Regulations Governing the Financing of Commercial Sales of Agricultural Commodities

This rule amends regulations applicable to the financing of the sale and exportation of agricultural commodities pursuant to title I of the Agricultural Trade Development and Assistance Act of 1954, as amended (``Pub. L. 480''). The amendment simplifies the purchasing procedures and shortens the regulations. The purpose of these changes is to keep the costs of the Pub. L. 480, title I program as low as possible, to reflect the provisions of the Federal Agricultural Improvement and Reform Act of 1996, and to reduce the public reporting burden. Executive Order 12752 of February 25, 1991, establishes a program under title I of Pub. L. 480 to be implemented by the Secretary of Agriculture. In accordance with section 406(c) of Pub. L. 480, the funds, facilities, and authorities of the Commodity Credit Corporation are used to carry out this program.