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GAO-10-169R 1 (2009-10-28)

handle is hein.gao/gaobadwyr0001 and id is 1 raw text is: i T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-318838 October 28, 2009 The Honorable Blanche Lincoln Chairman The Honorable Saxby Chambliss Ranking Minority Member Committee on Agriculture, Nutrition, and Forestry United States Senate The Honorable Collin C. Peterson Chairman The Honorable Frank D. Lucas Ranking Minority Member Committee on Agriculture House of Representatives Subject: Department ofAgriculture, Commodity Credit Coiporation: Farm Storage Facility Loan and Sugar Storage Facility Loan Programs Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Agriculture, Commodity Credit Corporation (CCC), entitled Farm Storage Facility Loan and Sugar Storage Facility Loan Programs (RIN: 0560-AH60). We received the rule on October 15, 2009. It was published in the Federal Register as a final rule on August 18, 2009. 74 Fed. Reg. 41,581. The final rule amends the regulations governing the Farm Storage Facility Loan (FSFL) and Sugar Storage Facility Loan (SSFL) programs. The final rule implements changes from the 2008 Farm Bill and adds hay and renewable biomass as eligible FSFL commodities, extends the maximum loan term to 12 years, and increases the maximum loan amount to $500,000. The final rule also adds fruits and vegetables (including nuts) as eligible facility loan commodities and adds cold storage facilities as eligible facilities. The final rule also clarifies requirements for loan security and allows for a partial loan disbursement during construction if certain conditions are met. The Congressional Review Act requires major rules to have a 60-day delay in their effective date following their publication in the Federal Register or receipt by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). However, notwithstanding the GAO-10-169R

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