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7 U.S.C. · Agriculture
7 U.S.C. § 1738c

Reduction of certain debt

Ch. 41 — FOOD FOR PEACE
Title 7 U.S.C. ● ACTIVE Primary Source Ch. 41
Statutory Text

7 U.S.C. § 1738c — Reduction of certain debt

U.S.C. Title 7 - AGRICULTURE 7 U.S.C. United States Code, 2023 Edition Title 7 - AGRICULTURE CHAPTER 41 - FOOD FOR PEACE SUBCHAPTER VI - ENTERPRISE FOR THE AMERICAS INITIATIVE Sec. 1738c - Reduction of certain debt From the U.S. Government Publishing Office, www.gpo.gov

§1738c. Reduction of certain debt

(a) Authority to reduce debt (1) In general Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of January 1, 1990, as a result of any credits extended under subchapter II to a country eligible for benefits from the Facility. (2) Availability of appropriations The authorities under this section may be exercised only to the extent provided for in advance in appropriation Acts. (b) Limitation A debt reduction authorized under subsection (a) shall be accomplished, at the direction of the Facility, through the exchange of a new obligation under this subchapter for obligations of the type referred to in subsection (a) outstanding as of January 1, 1990. (c) Exchange of obligations The Facility shall notify the Commodity Credit Corporation of an agreement entered into under subsection (b) with an eligible country to exchange a new obligation for outstanding obligations. At the direction of the Facility, the old obligations that are the subject of the agreement may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect a debt reduction under this section.

(July 10, 1954, ch. 469, title VI, §604, as added Pub. L. 101–624, title XV, §1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102–237, title III, §303, Dec. 13, 1991, 105 Stat. 1855.)

Editorial Notes

Amendments 1991—Subsec. (a)(2). Pub. L. 102–237 substituted "Availability" for "Avaliability" in heading.

Executive Documents

Delegation of Functions For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under section 1738 of this title.

Source: uscode.house.gov — public domain Official Source ↗
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The statutory text of 7 U.S.C. § 1738c is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 7 U.S.C. § 1738b 7 U.S.C. § 1738d →
Ch. 41 — FOOD FOR PEACE
7 U.S.C. § 16917 U.S.C. § 1691a7 U.S.C. § 16927 U.S.C. § 16937 U.S.C. § 17017 U.S.C. § 17027 U.S.C. § 17037 U.S.C. § 17047 U.S.C. § 1704a7 U.S.C. § 1704b7 U.S.C. § 1704c7 U.S.C. § 17057 U.S.C. § 17077 U.S.C. § 1707a7 U.S.C. § 1707b7 U.S.C. § 17087 U.S.C. § 17217 U.S.C. § 17227 U.S.C. § 17237 U.S.C. § 17247 U.S.C. § 17257 U.S.C. § 17267 U.S.C. § 1726a7 U.S.C. § 1726b7 U.S.C. § 1726c7 U.S.C. § 17277 U.S.C. § 1727a7 U.S.C. § 1727b7 U.S.C. § 1727c7 U.S.C. § 1727d
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