A bill to allow the President to waive certain prohibitions on the furnishing of food assistance to foreign countries if he determines that such assistance would help needy people.

Amends the Agricultural Trade Development and Assistance Act of 1954 to permit the President to waive prohibitions against commodity assistance relating to (1) status as a "friendly country," (2) North Vietnam, (3) diplomatic relations with the United States, (4) seizure of property owned by any United States person, and (5) emigration restrictions; in order to directly benefit needy people.

Amends the Food for Peace Act to permit the Commodity Credit Corporation to extend agricultural export credit if the President waives prohibitions against such credit relating to (1) emigration restrictions, and (2) North Vietnam, in order to directly benefit needy people.