§4053 — Title 15 Commerce and Trade | U.S. Code

Summary

The Secretary of Agriculture and the Secretary of Energy must send Congress, within 90 days after July 12, 1985, a report on federal programs that trade or swap government-owned commodities for goods made abroad. The report must say what changes in current law are needed so Agriculture, and Energy for petroleum, can run such barter programs. The President may trade government stocks of farm commodities for foreign oil and other vital materials when sales would not happen, and may buy foreign oil or vital materials that U.S. people got by trading U.S. farm goods sold through normal channels. Any acquired oil or materials still follow existing laws on storage, distribution, and use. The President must protect regular export markets and follow U.S. international obligations, including the General Agreement on Tariffs and Trade. The Secretary of Energy must report to Congress on how any government acquisition of oil affects energy security and domestic supplies within 90 days after the acquisition.

Title 15, §4053

Commerce and Trade — Source: USLM XML via OLRC

(a)The Secretary of Agriculture and the Secretary of Energy shall, not later than 90 days after July 12, 1985, submit to the Congress a report on the status of Federal programs relating to the barter or exchange of commodities owned by the Commodity Credit Corporation for materials and products produced in foreign countries. Such report shall include details of any changes necessary in existing law to allow the Department of Agriculture and, in the case of petroleum resources, the Department of Energy, to implement fully any barter program.

(b)The President is authorized—

(1)to barter stocks of agricultural commodities acquired by the Government for petroleum and petroleum products, and for other materials vital to the national interest, which are produced abroad, in situations in which sales would otherwise not occur; and

(2)to purchase petroleum and petroleum products, and other materials vital to the national interest, which are produced abroad and acquired by persons in the United States through barter for agricultural commodities produced in and exported from the United States through normal commercial trade channels.

(c)In the case of any petroleum, petroleum products, or other materials vital to the national interest, which are acquired under subsection (b), nothing in this section shall be construed to render inapplicable the provisions of any law then in effect which apply to the storage, distribution, or use of such petroleum, petroleum products, or other materials vital to the national interest.

(d)The President shall take steps to ensure that, in making any barter described in subsection (a) or (b)(1) or any purchase authorized by subsection (b)(2), existing export markets for agricultural commodities operating on conventional business terms are safeguarded from displacement by the barter described in subsection (a), (b)(1), or (b)(2), as the case may be. In addition, the President shall ensure that any such barter is consistent with the international obligations of the United States, including the General Agreement on Tariffs and Trade.

(e)The Secretary of Energy shall report to the Congress on the effect on energy security and on domestic energy supplies of any action taken under this section which results in the acquisition by the Government of petroleum or petroleum products. Such report shall be submitted to the Congress not later than 90 days after such acquisition.

Editorial Notes

Codification Section was enacted as part of the Export Administration

Amendments

Act of 1985, and not as part of Pub. L. 97–290 which enacted this chapter.

§4053 Barter arrangements

Summary

Title 15, §4053

Notes & Related Subsidiaries

Editorial Notes

Amendments

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