BILL EMERSON HUMANITARIAN TRUST.

SEC. 3201. BILL EMERSON HUMANITARIAN TRUST. Section 302 of the Bill Emerson Humanitarian Trust Act (7 U.S.C. 1736f–1) is amended—(1) in subsection (a)—(A) by striking “establish a trust stock” and inserting “establish and maintain a trust”; and(B) by striking “or any combination of the commodities, totaling not more than 4,000,000 metric tons” and inserting “any combination of the commodities, or funds”;(2) in subsection (b)—(A) in paragraph (1), by striking subparagraph (D) and inserting the following:“(D) funds made available—“(i) under paragraph (2)(B);“(ii) as a result of an exchange of any commodity held in the trust for an equivalent amount of funds from the market, if the Secretary determines that such a sale of the commodity on the market will not unduly disrupt domestic markets; or“(iii) to maximize the value of the trust, in accordance with subsection (d)(3).”; and(B) in paragraph (2)(B)—(i) in clause (i)—(I) by striking “2007” each place it appears and inserting “2012”;(II) by striking “(c)(2)” and inserting “(c)(1)”; and(III) by striking “and” at the end;(ii) in clause (ii), by striking the period at the end and inserting “; or”; and(iii) by adding at the end the following:“(iii) from funds accrued through the management of the trust under subsection (d).”;(3) in subsection (c)—(A) by striking paragraphs (1) and (2) and inserting the following:“(1) Releases for emergency assistance.—“(A) Definition of emergency.—“(i) In general.—In this paragraph, the term ‘emergency’ means an urgent situation—“(I) in which there is clear evidence that an event or series of events described in clause (ii) has occurred—“(aa) that causes human suffering; and“(bb) for which a government concerned has not chosen, or has not the means, to remedy; or“(II) created by a demonstrably abnormal event or series of events that produces dislocation in the lives of residents of a country or region of a country on an exceptional scale.“(ii) Event or series of events.—An event or series of events referred to in clause (i) includes 1 or more of—122 STAT. 1835“(I) a sudden calamity, such as an earthquake, flood, locust infestation, or similar unforeseen disaster;“(II) a human-made emergency resulting in—“(aa) a significant influx of refugees;“(bb) the internal displacement of populations; or“(cc) the suffering of otherwise affected populations;“(III) food scarcity conditions caused by slow-onset events, such as drought, crop failure, pest infestation, and disease, that result in an erosion of the ability of communities and vulnerable populations to meet food needs; and“(IV) severe food access or availability conditions resulting from sudden economic shocks, market failure, or economic collapse, that result in an erosion of the ability of communities and vulnerable populations to meet food needs.“(B) Releases.—“(i) In general.—Any funds or commodities held in the trust may be released to provide food, and cover any associated costs, under title II of the Food for Peace Act (7 U.S.C. 1721 et seq.)—“(I) to assist in averting an emergency, including during the period immediately preceding the emergency;“(II) to respond to an emergency; or“(III) for recovery and rehabilitation after an emergency.“(ii) Procedure.—A release under clause (i) shall be carried out in the same manner, and pursuant to the same authority as provided in title II of that Act.“(C) Insufficiency of other funds.—The funds and commodities held in the trust shall be made immediately available on a determination by the Administrator that funds available for emergency needs under title II of that Act (7 U.S.C. 1721 et seq.) for a fiscal year are insufficient to meet emergency needs during the fiscal year.“(D) Waiver relating to minimum tonnage requirements.—Nothing in this paragraph requires a waiver by the Administrator of the Agency for International Development under section 204(a)(3) of the Food for Peace Act (7 U.S.C. 1724(a)(3)) as a condition for a release of funds or commodities under subparagraph (B).”; and(B) by redesignating paragraphs (3) through (5) as paragraphs (2) through (4), respectively;(4) in subsection (d)—(A) by redesignating paragraphs (1) through (3) as subparagraphs (A) through (C), respectively, and indenting the subparagraphs appropriately;(B) by striking the subsection designation and heading and all that follows through “provide—” and inserting the following:“(d) Management of Trust.—122 STAT. 1836“(1) In general.—The Secretary shall provide for the management of eligible commodities and funds held in the trust in a manner that is consistent with maximizing the value of the trust, as determined by the Secretary.“(2) Eligible commodities.—The Secretary shall provide—”;(C) in paragraph (2) (as redesignated by subparagraph (B))—(i) in subparagraph (B) (as redesignated by subparagraph (A)), by striking “and” at the end; and(ii) in subparagraph (C) (as redesignated by subparagraph (A)), by striking the period at the end and inserting “; and”; and(D) by adding at the end the following:“(3) Funds.—“(A) Exchanges.—If any commodity held in the trust is exchanged for funds under subsection (b)(1)(D)(ii), the funds shall be held in the trust until the date on which the funds are released in the case of an emergency under subsection (c).“(B) Investment.—The Secretary may invest funds held in the trust in any short-term obligation of the United States or any other low-risk short-term instrument or security insured by the Federal Government in which a regulated insurance company may invest under the laws of the District of Columbia.”; and(5) in subsection (h), in each of paragraphs (1) and (2), by striking “2007” each place it appears and inserting “2012”.