Page:United States Statutes at Large Volume 108 Part 4.djvu/863
PUBLIC LAW 103-376—CKTT. 19, 1994 108 STAT. 3497 Public Law 103-376 103d Congress An Act To amend the FEurm Credit Act of 1971 to enhance the ability of the banks for cooperatives to finance agricultural exports, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Farm Credit System Agricultural Export and Risk Management Act". SEC. 2. PARTICIPATION DEFINED. Section 3.1(11)(B) of the Farm Credit Act of 1971 (12 U.S.C. 2122(11)(B)) is amended by adding at the end the following new clause: "(iv) As used in this subparagraph, the term 'participate' or 'participation' refers to multilender transactions, including syndications, assignments, loan participations, subparticipations, or other forms of the purchase, sale, or transfer of interests in loans, other extensions of credit, or other technical and financial assistance.". SEC. 3. AGRICULTURAL EXPORT FINANCING. Section 3.7(b) of the Farm Credit Act of 1971 (12 U.S.C. 2128(b)) is amended— (A) in paragraph (1)— (i) by striking "assistance to (A)" and inserting "assistance to"; (ii) by striking "the export or" and inserting "the"; and (iii) by striking "and (B)" and all that follows through "subparagraph (A): Provided, That a" and inserting "if the"; and (B) by striking paragraph (2) and inserting the following new paragraph: "(2)(A) A bank for cooperatives may make or pgirticipate in loans and commitments to, and extend other technical and financial assistance to— "(i) any domestic or foreign party for the export, including (where appHcable) the cost offi^^ight,of agricultural conmiodities or products thereof, farm supplies, or aquatic products fi:x)m the United States under poHcies and procedures established by the bank to ensure that the conmiodities, products, or supplies are originally soiuxed, where reasonably available, fix)m one or more eligible cooperative associations described in section 3.8(a) on a priority basis, except that if the total Oct. 19, 1994 [H.R. 4379] Farm Credit System Agricultural Export and Risk Manageme nt Act. 12 USC 2001 note.