Federal Food Reserve Act

[AI summary unavailable — showing source text] Federal Food Reserve Act - Declares the purposes of this Act. Defines the terms used in this Act. Title I; Federal Food Reserve - Directs the Secretary of Agriculture to establish and maintain a Federal food reserve of designated commodities including: wheat, corn, rice, barley, oats, grain sorghum, and edible dry beans. Prescribes the procedures for purchasing such commodities over a sixty-month period and the prices at which they shall be purchased. Empowers the Secretary to proclaim a Federal food reserve purchase allotment whenever he proclaims a food shortage alert with respect to a commodity. States that the commodities shall be stored in geographically dispersed areas of the United States selected by the Secretary after consultation with the Secretary of Defense and the Secretary of Housing and Urban Development. Authorizes the Secretary to sell stocks of any designated commodity at any time the national food supply reserve exceeds the national food supply reserve target level for such commodity. Provides that the Secretary may, at the direction of the President, utilize the stocks for disaster relief and for the needs of the Nation in a food price emergency. Outlines the co…