Extension of Public Law 480; 83d Congress. Hearing Before the Committee On Agriculture And Forestry, United States Senate, Eighty-Eighth Congress, Second Session, On S. 1498, S. 2687, And S. 2925, Bills to Extend the Agricultural Trade Development And Ass
Extension of Public Law 480; 83d Congress. Hearing Before the Committee On Agriculture And Forestry, United States Senate, Eighty-Eighth Congress, Second Session, On S. 1498, S. 2687, And S. 2925, Bills to Extend the Agricultural Trade Development And Ass
United States. Congress. Senate. Committee On Agriculture And Forestry
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That is in the law, as you know. That is in the law already. Mr. Lynn. We hope that it remains so. The Chairman. That is part of the law. That has not been changed — it is in the law now. That is, that we shall not produce food for peace, it is only in the event that we have surpluses that it can be made available for any long-term contracts. Mr. Lynn. The reason that we emphasize this point is that the subcommittee of the House Committee on Agriculture did modify that section when they reporte...d their bill to the full committee of the House, and it was changed in the full committee. Of course, the magnitude of the export movements of agricultural surpluses as carried out under Public Law 480 presents a constant danger of displacing normal commercial sales. In our opinion, some displacement has already occurred. Any new legislation should require that "usual marketing provi- sions" be included in every agreement. In addition, we should require that all future foreign currency sales be made on the condition that a fixed percentage of the total purchase be paid for in dollars or freely convertible-foreign exchange.
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