§ 7331. Options pilot program

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.

1. 1996

   Agricultural Market Transition Act

   Pub. L. 104–127 title I § 191 · 110 Stat. 888

   Enacted · 7 U.S.C. § 7331

   Pub. L. 104–127, title I, § 191, Apr. 4, 1996, 110 Stat. 941

   Source evidence

   Code source credit
   Pub. L. 104–127, title I, § 191, Apr. 4, 1996, 110 Stat. 941

   Enacted provision · exact public law section
   SEC. 191. OPTIONS PILOT PROGRAM. (a) Pilot Programs Authorized.— Until December 31, 2002, the Secretary of Agriculture may conduct a pilot program for 1 or more agricultural commodities supported under this title to ascertain whether futures and options contracts can provide producers with reasonable protection from the financial risks of fluctuations in price, yield, and income inherent in the production and marketing of the commodities. The pilot program shall be an alternative to other related programs of the Department of Agriculture. (b) Distribution of Pilot Program.— For each agricultural commodity included in the pilot program, the Secretary may operate the pilot program in not more than 100 counties, except that not more than 6 of the counties may be located in any 1 State. The pilot program for a commodity shall not be operated in any county for more than 3 of the 1996 through 2002 calendar years. (c) Eligible Participants.— In operating the pilot program, the Secretary may enter into contract with a producer who— (1) is eligible for a production flexibility contract, a marketing assistance loan, or other assistance under this title; (2) volunteers to participate in the pilot program; (3) operates a farm located in a county selected for the pilot program; and (4) meets such other eligibility requirements as the Secretary may establish. (d) Notice to Producers.— The Secretary shall provide notice to each producer participating in the pilot program that— (1) the participation of the producer is voluntary; and (2) neither the United States, the Commodity Credit Corporation, the Federal Crop Insurance Corporation, the Department of Agriculture, nor any other Federal agency is authorized to guarantee that participants in the pilot program will be better or worse off financially as a result of participation in the pilot program than the producer would have been if the producer had not participated in the pilot program. (e) Contracts.— The Secretary shall set forth in each contract under the pilot program the terms and conditions for participation in the pilot program and the notice required by subsection (d). (f) Eligible Markets.— Trades for futures and options contracts under the pilot program shall be carried out on commodity futures and options markets designated as contract markets under the Commodity Exchange Act (7 U.S.C. 1 et seq.). (g) Recordkeeping.— A producer participating in the pilot program shall compile, maintain, and submit (or authorize the compilation, maintenance, and submission) of such documentation as the regulations governing the pilot program require. (h) Use of Commodity Credit Corporation.— The Secretary shall fund and operate the pilot program through the Commodity Credit Corporation. To the maximum extent practicable, the Secretary shall operate the pilot program in a budget neutral manner. (i) Conforming Repeal.— The Options Pilot Program Act of 1990 (subtitle E of title XI of Public Law 101–624; 7 U.S.C. 1421 note) is repealed.

2. 2000

   Agricultural Risk Protection Act of 2000

   Pub. L. 106–224 § 134(1) · 114 Stat. 358

   Substituted · 7 U.S.C. § 7331(b)

   Pub. L. 106–224, § 134(1), substituted “300 counties, except that not more than 25” for “100 counties, except that not more than 6” in first sentence

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 106–224, § 134(1), substituted “300 counties, except that not more than 25” for “100 counties, except that not more than 6” in first sentence.

   Enacted provision · exact public law section
   (1) in the first sentence of subsection (b), by striking “100 counties, except that not more than 6” and inserting “300 counties, except that not more than 25”;

   Effective date note
   Amendment by Pub. L. 106–224 effective Oct. 1, 2000, see section 171(b)(1)(A) of Pub. L. 106–224, set out as a note under section 1501 of this title.

3. 2000

   Agricultural Risk Protection Act of 2000

   Pub. L. 106–224 § 134(2) · 114 Stat. 358

   Inserted · 7 U.S.C. § 7331(c)(2)

   Pub. L. 106–224, § 134(2), inserted before semicolon at end “during any calendar year in which a county in which the farm of the producer is located is included in the pilot program”

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 106–224, § 134(2), inserted before semicolon at end “during any calendar year in which a county in which the farm of the producer is located is included in the pilot program”.

   Enacted provision · exact public law section
   (2) in subsection (c)(2), by inserting before the semicolon the following: “during any calendar year in which a county in which the farm of the producer is located is included in the pilot program”; and

   Effective date note
   Amendment by Pub. L. 106–224 effective Oct. 1, 2000, see section 171(b)(1)(A) of Pub. L. 106–224, set out as a note under section 1501 of this title.

4. 2000

   Agricultural Risk Protection Act of 2000

   Pub. L. 106–224 § 134(3) · 114 Stat. 358

   Inserted · 7 U.S.C. § 7331(h)

   Pub. L. 106–224, § 134(3), inserted before period at end of first sentence “, except that the amount of Commodity Credit Corporation funds used to carry out this section shall not exceed, to the maximum extent practicable, $9,000,000 for fiscal year 2001, $15,000,000 for fiscal year 2002, and $2,000,000 for fiscal year 2003”

   Source evidence

   Code amendment note
   Subsec. (h). Pub. L. 106–224, § 134(3), inserted before period at end of first sentence “, except that the amount of Commodity Credit Corporation funds used to carry out this section shall not exceed, to the maximum extent practicable, $9,000,000 for fiscal year 2001, $15,000,000 for fiscal year 2002, and $2,000,000 for fiscal year 2003”.

   Enacted provision · exact public law section
   (3) in the first sentence of subsection (h), by inserting before the period at the end the following: “, except that the amount of Commodity Credit Corporation funds used to carry out this section shall not exceed, to the maximum extent practicable, $9,000,000 for fiscal year 2001, $15,000,000 for fiscal year 2002, and $2,000,000 for fiscal year 2003”.

   Effective date note
   Amendment by Pub. L. 106–224 effective Oct. 1, 2000, see section 171(b)(1)(A) of Pub. L. 106–224, set out as a note under section 1501 of this title.

4 of 4 references resolved to an enrolled provision