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Contents

Emergency Livestock Credit Act

Act Details

Emergency Livestock Credit Act was, as a bill, a proposal (now, a piece of legislation) introduced on 1974-06-20 in the House of Commons and Senate respectively of the 93 United States Congress by George Stanley Mcgovern in relation with: Agriculture and food, Livestock, Livestock industry, Loans, Meat, Poultry.

Emergency Livestock Credit Act became law (1) in the United States on 1974-07-25

It was referred to the following Committee(s): (2)

Senate Agriculture and Forestry (SSAF)
House Agriculture (HSAG)

Sponsor

George Stanley Mcgovern, member of the US congress
George Stanley Mcgovern, Democrat, Senator from South Dakota

The proposal had the following cosponsors:

James George Abourezk, Democrat, Senator, from South Dakota
George David Aiken, Republican, Senator, from Vermont
James Browning Allen, Democrat, Senator, from Alabama
Dewey Bartlett, Senator, from Oklahoma
Henry Louis Bellmon, Republican, Senator, from Oklahoma
Lloyd Millard Bentsen, Democrat, Senator, from Texas
Richard Clark, Democrat, Senator, from Iowa
Carl Thomas Curtis, Republican, Senator, from Nebraska
Robert Dole, Senator, from Kansas
Pete Domenici, Senator, from New Mexico
James Oliver Eastland, Democrat, Senator, from Mississippi
Floyd Kirk Haskell, Democrat, Senator, from Colorado
Roman Lee Hruska, Republican, Senator, from Nebraska
Walter Darlington Huddleston, Democrat, Senator, from Kentucky
Hubert Horatio Humphrey, Democrat, Senator, from Minnesota
Joseph Manuel Montoya, Democrat, Senator, from New Mexico
Herman Talmadge, Senator, from Georgia
Milton Young, Senator, from North Dakota

Act Overview

Number: 3679 (3)
Official Title as Introduced: An Act to provide temporary emergency livestock financing through the establishment of a guaranteed loan program (4)
Short Title: Emergency Livestock Credit Act
Date First Introduced: 1974-06-20
Sponsor Name: Milton Young
Assignment Process: See Committe Assignments (5)
Latest Major Activity/Action: Enacted
Date Enacted (signed, in general (6), by President): 1974-07-25
Type: s (7)
Main Topic: Livestock
Related Bills: (8)
hr15560-93, Reason: related, Type: bill
Summary of Emergency Livestock Credit Act: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
Primary Source: Congress Website

Text of the Emergency Livestock Credit Act

(LATEST SUMMARY) Emergency Livestock Credit Act – Authorizes the Secretary of Agriculture to establish a guaranteed loan program for bona fide farmers and ranchers including operators of feedlots who are directly engaged in agricultural production for the purpose of breeding raising fattening or marketing livestock (meaning beef cattle dairy cattle swine sheep goats chickens turkeys and the products thereof. States that no contract guaranteeing any such loan by an approved lender shall require the Secretary to participate in more than 80 percent of any loss sustained thereon. Provides that loans guaranteed under this Act shall bear interest at a rate to be agreed upon by the lender and borrower. Sets forth conditions for such loan guarantees including that: (1) the loan applicant is primarily engaged in agricultural production and the financing to be furnished the farmer or rancher is to be used for purposes related to the breeding raising fattening or marketing of livestock or livestock products; (2) the total loans guaranteed under this Act for any farmer or rancher shall not exceed $350000; and (3) in the case of any loan to refinance the livestock operations of a farmer or rancher the loan and refinancing are absolutely essential in order for the farmer or rancher to remain in business. Limits such loan guarantees outstanding under this Act to a maximum of $2000000000 at any one time. Terminates the authority to make new guarantees under this Act one year from the date of enactment except that the Secretary of Agriculture may extend such authority for a period not to exceed six months.

Act Notes

[Note 1] An Act (like Emergency Livestock Credit Act) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
[Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like Emergency Livestock Credit Act are referred to joint committees made up of members of both houses.
[Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (Emergency Livestock Credit Act)
[Note 4] An Act to provide temporary emergency livestock financing through the establishment of a guaranteed loan program. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1974-06-20) and can be revised any time. This type of titles are sentences.
[Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
[Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
[Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
[Note 8] For information regarding related bill/s to Emergency Livestock Credit Act, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about Emergency Livestock Credit Act submitted yet.

Agriculture and food
Livestock
Livestock industry
Loans
Meat
Poultry

Emergency Livestock Credit Act

Emergency Livestock Credit Act