Food Bank Act

[AI summary unavailable — showing source text] Food Bank Act - Directs the Secretary of Agriculture to establish a separate reserve of inventories of corn, grain sorghum, barley, and oats, wheat, and soybeans. Declares that such reserve inventories shall include not more than the following quantities: (1) three hundred million bushels of wheat, (2) twenty-five million tons of feed grains, (of which not less than 80 percent shall be in corn) and (3) one hundred million bushels of soybeans. Provides for the maximum price the Secretary shall pay for the commodities and the net additional quantity procured under this Act. Prescribes the priorities by which the acquisition shall be made to increase the reserve of stocks or to rotate the stocks of any commodity. Specifies the circumstances under which the Secretary is also authorized to dispose of commodities in such reserve, including: (1) for use in relieving distress in any State, declared by the President to be an acute distress area because of unemployment or other economic cause, and in connection with any major disaster; (2) for use in connection with a state of civil defense emergency; (3) for use in the preservation and maintenance of foundation herds of cattle, sheep, and g…