7 U.S.C. § 7938 — Special competitive provisions for extra long staple cotton
submitted 24 years ago by Pub. L. 107-171 to r/title-7-AGRICULTURE · 348 words · no verdicts yet
From 2002 through 2008, the Secretary must run a program to keep U.S. extra long staple cotton competitive worldwide. Payments start when world prices for competing cotton drop below U.S. prices and stay under a set ceiling. Domestic users and exporters who sign up can get these payments in cash or marketing certificates.
(a) The program. From May 13, 2002 through July 31, 2008, the Secretary* must run a program with three goals: (1) keep up and grow domestic use of U.S.-grown extra long staple cotton*; (2) increase exports of it; and (3) keep it competitive in world markets.
(b) When payments trigger. The Secretary makes payments available whenever two things are both true for a four-week period: (1) the world price of the lowest-priced competing extra long staple cotton (adjusted for U.S. quality, location, and competitiveness factors) is below the prevailing U.S. price for competing cotton; and (2) that same adjusted world price is also less than 134% of the extra long staple cotton loan rate.
(c) Who can get paid. Domestic users and exporters of U.S.-grown extra long staple cotton can get payments, but only if they sign an agreement with the Commodity Credit Corporation to join the program.
(d) How much. The payment is based on the price difference described in (b)(1), measured in the fourth week of the trigger period, multiplied by the documented amount that users bought or exporters sold in the following week.
(e) How paid. Recipients can choose to be paid in cash or in marketing certificates.
Notwithstanding any other provision of law, during the period beginning on May 13, 2002, through July 31, 2008, the Secretary* shall carry out a program—
to maintain and expand the domestic use of extra long staple cotton* produced in the United States;
to increase exports of extra long staple cotton produced in the United States; and
to ensure that extra long staple cotton produced in the United States remains competitive in world markets.
Under the program, the Secretary shall make payments available under this section whenever—
for a consecutive 4-week period, the world market price for the lowest priced competing growth of extra long staple cotton (adjusted to United States quality and location and for other factors affecting the competitiveness of such cotton), as determined by the Secretary, is below the prevailing United States price for a competing growth of extra long staple cotton; and
the lowest priced competing growth of extra long staple cotton (adjusted to United States quality and location and for other factors affecting the competitiveness of such cotton), as determined by the Secretary, is less than 134 percent of the loan rate for extra long staple cotton.
The Secretary shall make payments available under this section to domestic users of extra long staple cotton produced in the United States and exporters of extra long staple cotton produced in the United States that enter into an agreement with the Commodity Credit Corporation to participate in the program under this section.
Payments under this section shall be based on the amount of the difference in the prices referred to in subsection (b)(1) during the fourth week of the consecutive 4-week period multiplied by the amount of documented purchases by domestic users and sales for export by exporters made in the week following such a consecutive 4-week period.
Payments under this section shall be made through the issuance of cash or marketing certificates, at the option of eligible recipients of the payments.
Source credit: (Pub. L. 107–171, title I, § 1208, May 13, 2002, 116 Stat. 164.)
- 2002Enacted · Pub. L. 107-171 · 116 Stat. 164
A history note hasn’t been published yet. The record shows enactment by Pub. L. 107-171 on 2002-05-13.
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