A bill to amend the Emergency Livestock Credit Act of 1974 for the purpose of providing a lower interest rate for recipients of guaranteed loans under that act and for the purpose of providing that such recipients not have to repay any of the principal of such a loan for a period of 3 years.

Lowers the interest rate for recipients of guaranteed loans under the Emergency Livestock Credit Act to 4 percent.

Provides that such recipients shall not have to repay any of the principal of such a loan for a period of three years upon a showing of severe financial hardship if there is reasonable cause to believe the loan will be repaid.