Cooley Loans

Summary of Cooley Loans

Foreign-currency-denominated loans by the U.S. government to foreign nations to permit the purchase of American agricultural commodities. The loans are authorized by an amendment to the Agricultural Trade Development and Assistance Act (read this and related legal terms for further details) of 1954 (P.L. 480). The Cooley Amendment permits such loans to be made up to 25 percent of the value of any given foreign currency derived from the sale of surplus American agricultural commodities.

(Main Author: William J. Miller)