general
A member of the Committee shall serve without compensation, but shall be reimbursed in accordance with
(B) Funding
The costs of reimbursements under subparagraph (A) and the other costs associated with the Committee shall be paid from funds made available to carry out this section (which may include funds described in subsection (f)(1)(B)), except that no funds allocated for grants under subsection (f)(1)(A) shall be expended for any purpose under this subsection.
(11) Conflict of interest
The conflict of interest and recusal provisions set out in
(12) Technical review of applications
(A) In general
Prior to review of an application for a grant under subsection (c) by the Committee, the Secretary shall obtain an independent written technical evaluation from 3 or more appropriate Federal, private, or public sector experts (such as industry, academia, or governmental experts) who—
(i) have subject matter expertise to determine the technical merit of the proposal in the application;
(ii) shall independently evaluate each such proposal; and
(iii) shall certify that the expert does not have a conflict of interest concerning the application that the expert is reviewing.
(B) Guidance
Not later than 180 days after May 12, 2022, the Secretary shall issue guidance related to carrying out the technical evaluations under subparagraph (A). Such guidance shall include criteria for the elimination by the National Oceanic and Atmospheric Administration of applications that fail to meet a minimum level of technical merit as determined by the review described in subparagraph (A).
(f) Allocation of fund moneys
(1) Notwithstanding any other provision of law, all moneys in the fund shall be used exclusively for the purpose of promoting United States fisheries in accordance with the provisions of this section, and no such moneys shall be transferred from the fund for any other purpose. With respect to any fiscal year, all moneys in the fund, including the sum of all unexpended moneys carried over into that fiscal year and all moneys transferred to the fund under subsection (b) or any other provision of law with respect to that fiscal year, shall be allocated as follows:
(A) the Secretary shall use no less than 60 per centum of such moneys to make direct industry assistance grants to develop the United States fisheries and to expand domestic and foreign markets for United States fishery products pursuant to subsection (c) of this section; and
(B) the Secretary shall use the balance of the moneys in the fund to finance those activities of the National Marine Fisheries Service which are directly related to development of the United States fisheries pursuant to subsection (d) of this section.
(2) The Secretary shall, consistent with the number of meritorious applications received with respect to any fiscal year, obligate or expend all of the moneys in the fund described in paragraph (1). Any such moneys which are not expended in a given fiscal year shall remain available for expenditure in accordance with this section without fiscal year limitation, except that the Secretary shall not obligate such moneys at a rate less than that necessary to prevent the balance of moneys in the fund from exceeding $3,000,000 at the end of any fiscal year.
(Aug. 11, 1939, ch. 696, §2,
Editorial Notes
Codification
"
Section is comprised of section 2 of act Aug. 11, 1939. Another subsec. (f) of section 2 of act Aug. 11, 1939, was omitted in view of the repeal of the reporting requirements contained in that subsection by section 1(13) of
Amendments
2022—Subsec. (c)(1).
Subsec. (c)(3).
Subsec. (c)(6).
Subsecs. (e), (f).
1996—Subsec. (b)(1)(A)(iii).
Subsec. (b)(1)(A)(iv).
1992—Subsec. (b)(1)(A).
1990—Subsec. (b)(2).
1986—Subsec. (b).
1983—Subsec. (e).
"(1) With respect to any fiscal year, not less than 50 percent of—
"(A) the moneys transferred to the fund under subsection (b) of this section or any other provision of law with respect to that fiscal year; and
"(B) such existing fund moneys carried over into that fiscal year;
shall be used by the Secretary during that fiscal year to provide financial assistance for projects under subsection (c) of this section; and the remainder of such moneys in the fund shall be used to implement the national fisheries research and development program established under subsection (d) of this section during that fiscal year.
"(2) Moneys accruing to the fund established under subsection (b) of this section for any fiscal year and not expended with respect to that year shall remain available for expenditure under this section without fiscal year limitation."
1980—Subsec. (a).
Subsec. (b).
Subsec. (c).
Subsec. (d).
Subsec. (e).
1956—Subsec. (e). Act Aug. 8, 1956, struck out provisions which limited expenditures to not more than $3,000,000 in any fiscal year, restricted the balance of the fund to not more than $5,000,000 at the end of any fiscal year, and required the Secretary of the Interior to retransfer funds in excess of the $5,000,000 to the Secretary of Agriculture.
1954—Act July 1, 1954, amended section generally, to encourage the distribution of fishery products.
Statutory Notes and Related Subsidiaries
Effective Date of 1996 Amendment
Section 101(a) [title II, §211(b)] of div. A of
Effective Date of 1983 Amendment
Short Title
Section 2 of act Aug. 11, 1939, which enacted this section, is popularly known as the "Saltonstall-Kennedy Act".
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions in subsec. (d)(2) of this section relating to submitting annual report to Congress, see section 3003 of
Abolition of House Committee on Merchant Marine and Fisheries
Committee on Merchant Marine and Fisheries of House of Representatives abolished and its jurisdiction transferred by House Resolution No. 6, One Hundred Fourth Congress, Jan. 4, 1995. Committee on Merchant Marine and Fisheries of House of Representatives treated as referring to Committee on Resources of House of Representatives in case of provisions relating to fisheries, wildlife, international fishing agreements, marine affairs (including coastal zone management) except for measures relating to oil and other pollution of navigable waters, or oceanography by section 1(b)(3) of
Continuation of Authorization for Transfer of Funds
Act Aug. 8, 1956, ch. 1036, §12(a),
Termination of Advisory Committees
Advisory committees in existence on Jan. 5, 1973, to terminate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a committee established by the President or an officer of the Federal Government, such committee is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a committee established by the Congress, its duration is otherwise provided by law. See
Executive Documents
Transfer of Functions
Functions of all officers, agencies, and employees of Department of Agriculture transferred, with certain exceptions, to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, §1, eff. June 4, 1953, 18 F.R. 3219,
1 So in original. The comma probably should be a semicolon.
2 So in original. Probably should be section "209(a)".
§713d. Declaration of purpose
The purposes of this joint resolution are to aid in stabilizing the economy of the United States, to aid in curbing inflationary tendencies, to promote the orderly and equitable distribution of goods and facilities, and to aid in preventing maldistribution of goods and facilities which basically affect the cost of living or industrial production.
(Dec. 30, 1947, ch. 526, §1,
Editorial Notes
References in Text
This joint resolution, referred to in text, means act Dec. 30, 1947, ch. 526,
Codification
Section was formerly classified to section 1911 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
Executive Documents
Ex. Ord. No. 9919. Delegation of Authority and Establishment of Procedures Under 15 U.S.C. 713d et seq.
Ex. Ord. No. 9919, Jan. 3, 1948, 13 F.R. 59, provided:
By virtue of the authority vested in me by the joint resolution approved December 30, 1947 (Public Law 395, 80th Congress) [
1. The authority to consult with representatives of industry, business, and agriculture with a view to encouraging the making of voluntary agreements or plans provided for in section 2 of the said joint resolution of December 30, 1947 [
2 (a). The authority delegated to the Secretary of the Interior by paragraph 1 hereof shall be exercised by him with respect to priority, allocation, and inventory control of fuels.
(b). For the purposes of this order the term "fuels" means coal, coke, petroleum and petroleum products, and natural and manufactured gas.
3 (a). The authority delegated to the Secretary of Agriculture by paragraph 1 hereof shall be exercised by him with respect to priority, allocation, and inventory control of agricultural commodities and with respect to speculative trading on commodity exchanges.
(b). For the purposes of this order, the term "agricultural commodities" means all commodities and products, simple, mixed, or compound, or complements to such commodities or products that are or may be eaten or drunk by human beings or animals, irrespective of other uses to which such commodities or products may be put, and at all stages of processing from the raw commodity to the product thereof in a vendible form for immediate human or animal consumption, but exclusive of such commodities and products as the Secretary of Agriculture shall determine. For the purposes of this order, the term "agricultural commodities" shall also include all starches, sugars, fats and oils of animal, vegetable, or marine origin (including oil seeds and other oil bearing materials, fatty acids, soap and soap powder), cotton, tobacco, wool, hemp, flax, fiber, and alcohol, and also such other commodities and products as the President may designate.
4 (a). The authority delegated to the Director of the Office of Defense Transportation by paragraph 1 hereof shall be exercised by him with respect to allocation of transportation facilities and equipment.
(b). The powers, authority, and discretion conferred on the President by section 4(a) of the joint resolution [
5. The authority delegated to the Secretary of Commerce by paragraph 1 hereof shall be exercised by him with respect to priority, allocation, and inventory control of scarce commodities which basically affect the cost of living or industrial production, other than fuels as provided in paragraph 2, agricultural commodities as provided in paragraph 3, and transportation facilities and equipment as provided in paragraph 4.
6. The Secretary of Agriculture is hereby authorized to carry out a program for the conservation of food and feed and for that purpose to exercise the authority conferred upon the President by section 8 of the joint resolution [
7. The Secretary of Commerce is hereby authorized to continue exercising the powers, authority, and discretion conferred upon the President by section 6 of the act of July 2, 1940,
8. Each governmental officer or agency exercising authority delegated under this order shall, in exercising such authority, consult with other agencies or committees having special information or sources of such information about the supply of or demand for the materials, commodities, or facilities involved and with other agencies or committees having responsibilities related to such authority. Each agency shall establish such committees and other working groups as may be appropriate to consult with and obtain the advice of other agencies.
9. Nothing in this order shall be deemed to affect the powers, authority, or discretion delegated to the Secretary of Agriculture by Executive Order No. 9915 of December 30, 1947.
Harry S. Truman.
§713d–1. Critical shortages; recommendations by President; public hearings
(a) Whenever the President shall determine that there is or threatens to be a critical shortage of any raw material, commodity, or product which jeopardizes the health or safety of the people of the United States or its national security or welfare and that there is no prospect that such critical shortage may soon be remedied by an increase in the available supply without additional governmental action and that the situation cannot be solved by voluntary agreement under the provisions of this Act, he may prepare proposed measures for conserving such raw material, commodity, or product which he shall submit to the Congress in the following form:
(1) A statement of the circumstances which, in the President's judgment, require the proposed conservation measures.
(2) A detailed procedure for the administration of the proposed measures including the additional budget and additional personnel required for their enforcement.
(3) The proposed degree of curtailment in current and prospective use of each such raw material, commodity, or product by each processor and/or user thereof, including the specific formulae proposed for such curtailment with respect to each class or classes of processors or users and the criteria used in the establishment of such formulae.
(4) A complete record of the factual evidence upon which his recommendations are based, including all information provided by any agency of the Federal Government which may have been made available to him in the course of his consideration of the matter.
(b) Within fifteen days after the submission of such proposed conservation measures, the Joint Economic Committee shall conduct public hearings thereon and shall make such recommendations to the Congress for legislative action as in its judgment the recommendations of the President and any additional information disclosed at the public hearings may require.
(Dec. 30, 1947, ch. 526, §6,
Editorial Notes
References in Text
This Act, referred to in text, means act Dec. 30, 1947, ch. 526,
Codification
Section was formerly classified to section 1916 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
Amendments
1956—Subsec. (b). Act June 18, 1956, changed "Joint Committee on the Economic Report" to "Joint Economic Committee".
§713d–2. Food and conservation program; appropriations; administrative expenses
(a) In order to alleviate shortages in foods and feeds, and to assist in stabilizing prices, the President shall carry out a program for the conservation of food and feed. In carrying out such program, the President is authorized, through the dissemination of information, educational and other campaigns, the furnishing of assistance, and such other voluntary and cooperative measures as he deems necessary or appropriate, to encourage and promote the efficient utilization, care, and preservation of food and feed, the elimination of practices which waste food and feed, the control and eradication of insects and rodents, the consumption of less of these foods and feeds which are in short supply and more of those foods and feeds which are in abundant supply, and other conservation practices. The authority herein conferred may be exercised by the President through such departments, agencies, independent establishments, and officials of the Federal Government and such State, local, and private agencies as he may determine.
(b) There is hereby authorized to be appropriated to the President such sums as may be necessary to carry out this section. To enable the President to carry out this section for the remainder of the fiscal year ending June 30, 1948, there is made available not to exceed $1,000,000 from any funds made available by the Congress for carrying out Public Law 84, Eightieth Congress, or from any funds made available by the Congress for interim foreign aid. Funds made available for the purpose of this section may be used for necessary administrative expenses, including personal services in the District of Columbia and elsewhere, purchase or hire of motor vehicles, temporary or intermittent services of experts or consultants or organizations thereof, including stenographic reporting services, by contract, without regard to the civil service and classification laws (the compensation of any such individual not to exceed $50 per day). Funds made available for the purposes of this section may be allotted for any of the purposes of this section to any department, agency, or independent establishment of the Government, or transferred to any other agency requested to assist in carrying out this section. Funds allotted to any department, agency, or independent establishment of the Government shall be available for obligation and expenditure in accordance with the laws governing obligations and expenditures of the department, agency, or independent establishment, or organizational unit thereof concerned, and without regard to
(Dec. 30, 1947, ch. 526, §8,
Editorial Notes
References in Text
Public Law 84, Eightieth Congress, referred to in subsec. (b), is act May 31, 1947, ch. 90,
Section 3324(a) and (b) of title 31, referred to in subsec. (b), was in the original a reference to section 3648 of the Revised Statutes, which was classified to section 529 of former Title 31, Money and Finance, and was repealed and restated as section 3324(a) and (b) of Title 31, Money and Finance, by
Codification
Section was formerly classified to section 1918 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
§713d–3. Authorizations for appropriations
There is authorized to be appropriated such amounts as may be necessary for purposes of carrying out the provisions of this joint resolution.
(Dec. 30, 1947, ch. 526, §9,
Editorial Notes
References in Text
This joint resolution, referred to in text, means act Dec. 30, 1947, ch. 526,
Codification
Section was formerly classified to section 1919 of the former Appendix to Title 50, War and National Defense, prior to editorial reclassification and renumbering as this section.
SUBCHAPTER II—COMMODITY CREDIT CORPORATION
§714. Creation and purpose of Corporation
For the purpose of stabilizing, supporting, and protecting farm income and prices, of assisting in the maintenance of balanced and adequate supplies of agricultural commodities, products thereof, foods, feeds, and fibers (hereinafter collectively referred to as "agricultural commodities"), and of facilitating the orderly distribution of agricultural commodities, there is created a body corporate to be known as Commodity Credit Corporation (hereinafter referred to as the "Corporation"), which shall be an agency and instrumentality of the United States, within the Department of Agriculture, subject to the general supervision and direction of the Secretary of Agriculture (hereinafter referred to as the "Secretary").
(June 29, 1948, ch. 704, §2,
Editorial Notes
Amendments
1949—Act June 7, 1949, placed the general supervision and direction of the Commodity Credit Corporation in the Secretary of Agriculture.
Statutory Notes and Related Subsidiaries
Effective Date
Section 18 of act June 29, 1948, provided that
Short Title
Congress in enacting
Establishing Quality as Goal for Commodity Credit Corporation Programs
[
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714a. Location of offices
The Corporation may establish offices in such place or places as it may deem necessary or desirable in the conduct of its business.
(June 29, 1948, ch. 704, §3,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714b. General powers of Corporation
The Corporation—
(a) Shall have succession in its corporate name.
(b) May adopt, alter, and use a corporate seal, which shall be judicially noticed.
(c) May sue and be sued, but no attachment, injunction, garnishment, or other similar process, mesne or final, shall be issued against the Corporation or its property. The district courts of the United States, including the district courts of any Territory or possession, shall have exclusive original jurisdiction, without regard to the amount in controversy, of all suits brought by or against the Corporation: Provided, That the Corporation may intervene in any court in any suit, action, or proceeding in which it has an interest. Any suit against the Corporation shall be brought in the District of Columbia, or in the district wherein the plaintiff resides or is engaged in business. No suit by or against the Corporation shall be allowed unless (1) it shall have been brought within six years after the right accrued on which suit is brought, or (2) in the event that the person bringing such suit shall have been under legal disability or beyond the seas at the time the right accrued, the suit shall have been brought within three years after the disability shall have ceased or within six years after the right accrued on which suit is brought, whichever period is longer. The defendant in any suit by or against the Corporation may plead, by way of set-off or counterclaim, any cause of action, whether arising out of the same transaction or not, which would otherwise be barred by such limitation if the claim upon which the defendant's cause of action is based had not been barred prior to the date that the plaintiff's cause of action arose: Provided, That the defendant shall not be awarded a judgment on any such set-off or counterclaim for any amount in excess of the amount of the plaintiff's claim established in the suit. All suits against the Corporation shall be tried by the court without a jury. Notwithstanding any other provision of this subchapter, the Federal Tort Claims Act (Public Law 601, Seventy-ninth Congres 1 shall be applicable to the Corporation. Any suit by or against the United States as the real party in interest based upon any claim by or against the Corporation shall be subject to the provisions of subsection (c) to the same extent as though such suit were by or against the Corporation, except that (1) any such suit against the United States based upon any claim of the type enumerated in
(d) May adopt, amend, and repeal bylaws, rules, and regulations governing the manner in which its business may be conducted and the powers vested in it may be exercised.
(e) Shall have all the rights, privileges, and immunities of the United States with respect to the right to priority of payment with respect to debts due from insolvent, deceased, or bankrupt debtors. The Corporation may assert such rights, privileges, and immunities in any suit, action, or proceeding.
(f) Shall be entitled to the use of the United States mails in the same manner and upon the same conditions as the executive departments of the Federal Government.
(g) May enter into and carry out such contracts or agreements as are necessary in the conduct of its business, except that obligations under all such contracts or agreements (other than reimbursable agreements under
(h) May contract for the use, in accordance with the usual customs of trade and commerce, of plants and facilities for the physical handling, storage, processing, servicing, and transportation of the agricultural commodities subject to its control. The Corporation shall not have power to acquire real property or any interest therein except that it may (a) rent or lease office space necessary for the conduct of its business and (b) acquire real property or any interest therein for the purpose of providing storage adequate to carry out effectively and efficiently any of the Corporation's programs, or of securing or discharging obligations owing to the Corporation, or of otherwise protecting the financial interests of the Corporation: Provided, That the authority contained in this subsection shall not be utilized by the Corporation for the purpose of acquiring real property, or any interest therein, in order to provide storage facilities for any commodity unless the Corporation determines that existing privately owned storage facilities for such commodity in the area concerned are not adequate: Provided further, That no refrigerated cold storage facilities shall be constructed or purchased except with funds specifically provided by Congress for that purpose: And provided further, That any contract entered into by the Corporation for the use of a storage facility shall provide at least that (1) the rental rate charged for an extended term in excess of one year shall be at an annual rate less than that which is charged for a one-year contract, (2) any obligation of the Corporation to pay for the use of any space in a facility shall be relieved to the extent that the Corporation does not use the space and payment is made by another person for the use of such space, and (3) if the Corporation determines that it no longer needs the space reserved in the facility, the Corporation may be relieved, for the remaining term of the contract, of its obligations to an extent and in a manner that will provide significant savings to the Corporation while permitting the owner of the facility reasonable time to lease such space to another person: And provided further, That nothing contained in this subsection shall limit the duty of the Corporation, to the maximum extent practicable consistent with the fulfillment of the Corporation's purposes and the effective and efficient conduct of its business, to utilize the usual and customary channels, facilities, and arrangements of trade and commerce in the warehousing of commodities: And provided further, That to encourage the storage of grain on farms, where it can be stored at the lowest cost, the Corporation may make loans to grain growers needing storage facilities when such growers shall apply to the Corporation for financing the construction or purchase of suitable storage, and these loans shall be deducted from the proceeds of price support loans or purchase agreements made between the Corporation and the growers, except that the Secretary shall make such loans in areas in which the Secretary determines that there is a deficiency of such storage. To encourage the alleviation of natural resource conservation problems that reduce the productive capacity of the Nation's land and water resources or that cause degradation of environmental quality, the Corporation may, beginning December 22, 1981, make loans to any agricultural producer for those natural resource conservation and environmental enhancement measures that are recommended by the applicable county and State committees established under
(i) May borrow money subject to any provision of law applicable to the Corporation: Provided, That the total of all money borrowed by the Corporation, other than trust deposits and advances received on sales, shall not at any time exceed in the aggregate $30,000,000,000. The Corporation shall at all times reserve a sufficient amount of its authorized borrowing power which, together with other funds available to the Corporation, will enable it to purchase, in accordance with its contracts with lending agencies, notes, or other obligations evidencing loans made by such agencies under the Corporation's programs.
(j) Shall determine the character of and the necessity for its obligations and expenditures and the manner in which they shall be incurred, allowed, and paid.
(k) Shall have authority to make final and conclusive settlement and adjustment of any claims by or against the Corporation or the accounts of its fiscal officers.
(l) May make such loans and advances of its funds as are necessary in the conduct of its business.
(m) Shall have such powers as may be necessary or appropriate for the exercise of the powers specifically vested in the Corporation, and all such incidental powers as are customary in corporations generally; but any research financed by the Corporation shall relate to the conservation or disposal of commodities owned or controlled by the Corporation and shall be conducted in collaboration with research agencies of the Department of Agriculture. Notwithstanding any other provision of this subchapter, the Corporation may, in the exercise of its power to remove and dispose of surplus agricultural commodities, export, or cause to be exported, not to exceed such amounts of commodities owned by the Corporation as will enable the Corporation to finance research and development of external combustion engines using fuel other than that derived from petroleum and petroleum products. The total value of commodities exported annually for the purposes of the research authorized by the preceding sentence may not exceed $30,000,000.
(June 29, 1948, ch. 704, §4,
Editorial Notes
References in Text
The Federal Tort Claims Act, referred to in subsec. (c), is title IV of act Aug. 2, 1946, ch. 753,
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (h), is act June 7, 1939, ch. 190, as revised generally by
The effective date of this Act, referred to in subsec. (h), probably refers to the effective date of
Codification
The words "of the District of Columbia and" in the phrase of subsec. (c) reading "including the district courts of the District of Columbia and of any Territory or possession" have been deleted as superfluous in view of
In subsec. (h), "chapters 1 to 11 of title 40 and division C (except sections 3302, 3307(e), 3501(b), 3509, 3906, 4710, and 4711) of subtitle I of title 41" substituted for "the Federal Property and Administrative Services Act of 1949, as amended" on authority of
Amendment by
Amendments
1998—Subsec. (g).
1996—Subsec. (g).
Subsec. (h).
1992—Subsec. (c).
1987—Subsec. (i).
1986—Subsec. (m).
1985—Subsec. (h).
1982—Subsec. (c).
1981—Subsec. (h).
1980—Subsec. (h).
1979—Subsec. (h).
1978—Subsec. (i).
1977—Subsec. (h).
1966—Subsec. (h).
1956—Subsec. (i). Act Aug. 1, 1956, substituted "$14,500,000,000" for "$12,000,000,000".
1955—Subsec. (i). Act Aug. 11, 1955, substituted "$12,000,000,000" for "$10,000,000,000".
1954—Subsec. (i). Act Aug. 31, 1954, substituted "$10,000,000,000" for "$8,500,000,000".
Subsec. (i). Act Mar. 20, 1954, substituted "$8,500,000,000" for "$6,750,000,000".
1950—Subsec. (i). Act June 28, 1950, substituted "$6,750,000,000" for "$4,750,000,000".
1949—Subsec. (c). Act June 7, 1949, §5, conferred jurisdiction on the district courts "without regard to the amount in controversy", enabled the Corporation and persons having claims against the Corporation to plead set-offs and counterclaims which are barred by the statute of limitations, if, at the time the plaintiff's cause of action arose, the defendant's cause of action on which the set-off or counterclaim is based was not barred by the statute of limitations, and provided that certain claims against the United States could be brought in the United States Court of Claims.
Subsec. (h). Act June 7, 1949, §2, enabled the Corporation to acquire items of personal and real property to be used in connection with the care, preservation, storage, and handling of agricultural commodities controlled by it, and enabled the Corporation to take liens on real property as security for obligations owing to it and to bid in on any execution or foreclosure sale to protect its financial interests in the matter.
Statutory Notes and Related Subsidiaries
Change of Name
National Military Establishment changed to Department of Defense by act Aug. 10, 1949.
Effective Date of 1998 Amendment
Effective Date of 1992 Amendment
Amendment by
Effective Date of 1982 Amendment
Amendment by
Effective Date of 1981 Amendment
Amendment by
Effective Date of 1978 Amendment
Amendment by
Effective and Termination Dates of 1977 Amendment
Section 1104 of
Storage Cost Adjustment for Fiscal Years 1988 and 1989
Increase in Borrowing Authority Effective Only to Extent Provided in Appropriation Acts
Executive Documents
Delegation of Functions
Functions of President under subsec. (h) of this section delegated to Secretary of Defense, see section 2 of Ex. Ord. No. 12626, Feb. 25, 1988, 53 F.R. 6114, set out as a note under
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
1 So in original. Should be "Congress)".
§714c. Specific powers of Corporation
In the fulfillment of its purposes and in carrying out its annual budget programs submitted to and approved by the Congress pursuant to
(a) Support the prices of agricultural commodities (other than tobacco) through loans, purchases, payments, and other operations.
(b) Make available materials and facilities required in connection with the production and marketing of agricultural commodities (other than tobacco).
(c) Procure agricultural commodities (other than tobacco) for sale to other Government agencies, foreign governments, and domestic, foreign, or international relief or rehabilitation agencies, and to meet domestic requirements.
(d) Remove and dispose of or aid in the removal or disposition of surplus agricultural commodities (other than tobacco).
(e) Increase the domestic consumption of agricultural commodities (other than tobacco) by expanding or aiding in the expansion of domestic markets or by developing or aiding in the development of new and additional markets, marketing facilities, and uses for such commodities.
(f) Export or cause to be exported, or aid in the development of foreign markets for, agricultural commodities (other than tobacco) (including fish and fish products, without regard to whether such fish are harvested in aquacultural operations).
(g) Carry out conservation or environmental programs authorized by law.
(h) Carry out such other operations as the Congress may specifically authorize or provide for.
In the Corporation's purchasing and selling operations with respect to agricultural commodities (other than tobacco) (except sales to other Government agencies), and in the warehousing, transporting, processing, or handling of agricultural commodities (other than tobacco), the Corporation shall, to the maximum extent practicable consistent with the fulfillment of the Corporation's purposes and the effective and efficient conduct of its business, utilize the usual and customary channels, facilities, and arrangements of trade and commerce (including, at the option of the Corporation, the use of private sector entities).
(June 29, 1948, ch. 704, §5,
Editorial Notes
Codification
"
Amendments
2004—
2002—
1996—Subsecs. (g), (h).
1984—Subsec. (f).
Statutory Notes and Related Subsidiaries
Effective Date of 2004 Amendment
Amendment by
Effective Date of 1996 Amendment
Effective Date of 1984 Amendment
Continuation of Liability for 2004 and Earlier Crop Years
Amendment by sections 611 to 614 of
Export Enhancement Program; Promotion of United States Meat Exports
Use of Commodity Credit Corporation for Purchase of Agricultural Products Formerly Intended for Export to Soviet Union
"(1) were intended to be exported to the Union of Soviet Socialist Republics under contracts entered into prior to January 5, 1980, but
"(2) cannot be exported under such contracts due to the imposition, on January 4, 1980, of restrictions on the export of agricultural products to the Union of Soviet Socialist Republics,
in the same manner and under the same conditions as the Secretary purchases and handles grains under similar contracts and subject to the imposition of the same restrictions."
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714d. Laws applicable to Corporation
The Federal statutes applicable to Commodity Credit Corporation, a Delaware corporation, shall be applicable to the Corporation. Commodity Credit Corporation, a Delaware corporation, shall cease to be an agency of the United States as provided in
(June 29, 1948, ch. 704, §6,
Editorial Notes
References in Text
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714e. Capital stock; amount; interest
The Corporation shall have a capital stock of $100,000,000 which shall be subscribed by the United States. Such subscription shall be deemed to be fully paid by the transfer of assets to the Corporation pursuant to
(June 29, 1948, ch. 704, §7,
Editorial Notes
References in Text
Act of March 8, 1938, referred to in text, is act Mar. 8, 1938, ch. 44, §§1–5,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714f. Use of funds
The Corporation is authorized to use in the conduct of its business all its funds and other assets, including capital and net earnings therefrom, and all funds and other assets which have been or may hereafter be transferred or allocated to, borrowed by, or otherwise acquired by it.
(June 29, 1948, ch. 704, §8,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714g. Board of Directors
(a) Composition; appointment, tenure and compensation; quorum; duties
The management of the Corporation shall be vested in a board of directors (hereinafter referred to as the "Board"), subject to the general supervision and direction of the Secretary. The Secretary shall be an ex officio director and shall serve as Chairman of the Board. The Board shall consist of seven members (in addition to the Secretary), who shall be appointed by the President. In addition to their duties as members of the Board, such appointed members shall perform such other duties as may be prescribed by the Secretary. Each appointed member of the Board shall receive compensation at such rate not in excess of the maximum then payable under
(b) Advisory board; composition, tenure and compensation; meetings; duties
In addition to the Board of Directors there shall be an advisory board reflecting broad agricultural and business experience in its membership and consisting of five members who shall be appointed by the President, and who shall serve at the pleasure of the President. Not more than three of such members shall belong to the same political party. The advisory board shall meet at the call of the Secretary, who shall require it to meet not less often than once each ninety days; shall survey the general policies of the Corporation, including its policies in connection with the purchase, storage, and sale of commodities, and the operation of lending and price-support programs; and shall advise the Secretary with respect thereto. Members of the advisory board shall receive for their services as members compensation of not to exceed $50 per diem when actually engaged in the performance of their duties as such, together with their necessary traveling expenses while going to and coming from meetings.
(June 29, 1948, ch. 704, §9,
Editorial Notes
Codification
In subsec. (a), "
Amendments
2012—Subsec. (a).
1976—Subsec. (a).
1949—Act Oct. 28, 1949, substituted "Classification Act of 1949" for "Classification Act of 1923".
Act June 7, 1949, amended section generally by bringing the Board under the direct control of the Secretary who will serve as Chairman of the Board, and by adding subsec. (b) to provide for the appointment and duties of an advisory board.
Statutory Notes and Related Subsidiaries
Effective Date of 2012 Amendment
Amendment by
Effective Date of 1976 Amendment
Amendment by
Repeals
Act Oct. 28, 1949, ch. 782, cited as a credit to this section, was repealed (subject to a savings clause) by
Termination of Advisory Boards
Advisory boards in existence on Jan. 5, 1973, to terminate not later than the expiration of the 2-year period following Jan. 5, 1973, unless, in the case of a board established by the President or an officer of the Federal Government, such board is renewed by appropriate action prior to the expiration of such 2-year period, or in the case of a board established by the Congress, its duration is otherwise provided by law. See
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714h. Officers and employees; appointment; duties
The Secretary shall appoint such officers and employees as may be necessary for the conduct of the business of the Corporation, define their authority and duties, delegate to them such of the powers vested in the Corporation as he may determine. With the exception of experts, appointments shall be made pursuant to the civil-service laws and
(June 29, 1948, ch. 704, §10,
Editorial Notes
Codification
"
Amendments
1972—
1949—Act Oct. 28, 1949, substituted "Classification Act of 1949" for "Classification Act of 1923".
Act June 7, 1949, amended section generally to permit the Secretary to appoint the officers and employees of the Corporation and to define their authority and duties.
Statutory Notes and Related Subsidiaries
Repeals
Act Oct. 28, 1949, ch. 782, cited as a credit to this section, was repealed (subject to a savings clause) by
Sales Manager
Positions existing prior to Oct. 4, 1961, compensation thereof and appointments thereto unaffected by changes made by
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714i. Cooperation with other governmental agencies
The Corporation may, with the consent of the agency concerned, accept and utilize, on a compensated or uncompensated basis, the officers, employees, services, facilities, and information of any agency of the Federal Government, including any bureau, office, administration, or other agency of the Department of Agriculture, and of any State, the District of Columbia, any Territory or possession, or any political subdivision thereof. The Corporation may allot to any bureau, office, administration, or other agency of the Department of Agriculture or transfer to such other agencies as it may request to assist it in the conduct of its business any of the funds available to it for administrative expenses. The personnel and facilities of the Corporation may, with the consent of the Corporation, be utilized on a reimbursable basis by any agency of the Federal Government, including any bureau, office, administration, or other agency of the Department of Agriculture, in the performance of any part or all of the functions of such agency. After September 30, 1996, the total amount of all allotments and fund transfers from the Corporation under this section (including allotments and transfers for automated data processing or information resource management activities but excluding any amounts used to provide technical assistance under title X of the Agriculture Improvement Act of 2018 or an amendment made by that title) for a fiscal year may not exceed the total amount of the allotments and transfers made under this section in fiscal year 1995.
(June 29, 1948, ch. 704, §11,
Editorial Notes
References in Text
The Agriculture Improvement Act of 2018, referred to in text, is
Amendments
2018—
1996—
Statutory Notes and Related Subsidiaries
Clarification of Use of Funds for Technical Assistance
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714j. Utilization of associations and trade facilities
The Corporation may, in the conduct of its business, utilize on a contract or fee basis, committees or associations of producers, producer-owned and producer-controlled cooperative associations, and trade facilities.
(June 29, 1948, ch. 704, §12,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714k. Records; annual report
The Corporation shall at all times maintain complete and accurate books of account and shall file annually with the Secretary of Agriculture a complete report as to the business of the Corporation, a copy of which shall be forwarded by the Secretary of Agriculture to the President for transmission to the Congress. In addition to the annual report, the Corporation shall submit to Congress on a quarterly basis an itemized report of all expenditures over $10,000 made under
(June 29, 1948, ch. 704, §13,
Editorial Notes
Amendments
1996—
Statutory Notes and Related Subsidiaries
Termination of Reporting Requirements
For termination, effective May 15, 2000, of provisions of law requiring submittal to Congress of any annual, semiannual, or other regular periodic report listed in House Document No. 103–7 (in which the requirement, under the 1st sentence of this section, to transmit to Congress a complete annual report as to the business of the Corporation, is listed on page 46), see section 3003 of
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
Delegation of Certain Reporting Authority
Memorandum of President of the United States, Dec. 8, 2004, 69 F.R. 74941, provided:
Memorandum for the Secretary of Agriculture
By the authority vested in me as President by the Constitution and the laws of the United States, including
You are authorized and directed to publish this memorandum in the Federal Register.
George W. Bush.
§714l. Interest of Members of Congress
The provisions of
(June 29, 1948, ch. 704, §14,
Editorial Notes
Codification
In text, "
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714m. Crimes and offenses
(a) False statements; overvaluation of securities
Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Corporation, or for the purpose of obtaining for himself or another, money, property, or anything of value, under this subchapter, or under any other Act applicable to the Corporation, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment by not more than five years, or both.
(b) Embezzlement, etc.; false entries; fraudulent issue of obligations of Corporation
Whoever, being connected in any capacity with the Corporation or any of its programs, (i) embezzles, abstracts, purloins, or willfully misapplies any money, funds, securities, or other things of value, whether belonging to the Corporation or pledged or otherwise entrusted to it; or (ii) with intent to defraud the Corporation, or any other body, politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Corporation, makes any false entry in any book, report, or statement of, or to, the Corporation, or draws any order, or issues, puts forth or assigns any note or other obligation or draft, mortgage, judgment, or decree thereof; or (iii) with intent to defraud the Corporation, participates or shares in, or receives directly or indirectly any money, profit, property, or benefits through any transaction, loan, commission, contract, or any other act of the Corporation, shall, upon conviction thereof, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both.
(c) Larceny; conversion of property
Whoever shall willfully steal, conceal, remove, dispose of, or convert to his own use or to that of another any property owned or held by, or mortgaged or pledged to, the Corporation, or any property mortgaged or pledged as security for any promissory note, or other evidence of indebtedness, which the Corporation has guaranteed or is obligated to purchase upon tender, shall, upon conviction thereof, if such property be of an amount or value in excess of $500, be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both, and, if such property be of an amount or value of $500 or less, be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.
(d) Conspiracy to commit offense
Whoever conspires with another to accomplish any of the acts made unlawful by the preceding provisions of this section shall, upon conviction thereof, be subject to the same fine or imprisonment, or both, as is applicable in the case of conviction for doing such unlawful acts.
(e) General statutes applicable
All the general penal statutes relating to crimes and offenses against the United States shall apply with respect to the Corporation, its property, money, contracts and agreements, employees, and operations: Provided, That such general penal statutes shall not apply to the extent that they relate to crimes and offenses punishable under subsections (a), (b), (c), and (d) of this section: Provided further, That
(f) Use of words "Commodity Credit Corporation"
No individual, association, partnership, or corporation shall use the words "Commodity Credit Corporation" or any combination of the same, as the name or a part thereof under which he or it shall do or purport to do business. Every individual, partnership, association, or corporation violating this prohibition shall be guilty of a misdemeanor and shall be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.
(June 29, 1948, ch. 704, §15,
Editorial Notes
Codification
In subsec. (e), "
Amendments
1956—Subsec. (c). Act Aug. 1, 1956, made it an offense to willfully steal or convert property mortgaged or pledged to a lending agency under a program of the Corporation and prescribed punishment not exceeding $1,000 fine or one year imprisonment or both in the case of property of an amount or value of $500 or less.
1949—Subsec. (f). Act June 7, 1949, added subsec. (f).
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714n. Transfer of assets of Commodity Credit Corporation, a Delaware corporation
The assets, funds, property, and records of Commodity Credit Corporation, a Delaware corporation, are transferred to the Corporation. The rights, privileges, and powers, and the duties and liabilities of Commodity Credit Corporation, a Delaware corporation, in respect to any contract, agreement, loan, account, or other obligation shall become the rights, privileges, and powers, and the duties and liabilities, respectively, of the Corporation. The enforceable claims of or against Commodity Credit Corporation, a Delaware corporation, shall become the claims of or against, and may be enforced by or against, the Corporation: Provided, That nothing in this subchapter shall limit or extend any period of limitation otherwise applicable to such claims against the Corporation.
(June 29, 1948, ch. 704, §16,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714o. Dissolution of Delaware corporation
The Secretary of Agriculture, representing the United States as the sole owner of the capital stock of Commodity Credit Corporation, a Delaware corporation, is authorized and directed to institute or cause to be instituted such proceedings as are required for the dissolution of said Corporation under the laws of the State of Delaware. The costs of such dissolution of said Corporation shall be borne by the Corporation.
(June 29, 1948, ch. 704, §17,
Executive Documents
Exceptions From Transfer of Functions
For exception of functions of corporations of Department of Agriculture from transfer of functions to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, see Exceptions From Transfer of Functions note set out under
§714p. Release of innocent purchasers of converted goods
A buyer in the ordinary course of business of fungible goods sold and physically delivered by a warehouseman or other dealer who was regularly engaged in the business of buying and selling such goods shall take or be deemed to have taken such goods free of any claim, existing or hereafter arising, by Commodity Credit Corporation, based on the want of authority in the seller to sell such goods, provided the buyer purchased such goods for value in good faith and did not know or have reason to know of any defect in the seller's authority to sell such goods. To be entitled to relief under this section a buyer must assert as an affirmative defense and establish by a preponderance of the evidence the facts necessary to entitle him to such relief.
(June 29, 1948, ch. 704, §19, as added May 23, 1955, ch. 46,