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localId
7344633
label
Signing of S. 532 - Wool Act payments [Signing Statements and Announcements]
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doc
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document
citationUrl
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1
Source metadata
id
7344633
sourceUrl
contentType
document
title
Signing of S. 532 - Wool Act payments [Signing Statements and Announcements]
citationUrl
collections
White House Press Releases (Ford Administration)
Press Releases
subjects
U.S. Senate. (03/04/1789 - )
Legislation
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1
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naId
7344633
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item
productionDates
day
22
logicalDate
1976-06-22
month
6
year
1976
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description
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nara-archive
Single page context
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1
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0
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document
mediaId
e4117f88502f537c
ocrText
Digitized from Box 27 of the White House Press Releases at the Gerald R. Ford Presidential Library
JUNE 22, 1976
Office of the White House Press Secretary
NOTICE TO THE PRESS
The President has signed S. 532 - Wool Act payments -- this bill authorizes
the Secretary of Agriculture to (1) retroactively amend regulations pertaining to
the computation of price support payments under the National Wool Act and
(2) adjust certain wool price support payments for the marketing years 1969
through 1972. Under provisions of the National Wool Act, price support payments
are made to wool producers. The payment rate is the percentage required to
bring the national average price received by wool producers up to the support
price.
The bill will authorize the Secretary of Agirculture to amend retroactively the
regulations pertaining to the price support payments udner the National Wool
Act. Payments will be o mputed on the basis of (1) the net sales proceeds
received or (2) in the case of any producer who failed to realize the amount
provided for in the sales document, the lesser of the following: (a) the net sales
proceeds based on the price the producer would have received had there been
no default of payment, or (b) the fair market value of the wool at the time
of sale. Moreover, the Secretary could reconsider applications filed for
wool price support payments covering the 1969-1972 marketing years and make
payment adjustments: as he determines fair and equitable.
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