PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 977 SEC. 276. REGULATIONS. Section 707 of the Freedom for Russia and Emerging Eurasian Democracies and Open Markets Support Act of 1992 (Public Law 102-511; 7 U.S.C. 5621 note) is amended by striking subsection (d). SEC. 277. EMERGING MARKETS. (a) PROMOTION OF AC;RICULTURAL EXPORTS TO EMP:RGING MAR- KETS.— (1) EMERGING MARKETS. —Section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 (Public Law 101- 624; 7 U.S.C. 5622 note) is amended— (A) in the section heading, by striking "EMERGING DEMOCRACIES" and inserting "EMERGING MARKETS"; (B) by striking "emerging democracies" each place it appears in subsections (b), (d), and (e) and inserting "emerging markets"; (C) in subsection (c), by striking "emerging democracy" each place it appears and inserting "emerging market"; and (D) by striking subsection (f) and inserting the following: "(f) EMERGING MARKKT. — In this section and section 15-43, the term 'emerging market' means any country that the Secretary determines— "(1) is taking steps toward a market-oriented economy through the food, agriculture, or rural business sectors of the economy of the country; and "(2) has the potential to provide a viable and significant market for United States agricultural commodities or products of United States agricultural commodities.". (2) FUNDING.— Section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 is amended by striking subsection (a) and inserting the following: "(a) FUNDING.—The Commodity Credit Corporation shall make available for fiscal years 1996 through 2002 not less than $1,000,000,000 of direct credits or export credit guarantees for exports to emerging markets under section 201 or 202 of the Agricultural Trade Act of 1978 (7 U.S.C. 5621 and 5622), in addition to the amounts acquired or authorized under section 211 of the Act (7 U.S.C. 5641) for the program.". (3) AGRICULTURAL FELLOWSHIP PROGRAM.— Section 1542 of the Food, Agriculture, Conservation, and Trade Act of 1990 is amended— (A) in subsection (b), by striking the last sentence and inserting the following: "The Commodity Credit Corporation shall give priority under this subsection to— "(A) projects that encourage the privatization of the agricultural sector or that benefit private farms or cooperatives in emerging markets; and "(B) projects for which nongovernmental persons agree to assume a relatively larger share of the costs."; and (B) in subsection (d)— (i) in the matter preceding paragraph (1), by striking "the Soviet Union" and inserting "emerging markets"; (ii) in paragraph (1)—
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