Food Security Fund Act of 1979

Food Security Fund Act of 1979 - Declares that it is the policy of the United States: (1) that adequate financial resources should be placed at the President's disposal to meet, within the framework of a market economy, the urgent humanitarian needs for wheat in foreign nations, and to comply with international obligations to provide such assistance; and (2) that governmental acquisition and perpetual maintenance of large additional stocks of a wheat reserve solely to meet such needs would depress producer prices, destroy production incentives, disrupt markets, impair the capacity of the United States to meet such needs, and require the expenditure of large sums of public moneys for the storage and handling of such wheat.

Authorizes the Secretary of Agriculture to purchase wheat from American producers or in the open market in the United States, in such manner as will not unduly disrupt the market. Directs the Secretary to formulate and administer a program whereby he may purchase, on a voluntary basis, wheat held in the producer storage program, and donate the wheat so acquired to provide urgent humanitarian relief to any foreign country suffering a major disaster, to assist developing countries, and to fulfill any lawful international obligation.

Directs the Secretary to use the authorities and not to exceed $500,000,000 of the funds of the Commodity Credit Corporation to carry out the provisions of this Act. Authorizes reimbursement of the Corporation for funds so expended, on the basis of actual costs incurred.