46 U.S.C. § 55312 — Determining prevailing world market price
submitted 20 years ago by Pub. L. 109-304 to r/title-46-SHIPPING · 119 words · no verdicts yet
This law explains how officials figure out the "world market price" for farm goods and other items involved in export deals. For farm commodities, the Secretary of Agriculture sets the rules through public regulations. For other goods or services, the Secretary of Agriculture decides the price after consulting other relevant agencies.
(a) Agricultural Commodities and Products. When someone needs to know the "prevailing world market price" for a farm commodity or a product made from one, the Secretary of Agriculture decides how to calculate it. The Secretary must write this method into a formal regulation, and the public must get notice and a chance to comment before it takes effect.
(b) Services and Non-Agricultural Commodities and Products. Sometimes a barter or exchange deal involves non-farm materials, goods, equipment, or services, and the law needs to know if that deal counts as a certain kind of transaction under section 55314(b)(6) or (7). In that case, the Secretary of Agriculture decides the world market price, working together with the heads of other agencies that are involved.
The prevailing world market price for agricultural commodities or their products shall be determined under this subchapter under procedures prescribed by the Secretary of Agriculture. The Secretary shall prescribe the procedures by regulation, with notice and opportunity for public comment under section 553 of title 5.
If a determination of the prevailing world market price of any other type of materials, goods, equipment, or service is required to determine whether a barter or exchange transaction is subject to section 55314(b)(6) or (7) of this title, the determination shall be made by the Secretary of Agriculture in consultation with the heads of other appropriate agencies.
Source credit: (Pub. L. 109–304, § 8(c), Oct. 6, 2006, 120 Stat. 1644.)
- 2006Enacted · Pub. L. 109-304 · 120 Stat. 1644
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-304 on 2006-10-06.
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