INTEREST RATE REDUCTION PROGRAM.

SEC. 5313. INTEREST RATE REDUCTION PROGRAM. Section 351 of the Consolidated Farm and Rural Development Act (7 U.S.C. 1999) is amended— (1) in subsection (a)— (A) by striking “Program.—” and all that follows through “The Secretary” and inserting “Program.—The Secretary”; and (B) by striking paragraph (2); and (2) in subsection (e), by striking paragraph (2) and inserting the following: “(2) Maximum amount of funds.— “(A) In general.—The total amount of funds used by the Secretary to carry out this section for a fiscal year shall not exceed $750,000,000. “(B) Beginning farmers and ranchers.— “(i) In general.—The Secretary shall reserve not less than 15 percent of the funds used by the Secretary under subparagraph (A) to make payments for guaranteed loans made to beginning farmers and ranchers. “(ii) Duration of reservation of funds.—Funds reserved for beginning farmers or ranchers under clause (i) for a fiscal year shall be reserved only until March 1 of the fiscal year.”.