7 U.S.C. § 1738c — Reduction of certain debt
submitted 72 years ago by Pub. L. 101-624 to r/title-7-AGRICULTURE · 212 words · no verdicts yet
This section lets the President reduce certain United States-held debt of eligible countries, but only through a new obligation and only when Congress has provided authority in advance. It directs the Facility and Commodity Credit Corporation on how to carry out and record the exchange.
(a) Authority.—(1) Despite other law, the President may reduce debt owed to the United States or its agencies and outstanding on January 1, 1990, arising from credits under subchapter II to a country eligible for Facility benefits. (2) This authority may be used only to the extent advance appropriations Acts provide for it.
(b) Limitation.—At the Facility’s direction, the reduction must occur by exchanging a new obligation under this subchapter for the covered obligations outstanding on January 1, 1990.
(c) Exchange.—The Facility must notify the Commodity Credit Corporation of an agreement with an eligible country to make that exchange. At the Facility’s direction, the old obligations may be canceled and a new debt obligation established for the country. The Corporation must adjust its accounts to show the reduction.
Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of January 1, 1990, as a result of any credits extended under subchapter II to a country eligible for benefits from the Facility.
The authorities under this section may be exercised only to the extent provided for in advance in appropriation Acts.
A debt reduction authorized under subsection (a) shall be accomplished, at the direction of the Facility, through the exchange of a new obligation under this subchapter for obligations of the type referred to in subsection (a) outstanding as of January 1, 1990.
The Facility shall notify the Commodity Credit Corporation of an agreement entered into under subsection (b) with an eligible country to exchange a new obligation for outstanding obligations. At the direction of the Facility, the old obligations that are the subject of the agreement may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect a debt reduction under this section.
Source credit: (July 10, 1954, ch. 469, title VI, § 604, as added Pub. L. 101–624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102–237, title III, § 303, Dec. 13, 1991, 105 Stat. 1855.)
- 1954Enacted · Pub. L. 101-624 · 104 Stat. 3658
- 1991Amended · Pub. L. 102-237 · 105 Stat. 1855
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-624 on 1954-07-10.
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