Establishment of commodity trust

To provide for a trust solely to meet emergency humanitarian food needs in developing countries, the Secretary of Agriculture (referred to in this section as the “Secretary”) shall establish and maintain a trust of wheat, rice, corn, or sorghum, any combination of the commodities, or funds for use as described in subsection (c). The trust established under this section shall consist of— funds made available— Subject to subsection (h), commodities of equivalent value to eligible commodities in the trust established under this section may be acquired— through purchases— Any funds used to acquire eligible commodities through purchases from producers or in the market to replenish the trust shall be derived— In this paragraph, the term “emergency” means an urgent situation— in which there is clear evidence that an event or series of events described in clause (ii) has occurred— An event or series of events referred to in clause (i) includes 1 or more of— a human-made emergency resulting in— Any funds or commodities held in the trust may be released to provide food, and cover any associated costs, under title II of the Food for Peace Act (7 U.S.C. 1721 et seq.)— A release under clause (i) shall be carried out in the same manner, and pursuant to the same authority as provided in title II of that Act. The funds and commodities held in the trust shall be made immediately available on a determination by the Administrator that funds available for emergency needs under title II of that Act (7 U.S.C. 1721 et seq.) for a fiscal year are insufficient to meet emergency needs during the fiscal year. Nothing in this paragraph requires a waiver by the Administrator of the Agency for International Development under section 204(a)(3) of the Food for Peace Act (7 U.S.C. 1724(a)(3)) as a condition for a release of funds or commodities under subparagraph (B). Eligible commodities that are released from the trust established under this section may be processed in the United States and shipped to a developing country when conditions in the recipient country require processing. The Secretary may exchange an eligible commodity for another United States commodity of equal value, including powdered milk, pulses, and vegetable oil. To the maximum extent practicable consistent with the fulfillment of the purposes of this section and the effective and efficient administration of this section, the Secretary shall use the usual and customary channels, facilities, arrangements, and practices of trade and commerce to carry out this subsection. The Secretary shall provide for the management of eligible commodities and funds held in the trust in a manner that is consistent with maximizing the value of the trust, as determined by the Secretary. The Secretary shall provide— If any commodity held in the trust is exchanged for funds under subsection (b)(1)(D)(ii), the funds shall be held in the trust until the date on which the funds are released in the case of an emergency under subsection (c). The Secretary may invest funds held in the trust in any short-term obligation of the United States or any other low-risk short-term instrument or security insured by the Federal Government in which a regulated insurance company may invest under the laws of the District of Columbia. Eligible commodities in the trust established under this section shall not be— Subject to the limitations provided in this section, the funds, facilities, and authorities of the Commodity Credit Corporation shall be used by the Secretary in carrying out this section, except that any restriction applicable to the acquisition, storage, or disposition of eligible commodities owned or controlled by the Commodity Credit Corporation shall not apply. The Commodity Credit Corporation shall be reimbursed for the release of eligible commodities from funds made available to carry out the Food for Peace Act (7 U.S.C. 1691 et seq.) and the funds shall be available to replenish the trust under subsection (b). The reimbursement shall be made on the basis of the lesser of— The reimbursement may be made from funds appropriated for subsequent fiscal years. Any determination by the Secretary under this section shall be final. The authority to replenish stocks of eligible commodities to maintain the trust established under this section shall terminate on September 30, 2023. Eligible commodities remaining in the trust after September 30, 2026, shall be disposed of by release for use in providing for emergency humanitarian food needs in developing countries as provided in this section.