15 U.S.C. § 4053 — Barter arrangements
submitted 41 years ago by Pub. L. 99-64 to r/title-15-COMMERCE-AND-TRADE · 409 words · no verdicts yet
This section requires reports about Federal commodity barter programs and authorizes the President to conduct specified barters and purchases involving agricultural commodities and foreign petroleum or other vital materials. Barter must protect conventional export markets and comply with United States international obligations.
(a) Report on Federal barter programs. Within 90 days after July 12, 1985, the Agriculture and Energy Secretaries must report to Congress on Federal programs for bartering or exchanging Commodity Credit Corporation commodities for foreign-produced materials and products. The report must describe changes to existing law needed to let Agriculture, and Energy for petroleum resources, fully operate a barter program.
(b) Presidential authority. The President may: (1) barter Government-held agricultural commodities for foreign-produced petroleum, petroleum products, or other materials vital to the national interest when a sale otherwise would not occur; and (2) buy foreign-produced petroleum, petroleum products, or other vital materials obtained by people in the United States through barter for United States agricultural commodities produced and exported through normal commercial channels.
(c) Other laws. For petroleum, petroleum products, or other vital materials obtained under subsection (b), this section does not make inapplicable any law then governing their storage, distribution, or use.
(d) Conventional markets. The President must protect existing conventional-term export markets for agricultural commodities from displacement by the barters or purchase described in subsections (a), (b)(1), and (b)(2). The President must also ensure that each barter complies with United States international obligations, including the General Agreement on Tariffs and Trade.
(e) Report to Congress. The Energy Secretary must report to Congress on the effect on energy security and domestic energy supplies of any action under this section that causes the Government to acquire petroleum or petroleum products. The report is due within 90 days after the acquisition.
The Secretary of Agriculture and the Secretary of Energy shall, not later than 90 days after July 12, 1985, submit to the Congress a report on the status of Federal programs relating to the barter or exchange of commodities owned by the Commodity Credit Corporation for materials and products produced in foreign countries. Such report shall include details of any changes necessary in existing law to allow the Department of Agriculture and, in the case of petroleum resources, the Department of Energy, to implement fully any barter program.
The President is authorized—
to barter stocks of agricultural commodities acquired by the Government for petroleum and petroleum products, and for other materials vital to the national interest, which are produced abroad, in situations in which sales would otherwise not occur; and
to purchase petroleum and petroleum products, and other materials vital to the national interest, which are produced abroad and acquired by persons in the United States through barter for agricultural commodities produced in and exported from the United States through normal commercial trade channels.
In the case of any petroleum, petroleum products, or other materials vital to the national interest, which are acquired under subsection (b), nothing in this section shall be construed to render inapplicable the provisions of any law then in effect which apply to the storage, distribution, or use of such petroleum, petroleum products, or other materials vital to the national interest.
The President shall take steps to ensure that, in making any barter described in subsection (a) or (b)(1) or any purchase authorized by subsection (b)(2), existing export markets for agricultural commodities operating on conventional business terms are safeguarded from displacement by the barter described in subsection (a), (b)(1), or (b)(2), as the case may be. In addition, the President shall ensure that any such barter is consistent with the international obligations of the United States, including the General Agreement on Tariffs and Trade.
The Secretary of Energy shall report to the Congress on the effect on energy security and on domestic energy supplies of any action taken under this section which results in the acquisition by the Government of petroleum or petroleum products. Such report shall be submitted to the Congress not later than 90 days after such acquisition.
Source credit: (Pub. L. 99–64, title II, § 203, July 12, 1985, 99 Stat. 158.)
- 1985Enacted · Pub. L. 99-64 · 99 Stat. 158
A history note hasn’t been published yet. The record shows enactment by Pub. L. 99-64 on 1985-07-12.
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