A bill to extend the Emergency Livestock Credit Act of 1974.

(Reported to Senate from the Committee on Agriculture and Forestry with amendment, S. Rept. 94-1267)

Amends the Emergency Livestock Credit Act to extend the authority of the Secretary of Agriculture to guarantee loans under such Act until September 30, 1978.

Directs the Secretary to encourage, in such manner as he deems appropriate, lenders of loans guaranteed under such Act to modify the repayment schedules on such loans to allow up to two-year grace periods on principal repayment for borrowers whose livestock operations are in areas designated as major disasters or emergencies during 1976 or 1977.

Authorizes the Secretary with respect to loans made by him under the authority of the Consolidated Farm and Rural Development Act, to modify repayment schedules for such loans to allow up to two-year grace periods on principal and interest repayment, for those borrowers whose farming, ranching, or aquaculture operations are located in ares designated as major disasters or emergencies during 1976, 1977, or 1978.

Authorizes the Secretary to acquire hay, as well as wheat, feed grains, and soybeans, in establishing and maintaing the disaster reserve created by the Agricultural Act of 1970, for use in alleviating distress caused by natural disaster reserve created by the Agricultural Act of 1970, for use in alleviating distress caused by natural disaster, and to obtain stocks for this reserve by direct purchase through the Commodity Credit Corporation.