Sec. 3. Flexible marketing allotments for sugar repealed
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Part VII of the Agricultural Adjustment Act of 1938 ( 7 U.S.C. 1359aa et seq.) is amended to read as follows: Notwithstanding any other provision of law, at the beginning of the quota year, the Secretary shall establish the tariff-rate quotas for raw cane sugar and refined sugar at no less than the minimum level necessary to comply with obligations under international trade agreements that have been approved by Congress. Subject to subsection (a), the Secretary shall adjust the tariff-rate quotas for raw cane sugar and refined sugar to provide adequate supplies of sugar at reasonable prices in the domestic market. Subject to paragraphs
(1)and (3), the Secretary shall establish and adjust tariff-rate quotas in such a manner that the ratio of sugar stocks to total sugar use at the end of the quota year will be approximately 15.5 percent. The Secretary may establish a different target for the ratio of ending stocks to total use if, in the judgment of the Secretary, the different target is necessary to prevent— unreasonably high prices; or forfeitures of sugar pledged as collateral for a loan under section 156 of the Federal Agriculture Improvement and Reform Act of 1996 ( 7 U.S.C. 7272 ). The Secretary shall publicly announce any establishment of a target under this paragraph. In establishing tariff-rate quotas under subsection
(a)and making adjustments under this subsection, the Secretary shall consider the impact of the quotas on consumers, workers, businesses (including small businesses), and agricultural producers. To promote full use of the tariff-rate quotas for raw cane sugar and refined sugar, notwithstanding any other provision of law, the Secretary shall promulgate regulations that provide that any country that has been allocated a share of the quotas may temporarily transfer all or part of the share to any other country that has also been allocated a share of the quotas. Any transfer under this subsection shall be valid only on voluntary agreement between the transferor and the transferee, consistent with procedures established by the Secretary. Any transfer under this subsection shall be valid only for the duration of the quota year during which the transfer is made. No transfer under this subsection shall affect the share of the quota allocated to the transferor or transferee for the following quota year. .
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