A bill to amend the emergency loan program under the Consolidated Farm and Rural Development Act, and for other purposes.

Repeals the legislation establishing an emergency agricultural and rural loan program under the Consolidated Farm and Rural Development Act, for disasters occurring after June 30, 1971, and before June 1, 1973.

Requires the Secretary of Agriculture to make loans in any area designated by him or by the President as a major disaster area: (1) to qualifying farmers, ranchers, or oyster planters who are citizens of the United States; and (2) to eligible private domestic corporations or partnerships engaged primarily in farming, ranching, or oyster planting.

Establishes a 1 percent interest rate on emergency agricultural loans.

Increases to $500,000,000 the limitation on loans made from the Agricultural Credit Insurance Fund.