Title 22 — Foreign Relations and Intercourse
Chapter 32 — Foreign Assistance
§ 2431e. Reduction of debt owed to United States as result of credits extended under title I of Food for Peace Act
Statutory text
Authority to reduce debt
Authority
Notwithstanding any other provision of law, the President may reduce the amount owed to the United States (or any agency of the United States) that is outstanding as of , as a result of any credits extended under title I of the Food for Peace Act (7 U.S.C. 1701 et seq.) to a country eligible for benefits from the Facility.
Authorization of appropriations
In general
For the cost (as defined in section 661a(5) of title 2) for the reduction of any debt pursuant to this section, there are authorized to be appropriated to the President—
$25,000,000 for fiscal year 1999;
$50,000,000 for fiscal year 2000; and
$50,000,000 for fiscal year 2001.
Limitation
The authority provided by this section shall be available only to the extent that appropriations for the cost (as defined in section 661a(5) of title 2) of the modification of any debt pursuant to this section are made in advance.
Implementation of debt reduction
In general
Any debt reduction pursuant to subsection (a) shall be accomplished at the direction of the Facility by the exchange of a new obligation for obligations of the type referred to in subsection (a) outstanding as of the date specified in subsection (a)(1).
Exchange of obligations
In general
The Facility shall notify the Commodity Credit Corporation of an agreement entered into under paragraph (1) with an eligible country to exchange a new obligation for outstanding obligations.
Additional requirement
At the direction of the Facility, the old obligations that are the subject of the agreement shall be canceled and a new debt obligation shall be established for the country relating to the agreement, and the Commodity Credit Corporation shall make an adjustment in its accounts to reflect the debt reduction.
Additional terms and conditions
The following additional terms and conditions shall apply to the reduction of debt under subsection (a)(1) in the same manner as such terms and conditions apply to the reduction of debt under section 604(a)(1) of the Food for Peace Act [7 U.S.C. 1738c(a)(1)]:
The provisions relating to repayment of principal under section 605 of such Act [7 U.S.C. 1738d].
The provisions relating to interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].
In addition to the application of the provisions relating to repayment of principal under section 605 of the Food for Peace Act [7 U.S.C. 1738d] to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and deposited in the Conservation Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act [7 U.S.C. 1738e].
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 87–195 · 75 Stat. 424
Enacted · 22 U.S.C. § 2431e
Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 888
Source evidence
Code source credit
Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, July 29, 1998, 112 Stat. 888Pub. L. 108–323 § 3(b) · 118 Stat. 1218
Amended · 22 U.S.C. § 2431e(c)
Pub. L. 108–323 designated existing provisions as par. (1)
Redesignated · 22 U.S.C. § 2431e(c)
Pub. L. 108–323 redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1)
Added · 22 U.S.C. § 2431e(c)
Pub. L. 108–323 added par. (2)
Source evidence
Code amendment note
Subsec. (c). Pub. L. 108–323 designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).Enacted provision · exact public law section
(b) Authority Under Title I of the Agricultural Trade Development and Assistance Act of 1954.— Section 807(c) of the Tropical Forest Conservation Act of 1998 (22 U.S.C. 2431e(c)) is amended— (1) in the matter preceding paragraph (1), by striking “The following” and inserting “(1) The following”; (2) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; and (3) by adding at the end the following: “(2) In addition to the application of the provisions relating to repayment of principal under section 605 of the Agricultural Trade Development and Assistance Act of 1954 to the reduction of debt under subsection (a)(1) (in accordance with paragraph (1)(A) of this subsection), repayment of principal on a new obligation established under subsection (b) may be made in the local currency of the beneficiary country and deposited in the Tropical Forest Fund of the country in the same manner as the provisions relating to payment of interest on new obligations under section 606 of such Act.” .Food, Conservation, and Energy Act of 2008
Pub. L. 110–246 title III § 3001(b)(1) · 122 Stat. 1651
Substituted · 22 U.S.C. § 2431e
Pub. L. 110–246 substituted “Food for Peace Act” for “Agricultural Trade Development and Assistance Act of 1954” in section catchline and wherever appearing in subsecs. (a)(1) and (c)
Source evidence
Code amendment note
Pub. L. 110–246 substituted “Food for Peace Act” for “Agricultural Trade Development and Assistance Act of 1954” in section catchline and wherever appearing in subsecs. (a)(1) and (c).Enacted provision · exact public law section
(1) In general.— Each provision of law described in paragraph (2) is amended— (A) by striking “Agricultural Trade Development and Assistance Act of 1954” each place it appears and inserting “Food for Peace Act”; and (B) in each section heading, by striking “agricultural trade development and assistance act of 1954” each place it appears and inserting “food for peace act”.Effective date note
Amendment by Pub. L. 110–246 effective May 22, 2008, see section 4(b) of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.Tropical Forest Conservation Reauthorization Act of 2018
Pub. L. 115–440 § 6 · 132 Stat. 5580
Substituted · 22 U.S.C. § 2431e(a)(1)
Pub. L. 115–440, § 6, substituted “outstanding as of January 14, 2019,” for “outstanding as of January 1, 1998,”
Source evidence
Code amendment note
Subsec. (a)(1). Pub. L. 115–440, § 6, substituted “outstanding as of January 14, 2019,” for “outstanding as of January 1, 1998,”.Enacted provision · exact public law section
SEC. 6. REDUCTION OF DEBT OWED TO THE UNITED STATES AS A RESULT OF CREDITS EXTENDED UNDER TITLE I OF FOOD FOR PEACE ACT. Section 807(a)(1) of the Tropical Forest and Coral Reef Conservation Act of 1998 (22 U.S.C. 2431e(a)(1)), as renamed by section 2(a), is amended by striking “outstanding as of January 1, 1998,” and inserting “outstanding as of the date of the enactment of the Tropical Forest Conservation Reauthorization Act of 2018”.Tropical Forest Conservation Reauthorization Act of 2018
Pub. L. 115–440 § 9(b)(3) · 132 Stat. 5580
Substituted · 22 U.S.C. § 2431e(c)(2)
Pub. L. 115–440, § 9(b)(3), substituted “Conservation Fund” for “Tropical Forest Fund”
Source evidence
Code amendment note
Subsec. (c)(2). Pub. L. 115–440, § 9(b)(3), substituted “Conservation Fund” for “Tropical Forest Fund”.Enacted provision · exact public law section
(3) in section 807(c)(2) (22 U.S.C. 2431e(c)(2)), by striking “Tropical Forest Fund” and inserting “Conservation Fund”.
6 of 7 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
The Food for Peace Act, referred to in subsec. (a)(1), is act July 10, 1954, ch. 469, 68 Stat. 454. Title I of the Act is classified generally to subchapter II (§ 1701 et seq.) of chapter 41 of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 1691 of Title 7 and Tables.
Amendments2004–2019 · 3 rounds
2019
Subsec. (a)(1). Pub. L. 115–440, § 6, substituted “outstanding as of ,” for “outstanding as of ,”.
Subsec. (c)(2). Pub. L. 115–440, § 9(b)(3), substituted “Conservation Fund” for “Tropical Forest Fund”.
2008
Pub. L. 110–246 substituted “Food for Peace Act” for “Agricultural Trade Development and Assistance Act of 1954” in section catchline and wherever appearing in subsecs. (a)(1) and (c).
2004
Subsec. (c). Pub. L. 108–323 designated existing provisions as par. (1), redesignated former pars. (1) and (2) as subpars. (A) and (B), respectively, of par. (1), and added par. (2).
Statutory Notes and Related Subsidiaries
Effective Date of 2008 Amendment
Amendment by Pub. L. 110–246 effective , see section 4(b) of Pub. L. 110–246, set out as an Effective Date note under section 8701 of Title 7, Agriculture.
Executive Documents
Delegation of Functions
For delegation of functions of President under this section, see Ex. Ord. No. 12163, , 44 F.R. 56673, as amended, set out as a note under section 2381 of this title.
For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, , 69 F.R. 41901, set out as a note under section 1738 of Title 7, Agriculture.
Credits
1998–2019 · 4 acts
- 1998Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, , 112 Stat. 888
- 2004amended Pub. L. 108–323, § 3(b), , 118 Stat. 1219
- 2008Pub. L. 110–246, title III, § 3001(b)(1), (2)(Q), , 122 Stat. 1820
- 2019Pub. L. 115–440, §§ 6, 9(b)(3), , 132 Stat. 5582, 5584.
Show as published
(Pub. L. 87–195, pt. V, § 807, as added Pub. L. 105–214, § 1, , 112 Stat. 888; amended Pub. L. 108–323, § 3(b), , 118 Stat. 1219; Pub. L. 110–246, title III, § 3001(b)(1), (2)(Q), , 122 Stat. 1820; Pub. L. 115–440, §§ 6, 9(b)(3), , 132 Stat. 5582, 5584.)