Sec. 3008. IMPACT ON LOCAL FARMERS AND ECONOMY AND REPORT ON USE OF FUNDS
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## SEC. 3008 IMPACT ON LOCAL FARMERS AND ECONOMY AND REPORT ON USE OF FUNDS ###
(a)Impact on Local Farmers and Economy Section 403(b) of the Food for Peace Act (7 U.S.C. 1733(b)) is amended by adding at the end the following new sentence: “The Secretary or the Administrator, as appropriate, shall seek information, as part of the regular proposal and submission process, from implementing agencies on the potential costs and benefits to the local economy of sales of agricultural commodities within the recipient country.”. ###
(b)Report on Use of Funds Section 403 of the Food for Peace Act (7 U.S.C. 1733) is amended by adding at the end the following new subsection: > > ### “(m) Report on Use of Funds > > > #### “(1) Report required > > Not later than 180 days after the date of the enactment of the Agricultural Act of 2014, and annually thereafter, the Administrator shall submit to Congress a report that— > > > ##### “(A) > > specifies the amount of funds (including funds for administrative costs, indirect cost recovery, internal transportation, storage, and handling, and associated distribution costs) provided to each eligible organization that received assistance under this Act in the previous fiscal year; > > > ##### “(B) > > describes how those funds were used by the eligible organization; > > > ##### “(C) > > describes the actual rate of return for each commodity made available under this Act, including— > > > ###### “(i) > > factors that influenced the rate of return; and > > > ###### “(ii) > > for the commodity, the costs of bagging or further processing, ocean transportation, inland transportation in the recipient country, storage costs, and any other information that the Administrator determines to be necessary; and > > > ##### “(D) > > for each instance in which a commodity was made available under this Act at a rate of return less than 70 percent, describes the reasons for the rate of return realized. > > > #### “(2) Rate of return described > > For purposes of applying paragraph (1)(C), the rate of return for a commodity shall be equal to the proportion that— > > > ##### “(A) > > the proceeds the implementing partners generate through monetization; bears to > > > ##### “(B) > > the cost to the Federal Government to procure and ship the commodity to a recipient country for monetization.” > .
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Sec. 3008
IMPACT ON LOCAL FARMERS AND ECONOMY AND REPORT ON USE OF FUNDS
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