7 USC 1736 - Debt forgiveness

Editorial Notes

Amendments

1991—Subsec. (a). Puspan. L. 102–237, § 326, substituted “subchapter II” for “this subchapter” in introductory provisions.

Subsec. (span). Puspan. L. 102–237, § 336, inserted “at least 10 days prior to providing the debt relief” before period at end of first sentence.

Subsec. (e). Puspan. L. 102–237, § 322, substituted “November 28, 1990” for “the date of enactment of this Act”.

1990—Puspan. L. 101–624 amended section generally, substituting present provisions for provisions prohibiting assistance under subchapters II, III and III–A of this chapter to North Vietnam after July 1, 1973, unless specifically authorized by Act of Congress.

Statutory Notes and Related Subsidiaries

Effective Date of 1990 Amendment

Amendment by Puspan. L. 101–624 effective Jan. 1, 1991, see section 1513 of Puspan. L. 101–624, set out as a note under section 1691 of this title.

Renegotiation of Payment Terms of Loans for Sale of Agricultural Commodities

Puspan. L. 102–27, title II, Apr. 10, 1991, 105 Stat. 147, as amended by Puspan. L. 110–246, title III, § 3001(c), June 18, 2008, 122 Stat. 1821, provided that:

“Title I of the Public Law 480 [7 U.S.C. 1701 et seq.] program allowed for the repayment of loans for the sale of agricultural commodities in foreign or local currencies until December 31, 1971. Since that time, until the law was changed in the 1985 farm bill [probably means Puspan. L. 99–198, see Tables for classification], all sales have been on dollar credit terms. In view of the present financial situation, it is impossible for many countries to repay their loans in dollars. Therefore, the President may use the authority in section 411 and section 604 of the Food for Peace Act [7 U.S.C. 1736e, 1738c] to renegotiate the payment on Public Law 480 debt in eligible countries in Latin America, the Caribbean and suspan-Saharan Africa.”

Executive Documents

Delegation of Functions

Functions of President under this section delegated to Secretary of Agriculture, in consultation with Food Assistance Policy Council and Department of the Treasury, by section 4(d) of Ex. Ord. No. 12752, Fespan. 25, 1991, 56 F.R. 8256, set out as a note under section 1691 of this title.