We don’t have a summary available yet.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
2/27/1985--Passed Senate amended. (Measure passed Senate, amended (Inserted text of S. 457 as amended), roll call #17 (62-35)) African Famine Relief and Recovery Act of 1985 - Amends the Foreign Assistance Act of 1961 to authorize the President to provide assistance for famine relief, rehabilitation, and recovery in Africa. Requires that, to the maximum extent practicable, the funds appropriated for such relief shall be used for grants to private and voluntary organizations and international organizations. Permits up to 18 percent of the amount appropriated for such relief to be used for emergency health projects. Authorizes transferring a specified portion of the amount appropriated for such relief to the operating expenses of the Agency for International Development. Authorizes supplemental appropriations for FY 1985 for such relief. Authorizes supplemental appropriations for FY 1985 to the Department of State for migration and refugee assistance in Africa. Authorizes making available to the United Nations Development Program Trust Fund up to 54 percent of such funds to address the needs created by refugees and displaced persons in Africa. Provides that the remainder of such funds shall be used by the Bureau for Refugee Programs of the Department of State for emergency relief and recovery efforts in Africa. Requires the Secretary of Defense to furnish such assistance for the U.S. relief effort made in connection with the African drought as requested. Provides for reimbursement of the Department of Defense. Requires that amounts appropriated pursuant to this Act shall be available only for aid in those African countries that have suffered during 1984 and 1985 from exceptional food supply problems due to drought and other calamities. Requires the President to submit to the Congress a final report on this Act by September 30, 1985. Sets forth the information to be included in such report. Title II: Emergency Farm Credit Assistance- Emergency Farm Credit Assistance Act of 1985 - Declares that it is U.S. policy to assist U.S. farm producers in obtaining credit at interest rates conducive to debt servicing and profit making. Directs the Secretary of Agriculture (the Secretary) to take steps to make personnel and other resources available to the Farmers Home Administration (FmHA) to enable the FmHA to process applications from farmers for assistance in a timely manner. Amends the Consolidated Farm and Rural Development Act to direct the Secretary to establish a program to reduce the commercial or cooperative interest rate that a borrower would otherwise be required to pay. Makes lenders agreeing to reduce the interest rate eligible to receive interest reduction payments from the Secretary. Authorizes the Secretary to use the Agricultural Credit Insurance Fund for such interest reduction program. Limits the amount the Secretary may use for interest reduction payments. Makes available a specified amount in FY 1985 for additional loan guarantees under the debt adjustment program for guaranteed operating and farm ownership loans. Directs the Secretary, in implementing such debt adjustment program, to: (1) provide that a cash flow for a borrower's operation that shows that anticipated cash inflows equal anticipated cash outflows will be considered a positive cash flow; and (2) make guarantees available for up to 90 percent of the principal and interest indebtedness on each loan guaranteed under the program. Directs the Secretary to provide, in implementing the program for special set asides of a portion of the indebtedness under certain FmHA farm program loans, that if a farm and home plan for the typical year shows a balance available of 100 percent of the amount needed to pay all the year's debts the borrower will be considered to have a positive cash flow projection. Authorizes individual borrowers to elect to base their applications for assistance on a cash-flow projection of 110 percent. Directs the Federal bank regulatory agencies to ensure that examiners exercise caution and restraint in making adverse classifications with respect to agricultural loans. Requires the examiners to consider not only the current cash-flow of farm borrowers under financial stress but also such factors as loan collateral and ultimate repayment ability. Requires the Chairman of the Board of the Federal Deposit Insurance Corporation, the Comptroller of the Currency and the Chairman of the Federal Reserve Board to report to the Congress on the actions they have taken with respect to their examiners. Requires Federal and State financial regulatory agencies to ensure that examiners refrain from making adverse classifications with respect to agricultural loans that are restructured under the debt adjustment program. Directs the Farm Credit administration to conduct a study regarding the need for establishment of a fund to be used to insure Farm Credit System institutions for any purpose that would assist in stabilizing the financial condition of the Farm Credit System. Requires the Farm Credit Administration to report the results of the study to the Congress. Expresses the sense of the Congress that the Small Business Administration should establish a debt adjustment program comparable to the FmHA's debt adjustment program. Title III: Advance Recourse Loans - Advance Recourse Loan Act of 1985 - Amends the Agricultural Act of 1949 to direct the Secretary to make available advance recourse loans to producers of the commodities of the 1985 crop for which nonrecourse loans are made available under this Act. Requires such loans to be made available to: (1) producers of wheat, feed grains, cotton, and rice who agree to participate in the program on half the farm program yield for the commodity times the farm program acreage intended to be planted in 1985; (2) producers of tobacco and peanuts who are on a farm for which a farm marketing quota or poundage quota has been established on half the farm marketing quota or poundage quota for the commodity; and (3) producers of soybeans, sugar beets, or sugar cane on half the farm yield for the commodity times the farm acreage intended to be planted in 1985. Sets forth administrative provisions governing the advance recourse loans. Limits the total amount of advance recourse loans that may be made available to any person.