House Committee Releases Draft Farm Bill
House Agriculture Committee Chairman Frank Lucas (R-Okla.) and Ranking Member Collin Peterson (D-Minn.) released a discussion draft of the Federal Agriculture Reform and Risk Management Act (FARRM) on July 5.
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Trade provisions of the bill include:
- Foreign Market Development Program (FMD)
- The reauthorized FMD program partially reimburses participants for approved overseas trade promotion activities which address long-term foreign market import constraints, and identifying new markets or uses for U.S. commodities. Preference is given to nonprofit U.S. agricultural and trade groups that represent an entire industry.
- Technical Assistance for Specialty Crops (TASC)
- Specialty crop exports face a variety of non-tariff trade barriers which can close access to key markets without notice. The TASC program is reauthorized, and additional authority is provided to ensure that USDA can respond to technical barriers to trade with resources made available through the program.
- Export Credits (GSM-102)
- The GSM-102 program is reauthorized and preserves USDA’s authority to adjust the length of tenor and the fees required to cover the costs of the program. Export guarantees made available under GSM-102 assist in financing exports of U.S. agricultural commodities in markets where credit might not otherwise be available.
- Additional Provisions
- Authority is extended for the Emerging Markets Program (EMP) which promotes U.S. exports established in emerging markets and is limited to generic rather than branded products.