§ 1736f-1. Establishment of commodity trust
(a)
In general
To provide for a trust solely to meet emergency humanitarian food needs in developing countries, the Secretary of Agriculture (referred to in this section as the “Secretary”) shall establish and maintain a trust of wheat, rice, corn, or sorghum, any combination of the commodities, or funds for use as described in subsection (c) of this section.
(b)
Commodities or funds in trust
(1)
In general
The trust established under this section shall consist of—
(A)
wheat in the reserve established under the Food Security Wheat Reserve Act of 1980 as of April 4, 1996;
(B)
wheat, rice, corn, and sorghum (referred to in this section as “eligible commodities”) acquired in accordance with paragraph (2) to replenish eligible commodities released from the trust, including wheat to replenish wheat released from the reserve established under the Food Security Wheat Reserve Act of 1980 but not replenished as of April 4, 1996;
(C)
such rice, corn, and sorghum as the Secretary may, at such time and in such manner as the Secretary determines appropriate, acquire as a result of exchanging an equivalent value of wheat in the trust established under this section; and
(2)
Replenishment of trust
(A)
In general
Subject to subsection (h) of this section, commodities of equivalent value to eligible commodities in the trust established under this section may be acquired—
(B)
Funds
Any funds used to acquire eligible commodities through purchases from producers or in the market to replenish the trust shall be derived—
(i)
with respect to fiscal years 2000 through 2012 from funds made available to carry out the Food for Peace Act (7 U.S.C. 1691 et seq.) that are used to repay or reimburse the Commodity Credit Corporation for the release of eligible commodities under subsections (c)(1) and (f)(2) of this section, except that, of such funds, not more than $20,000,000 may be expended for this purpose in each of the fiscal years 2000 through 2012;
(c)
Release of eligible commodities
(1)
Releases for emergency assistance
(A)
Definition of emergency
(i)
In general
In this paragraph, the term “emergency” means an urgent situation—
(ii)
Event or series of events
An event or series of events referred to in clause (i) includes 1 or more of—
(I)
a sudden calamity, such as an earthquake, flood, locust infestation, or similar unforeseen disaster;
(B)
Releases
(2)
Processing of eligible commodities
Eligible commodities that are released from the trust established under this section may be processed in the United States and shipped to a developing country when conditions in the recipient country require processing.
(3)
Exchange
The Secretary may exchange an eligible commodity for another United States commodity of equal value, including powdered milk, pulses, and vegetable oil.
(4)
Use of normal commercial practices
To the maximum extent practicable consistent with the fulfillment of the purposes of this section and the effective and efficient administration of this section, the Secretary shall use the usual and customary channels, facilities, arrangements, and practices of trade and commerce to carry out this subsection.
(d)
Management of trust
(1)
In general
The Secretary shall provide for the management of eligible commodities and funds held in the trust in a manner that is consistent with maximizing the value of the trust, as determined by the Secretary.
(2)
Eligible commodities
The Secretary shall provide—
(A)
for the management of eligible commodities in the trust established under this section as to location and quality of eligible commodities needed to meet emergency situations;
(B)
for the periodic rotation or replacement of stocks of eligible commodities in the trust to avoid spoilage and deterioration of the commodities; [1]
(C)
subject to the need for release of commodities from the trust under subsection (c)(1) of this section, for the management of the trust to preserve the value of the trust through acquisitions under subsection (b)(2) of this section; and [2]
(e)
Treatment of trust under other law
Eligible commodities in the trust established under this section shall not be—
(f)
Use of Commodity Credit Corporation
(1)
In general
Subject to the limitations provided in this section, the funds, facilities, and authorities of the Commodity Credit Corporation shall be used by the Secretary in carrying out this section, except that any restriction applicable to the acquisition, storage, or disposition of eligible commodities owned or controlled by the Commodity Credit Corporation shall not apply.
(h)
Termination of authority
[1] So in original. Probably should be followed by “and”.
[2] So in original. The “; and” probably should be a period.