A bill to amend the Agricultural Trade Development and Assistance Act of 1954.

Redefines the purposes of the Food for Peace Program established by the Agricultural Trade Development and Assistance Act to require that agricultural assistance under such program, if used to promote the foreign policy of the United States, not interfere with the humanitarian purposes of the program.

Prohibits the Commodity Credit Corporation from financing the sale and export of agricultural commodities for any exporter or to any country if the sale and export of such commodities would, in any way, be inimical to the interests of the United States.

Requires the President to take precautions to avoid disrupting the agricultural production of countries receiving assistance under such Act. Requires the President to assure that free and open competition is maintained in contracting for goods and services under such Act.

Increases from 5 percent to 10 percent the amount of the purchase price of agricultural commodities sold under such Act which must be payable in dollars.

Directs the President to obtain commitments from countries purchasing commodities that appropriate steps will be taken to assure that the neediest individuals in such countries will have reasonable access to all or part of the agricultural commodities made available to such countries under such Act.

Repeals the authority of the President to utilize foreign currencies acquired through the sale of commodities under such Act to procure equipment and services for the common defense including internal security.

Repeals the present requirement that countries be engaged in self-help measures designed to increase agricultural production before they can receive assistance under the Food for Peace Program.

States that the criteria for designating a country for an agricultural assistance program under such Act shall be determined solely on the basis of specified factors, including: (1) the humanitarian need for external resources to improve the marketing, distribution, and storage system of such country and the need to increase the access of the neediest individuals of such country to available food supplies and to increase the productivity of the small farmer of such country; and (2) the overall level of the economic development of each country.

Requires the Secretary of Agriculture, not later than March 31, 1976, to announce an annual volume of food commodities to be made available for humanitarian food assistance under such Act for each of the five fiscal years following the fiscal year in which the announcement is made. Stipulates that the volume for each such fiscal year shall be not less than 60 percent of the average annual volume of food assistance made available under such Act for the previous five years.

Prohibits a commodity from being made available under the Food for Peace Program if such disposition would reduce the domestic supply of such commodity below that needed to meet domestic requirements, adequate carryover, and anticipated exports for dollars as determined by tthe Secretary of Agriculture at the time of exportation of such commodity, except that if the President determines that any part of the exportable supply should be used to carry out the humanitarian objectives of such program, he may allocate any such portion of such supply for distribution.

Requires the Secretary of Agriculture to submit annual reports to the Congress on estimated grain shortages around the world and a projection of the value and type of commodities to be provided under the Food for Peace Program in order to meet such shortages.

Establishes a Food Assistance Advisory Group.

Adds a new title to the Agricultural Trade Development and Assistance Act. Establishes under this title a Foreign Emergency and Disaster Relief Reserve to be composed of at least one million metric tons of cereals equivalent. Directs that dispersal of stocks from such reserve shall be made only when the Secretary of Agriculture determines that a catastrophe reduces the availability of food supplies in a country to a level insufficient to meet the minimal requirements necessary to avoid widespread starvation and human suffering.