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GAO-08-963R 1 (2008-07-08)

handle is hein.gao/gaobadwtz0001 and id is 1 raw text is: I GA 0 T a m Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-316699 July 8, 2008 The Honorable Tom Harkin 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 Bob Goodlatte Ranking Minority Member Committee on Agriculture House of Representatives Subject: Depaitment ofAgriculture, Commodity Credit Corporation: Cotton World Price Determination 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 Cotton World Price Determination (RIN: 0560-AH78). We received the rule on June 24, 2008. It was published in the Federal Register as a final rule on May 27, 2008. 73 Fed. Reg. 30,274. The final rule revises the Upland Cotton regulations to use the Far East (FE) prices instead of Northern Europe prices in determining the upland cotton adjusted world price (AWP). The change is being made because of changes in the market and in the available price data. The AWP is used to determine repayment rates for marketing assistance loans and to establish loan deficiency payments. Under section 1204 of the Farm Security and Rural Investment Act of 2002 (2002 Farm Bill), (Pub. L. No. 107-171, 7 U.S.C. § 7934), repayment of the loan is allowed at the AWP in lieu of what would otherwise be full repayment of the loan plus interest. Section 1601(c) of the 2002 Farm Bill requires that the regulations be promulgated without regard to the notice and comment provisions of the Administrative Procedure Act. Moreover, section 2702(c) of the 2002 Farm Bill states that the Secretary of Agriculture may use the authority found at 5 U.S.C. § 808(2), which provides for an exemption from the 60-day delay in the effective date of a major rule GAO-08-963R

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