Emergency Livestock Credit Act of 1974
Public Law 93-357 · S. 3679 · 93rd Congress · began in the Senate
Signed by Richard Nixon (R) on Jul 25, 1974 · Agriculture and Food
Sponsor: Sen. George McGovern (D-SD)
Cosponsors (18): Sen. Herman Talmadge, Sen. James Allen,
Passage votes
- HouseMethod not stated
- SenateMethod not stated
Data notes
The final version of the law, as each chamber passed it. A chamber that passed it by voice vote or unanimous consent has no count. “Method not stated” means the record does not say how the chamber voted. Where the record has a member-by-member vote, the “Who voted for it” section shows who voted yea.
Summary
The Congressional Research Service’s plain-language summary of what the law does.
Emergency Livestock Credit Act - Authorizes the Secretary of Agriculture to establish a guaranteed loan program for bona fide farmers and ranchers, including operators of feedlots, who are directly engaged in agricultural production for the purpose of breeding, raising, fattening, or marketing livestock (meaning beef cattle, dairy cattle, swine, sheep, goats, chickens, turkeys, and the products thereof.
States that no contract guaranteeing any such loan by an approved lender shall require the Secretary to participate in more than 80 percent of any loss sustained thereon.
Provides that loans guaranteed under this Act shall bear interest at a rate to be agreed upon by the lender and borrower.
Sets forth conditions for such loan guarantees, including that: (1) the loan applicant is primarily engaged in agricultural production, and the financing to be furnished the farmer or rancher is to be used for purposes related to the breeding, raising, fattening, or marketing of livestock or livestock products; (2) the total loans guaranteed under this Act for any farmer or rancher shall not exceed $350,000; and (3) in the case of any loan to refinance the livestock operations of a farmer or rancher, the loan and refinancing are absolutely essential in order for the farmer or rancher to remain in business.
Limits such loan guarantees outstanding under this Act to a maximum of $2,000,000,000 at any one time.
Terminates the authority to make new guarantees under this Act one year from the date of enactment, except that the Secretary of Agriculture may extend such authority for a period not to exceed six months.
Committees
The committees the bill was sent to, and what each did with it.
Data notes
A committee links to its page only where it exists in the current Congress; older and renamed committees are named without a link.
Timeline
From introduction to signing, newest first: the committees, the floor and the president. 9 actions.
- Jul 25, 1974Became lawBecame law · Signed by President.
- PresidentPresident · Public law 93-357.
- Jul 18, 1974PresidentPresident · Measure presented to President.
- Jul 17, 1974Resolving differencesResolving differences · Senate agreed to House amendments.
- Jul 16, 1974FloorFloor · Measure passed House, amended, in lieu of H.R. 15560.
- Jun 25, 1974CommitteeCommittee · Referred to House Agriculture Committee
- Jun 24, 1974FloorFloor · Measure passed Senate, amended, roll call #273 (82-9).Senate roll call 273
- Jun 20, 1974CommitteeCommittee · Reported by Senate Agriculture, Nutrition, and Forestry Committee
- IntroducedIntroduced · Introduced in the Senate
Data notes
Shows the introduction, each committee and subcommittee step the source dates (referral, hearings, markup, report, discharge), and the floor, conference, presidential and became-law steps. Calendar placements, messages between the chambers, amendments and committee report numbers are not shown for laws before the 108th Congress. Two entries the source lists twice are shown once.
Official record
The bill’s full text and every action, including introduction and committee steps, are on Congress.gov. Data through Oct 7, 2026.