§ 1141. — Declaration of policy; effective merchandising of agricultural commodities; speculation; cooperative marketing; surpluses; administration of chapter.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1141]
TITLE 12--BANKS AND BANKING
CHAPTER 7A--AGRICULTURAL MARKETING
Sec. 1141. Declaration of policy; effective merchandising of
agricultural commodities; speculation; cooperative marketing;
surpluses; administration of chapter
(a) It is declared to be the policy of Congress to promote the
effective merchandising of agricultural commodities in interstate and
foreign commerce so that the industry of agriculture will be placed on a
basis of economic equality with other industries, and to that end to
protect, control, and stabilize the currents of interstate and foreign
commerce in the marketing of agricultural commodities and their food
products--
(1) by minimizing speculation.
(2) by preventing inefficient and wasteful methods of
distribution.
(3) by encouraging the organization of producers into effective
associations or corporations under their own control for greater
unity of effort in marketing and by promoting the establishment and
financing of a farm marketing system of producer-owned and producer-
controlled cooperative associations and other agencies.
(4) by aiding in preventing and controlling surpluses in any
agricultural commodity, through orderly production and distribution,
so as to maintain advantageous domestic markets and prevent such
surpluses from causing undue and excessive fluctuations or
depressions in prices for the commodity.
(b) There shall be considered as a surplus for the purposes of this
chapter any seasonal or year's total surplus, produced in the United
States and either local or national in extent, that is in excess of the
requirements for the orderly distribution of the agricultural commodity
or is in excess of the domestic requirements for such commodity.
(c) The Farm Credit Administration shall execute the powers vested
in it by this chapter only in such manner as will, in the judgment of
the administration, aid to the fullest practicable extent in carrying
out the policy above declared.
(June 15, 1929, ch. 24, Sec. 1, 46 Stat. 11; Ex. Ord. No. 6084, Mar. 27,
1933.)
Codification
Section was formerly classified to section 521 of Title 7,
Agriculture.
Change of Name
``Farm Credit Administration'' and ``administration'' substituted in
text for ``Federal Farm Loan Board'' and ``board'', respectively,
pursuant to Ex. Ord. No. 6084, set out preceding section 2241 of this
title.
Short Title
For short title of this chapter as the Agricultural Marketing Act,
see section 1141j(f) of this title.
Transfer of Functions
Establishment of Farm Credit Administration as an independent
agency, composition of Farm Credit Administration, appointment of
Governor of Farm Credit Administration and duties thereof, including
duty to perform functions, etc., of Farm Credit Administration, see
section 2241 et seq. of this title.
Exceptions From Transfer of Functions
Functions of Farm Credit Administration or any agency, officer, or
entity of, under, or subject to supervision of said Administration
excepted from functions of officers, agencies, and employees transferred
to Secretary of Agriculture by Reorg. Plan No. 2 of 1953, Sec. 1, eff.
June 4, 1953, 18 F.R. 3219, 67 Stat. 633, set out in the Appendix to
Title 5, Government Organization and Employees.
Section Referred to in Other Sections
This section is referred to in sections 1141b, 1141e of this title.