A bill to amend the Agricultural Trade Development and Assistance Act of 1954, as amended, to extend the authorities under that act for a period of 4 years, to provide that Commodity Credit Corporation be reimbursed for commodities made available under title II from price support inventories at the export price therefor.

Extends through 1981 the authority of the President, under the Agricultural Trade Development and Assistance Act of 1954, to finance sales of agricultural commodities for foreign currencies and to engage in programs of assistance for food donations and famine relief.

Authorizes appropriations for the Department of Commerce to reimburse the Commodity Credit Corporation for expenditures attributable to the financing of the ocean-freight differential between United States flag rates and foreign-flag rates, when United States-flag vessels are required to be used in accordance with the Cargo Preference Act.

Requires that commodities from the Commodity Credit Corporation inventory, acquired under a domestic price support program, be valued at the export market price therefor for purposes of determining the reimbursement due the Commodity Credit Corporation for all costs incurred in connection with title II famine relief and other assistance programs.