Food for Peace Reauthorization Act of 1995

Food for Peace Reauthorization Act of 1995 - Amends the Agricultural Trade Development and Assistance Act of 1954 (the Act) to express the sense of the Congress that: (1) the United States should maintain its role of world leadership in promoting food security and economic development in developing countries; and (2) the President should encourage other advanced nations to consider appropriate levels of food assistance to meet the needs of such countries.

(Sec. 3) Amends the Act to authorize private entities (currently, only developing countries) to receive agricultural commodities under credit terms through a Federal program established by the President.

(Sec. 4) Amends the Act to provide that trade and development assistance agreements entered into with private entities shall require such security to provide reasonable and adequate assurance of repayment of the credit financing so extended. States that a developing country with an agricultural market development plan shall be considered to have the potential to become a commercial market for competitively priced U.S. agricultural commodities. States that not more than 50 percent of the agricultural commodities sold under the Act during a fiscal year shall be granted priority because such deeming rule applies. Outlines requirements that must be contained within such a plan in order to be approved by the Secretary of Agriculture.

(Sec. 5) Revises provisions with respect to agricultural commodity sales terms and conditions to: (1) remove the requirement that payments be made annually for a minimum of ten years (while retaining the 30 year maximum); and (2) limit the authorized period for deferral of such payments to five (currently, seven) years.

(Sec. 7) Authorizes private entities and intergovernmental organizations (currently, only private voluntary organizations or cooperatives) to assist in establishing and administering agricultural trade and development assistance under the Act. Increases the general funding for such support program. Authorizes all such entities to carry out a program: (1) in a foreign country in which the Agency for International Development does not have a mission or office; or (2) that is not part of the developmental strategy prepared by such Agency for the country in which the program is carried out.

(Sec. 10) Increases the minimum level of local sales authorized under the assistance program to 15 (currently ten) percent of the aggregate amount of all commodities distributed under non-emergency programs under the Act.

(Sec. 11) Extends through FY 2002 the minimum authorized levels of agricultural commodities assistance under the Act. Requires at least 50 percent of the value added commodities shipped out under the Act that are whole grain commodities to be bagged in the United States.

(Sec. 13) Revises the membership of the Food Aid Consultative Group. Extends the authorized existence of the Group through December 31, 2002.

(Sec. 15) Prohibits any agricultural commodity from being available for disposition under the Act if such disposition would reduce the supply of such commodity below that needed to meet domestic requirements and provide adequate carryover, unless the Secretary determines that some part of the supply should be used to carry out urgent humanitarian purposes.

(Sec. 19) Extends through FY 2002 the authorized period for agreements entered into by the Commodity Credit Corporation for agricultural commodity assistance under the Act. Repeals provisions requiring an independent biennial evaluation of programs provided through the Corporation.

(Sec. 21) Allows the use of local currencies to meet costs under the farmer-to-farmer program.

(Sec. 22) Extends through FY 2002: (1) the farmer-to-farmer program (with an increased level of funding); and (2) the Food for Progress program under the Food Security Act of 1985.

(Sec. 24) Redesignates the Food Security Wheat Reserve Act of 1980 as the Food Security Commodity Reserve Act of 1995. Directs the Secretary to establish a reserve stock of wheat, rice, corn, or sorghum, or combination thereof, of no more than 4 million metric tons under the food security commodity reserve program (formerly the food security wheat reserve program). Revises provisions concerning such program with respect to: (1) reserve replenishment; (2) the release of eligible agricultural commodities to meet emergency assistance requirements; (3) the exchange of eligible commodities; (4) the treatment of commodity transportation and handling costs; (5) management of the reserve by the Secretary; (6) the treatment of the reserve under other laws; and (7) the reimbursement of the Corporation for expenses incurred in the release of eligible commodities. Extends the program through FY 2002.