This part changes how a farmer pays back a marketing loan. Rice and upland cotton may be paid back at the world price. Upland cotton growers can get a refund if the world price drops within 30 days. Extra long staple cotton is brought into the world price rules.
The document says “shall”Who acts: Secretary of AgricultureHow: statuteSec. 10310 in the PDF
What the document says
“in the case of long grain rice and medium grain rice, the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section; or”
The section strikes paragraph (2) of subsection (b) of section 1204 of the Agricultural Act of 2014 (7 U.S.C. 9034) and inserts a new subparagraph (B) naming the prevailing world market price, as determined and adjusted by the Secretary under that section, as a repayment rate for long grain rice, medium grain rice and upland cotton.
What the document actually says
“in the case of long grain rice and medium grain rice, the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section; or”
That sentence, in plain words
For long grain rice and medium grain rice a second rate is named. That rate is the world market price. The Secretary works it out and adjusts it.
What this is about
Upland cotton gets the same treatment in the next clause. A world price below the loan rate makes the loan cheaper to pay off. The older law it sits in is not indexed here.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of AgricultureHow: statuteSec. 10310 in the PDF
What the document says
“the Secretary shall provide to the producer a refund (if any) in an amount equal to the difference between the lowest prevailing world market price, as determined and adjusted by the Secretary in accordance with this section, during the 30-day period following the date on which the producer repays the marketing assistance loan and the repayment rate.”
The section adds a new paragraph (2) requiring the Secretary, where an upland cotton loan is repaid at the world market price, to refund the producer the difference between the lowest prevailing world market price during the 30 days after repayment and the rate the producer actually paid.
What the document actually says
“the Secretary shall provide to the producer a refund (if any) in an amount equal to the difference between the lowest prevailing world market price, as determined and adjusted by the Secretary in accordance with this section, during the 30-day period following the date on which the producer repays the marketing assistance loan and the repayment rate.”
That sentence, in plain words
The Secretary must pay the grower back the gap. The gap is between the rate paid and the lowest world price. That price is tracked for 30 days after the loan is paid off.
What this is about
The refund only comes up if the world price falls. A grower who pays off early is not left worse off. There is no refund if the price does not drop.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of AgricultureHow: statuteSec. 10310 in the PDF
What the document says
“the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.'';”
The section amends subsection (c) of section 1204 of the Agricultural Act of 2014 by striking the words at the loan rate and inserting words making the rate the lesser of the loan rate and the prevailing world market price for the commodity as determined and adjusted by the Secretary.
What the document actually says
“the prevailing world market price for the commodity, as determined and adjusted by the Secretary in accordance with this section.'';”
That sentence, in plain words
A second figure is added to a repayment rule. That figure is the world market price for the crop.
What this is about
The rate becomes the lower of two figures. One is the loan rate. The other is the world price.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of AgricultureHow: statuteSec. 10310 in the PDF
What the document says
“the formula under paragraph (1)(A) shall be based on the average of the 3 lowest-priced growths that are quoted.”
The section adds a new paragraph (2) to subsection (d) of section 1204 of the Agricultural Act of 2014 providing that for any period when price quotations for a named grade of upland cotton are available the formula is based on the average of the three lowest-priced growths quoted. It also adds extra long staple cotton to the list of commodities in paragraph (1).
What the document actually says
“the formula under paragraph (1)(A) shall be based on the average of the 3 lowest-priced growths that are quoted.”
That sentence, in plain words
The price formula uses three growths of cotton. They are the three with the lowest quoted prices. The formula takes their average.
What this is about
A growth is cotton from one growing region. Quoted prices come from cotton markets. Using the three lowest holds the figure down.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall”Who acts: Secretary of AgricultureHow: statuteSec. 10310 in the PDF
What the document says
“shall be adjusted to United States quality and location, with the adjustment to include the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and”
The section inserts a new paragraph (3) into subsection (e) of section 1204 of the Agricultural Act of 2014 requiring the prevailing world market price for extra long staple cotton to be adjusted to United States quality and location, with the adjustment including average marketing costs and average transportation costs as determined by the Secretary. The subsection heading is also amended to name extra long staple cotton.
What the document actually says
“shall be adjusted to United States quality and location, with the adjustment to include the average costs to market the commodity, including average transportation costs, as determined by the Secretary; and”
That sentence, in plain words
The world price must be fixed up to match United States cotton. It must also match where that cotton sits. The fix includes the cost of getting it to market.
What this is about
Cotton grown elsewhere may be of a different grade. Shipping costs differ too. The adjustment puts the price on the same footing.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “can”Who acts: Secretary of AgricultureHow: statuteSec. 10310 in the PDF
What the document says
“may be further adjusted, during the period beginning on the date of enactment of the Act entitled `An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14' (119th Congress) and ending on July 31, 2032, if the Secretary determines the adjustment is necessary--”
The section lets the Secretary adjust that price further, from enactment of this Act through July 31, 2032, where necessary to minimize potential loan forfeitures, to minimize the federal government's accumulation of stocks of extra long staple cotton, to ensure the crop grown in the United States can be marketed freely and competitively, and to ensure an appropriate transition between current-crop and forward-crop price quotations. Forward-crop quotations may be used before July 31 of a marketing year only where current-crop quotations are insufficient and the forward-crop quotation is the lowest available.
What the document actually says
“may be further adjusted, during the period beginning on the date of enactment of the Act entitled `An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14' (119th Congress) and ending on July 31, 2032, if the Secretary determines the adjustment is necessary--”
That sentence, in plain words
The Secretary may move the price further. That power runs from the day this law passes to July 31, 2032. It may be used only for the reasons listed below.
What this is about
Four reasons are given. One is to keep growers from walking away from loans. One is to keep the government from piling up cotton. One is to keep United States cotton selling.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Each distinct thing the section does: the repayment rate for rice and upland cotton, the refund for upland cotton, the new lesser-of repayment rate in subsection (c), the price quotation rule for upland cotton, the addition of extra long staple cotton to the world price determination, and the authority to adjust that price further through July 31, 2032.
The redesignations and indentation changes that move existing text without changing what it says, and the date substitution striking 2024 and inserting 2032 in subsection (e)(2)(B).
The section works by amending section 1204 of the Agricultural Act of 2014, which is not indexed here, so how a marketing assistance loan is made and repaid cannot be checked against anything on this site.
