An Act to amend and extend the Emergency Livestock Credit Act of 1974, and for other purposes.
Public Law 94-35 · S. 1236 · 94th Congress · began in the Senate
Signed by Gerald Ford (R) on Jun 16, 1975 · Finance and Financial Sector
Sponsor: Sen. George McGovern (D-SD)
Cosponsors: None
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.
(Senate agreed to conference report)
Directs the extension of financial assistance to bona fide farmers and ranchers who have substantial operations in breeding, raising, fattening, or marketing livestock.
Provides assistance to dairy farmers who suffered losses due to chemically-contaminated feed.
Permits the secondary financing of the guaranteed portions of livestock loans under the Emergency Livestock Credit Act, through the Federal Financing Bank.
Provides that no contract guaranteeing loans by a lender shall require the Secretary of Agriculture to participate in more than 90 percent (currently 80 percent) of any loss sustained thereon.
Permits loans for the period reasonably required by the needs of the borrower, taking into consideration the security he has available, but not exceeding an original term of seven years, renewable for three years.
States that the total principal balance outstanding at any one time on loans guaranteed under this Act for any borrower shall not exceed $350,000.
Allows the Secretary to accept collateral which has depreciated in value owing to temporary economic conditions and which in the opinion of the lender, together with his confidence in the repayment ability of the borrower, is adequate security for the loan.
Sets the amount of loan guarantees which may be outstanding at any one time at $1,500,000,000. Authorizes the Secretary to use the funds from the Agriculture Credit Insurance Fund to purchase the guaranteed portion of any loan made pursuant to this Act and to pay such expenses and fees incident to such purchases.
Terminates the authority to make new guarantees on December 31, 1976.
Requires reports annually to the House Agriculture Committee and the Senate Agriculture and Forestry Committee on the effectiveness of this Act.
Provides that contracts of guarantee under the Consolidated Farm and Rural Development Act shall not require the Secretary to guarantee more than 90 percent of the principal and interest on such loans.
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. 21 actions.
- Jun 16, 1975Became lawBecame law · Signed by President.
- PresidentPresident · Public law 94-35.
- Jun 4, 1975PresidentPresident · Measure presented to President.
- PresidentPresident · Measure enrolled in Senate.
- Jun 3, 1975PresidentPresident · Measure enrolled in House.
- Resolving differencesResolving differences · House agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in House: House agreed to conference report.
- May 22, 1975Resolving differencesResolving differences · Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report agreed to in Senate: Senate agreed to conference report.
- Resolving differencesResolving differences · Conference report filed in House, H. Rept. 94-244.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in House, H. Rept. 94-244.
- May 21, 1975Resolving differencesResolving differences · Conference report filed in Senate, S. Rept. 94-151.
- Resolving differencesResolving differences · Conference report filed: Conference report filed in Senate, S. Rept. 94-151.
- May 20, 1975Resolving differencesResolving differences · Conference scheduled in House.
- May 13, 1975Resolving differencesResolving differences · Conference scheduled in Senate.
- May 6, 1975FloorFloor · Measure passed House, amended, roll call #182 (363-42).House roll call 182
- Apr 7, 1975CommitteeCommittee · Reported by House Agriculture Committee
- Mar 21, 1975CommitteeCommittee · Referred to House Agriculture Committee
- Mar 20, 1975FloorFloor · Measure passed Senate.
- Mar 18, 1975CommitteeCommittee · 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.