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LegalText 7 U.S.C. § 1738c Reduction of certain debt us united_states_code code_section 7 AGRICULTURE 41 FOOD FOR PEACE 1738c 7 U.S.C. § 1738c current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc07@119-100.zip /us/usc/t7/s1738c data/legal/raw/us/code/title-07/usc07.xml 80d55a082cdb712354e19e5314b732a52dda90d0b262872e91da876261986768 50edab1679a711653797362c0aeb8f2273303fe473fb7fa16df1ee76bdd6e984 3a12ac206b46e8715132560f8f6acb072c51985e615f4271d5a1050a32a3b7d3 2026-07-04 official
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7 U.S.C. § 1738c - Reduction of certain debt

Text

(a) Authority to reduce debt (1) In general Notwithstanding any other provision of law, the President may reduce the amount owed to the United States or any agency of the United States, and outstanding as of January 1, 1990, as a result of any credits extended under subchapter II to a country eligible for benefits from the Facility.

(2) Availability of appropriations The authorities under this section may be exercised only to the extent provided for in advance in appropriation Acts.

(b) Limitation A debt reduction authorized under subsection (a) shall be accomplished, at the direction of the Facility, through the exchange of a new obligation under this subchapter for obligations of the type referred to in subsection (a) outstanding as of January 1, 1990.

(c) Exchange of obligations The Facility shall notify the Commodity Credit Corporation of an agreement entered into under subsection (b) with an eligible country to exchange a new obligation for outstanding obligations. At the direction of the Facility, the old obligations that are the subject of the agreement may be canceled and a new debt obligation may be established for the country relating to the agreement. The Commodity Credit Corporation shall make an adjustment in its accounts to reflect a debt reduction under this section.

(July 10, 1954, ch. 469, title VI, § 604, as added Pub. L. 101624, title XV, § 1512, Nov. 28, 1990, 104 Stat. 3658; amended Pub. L. 102237, title III, § 303, Dec. 13, 1991, 105 Stat. 1855.)

Notes

Editorial Notes

Amendments1991—Subsec. (a)(2). Pub. L. 102237 substituted “Availability” for “Avali­ability” in heading.

Executive Documents

Delegation of Functions For delegation of functions of President under subsec. (a) of this section, see section 1 of Ex. Ord. No. 13345, July 8, 2004, 69 F.R. 41901, set out as a note under section 1738 of this title.