(a) In general

(1) Scholarship grant program established

The Secretary shall make grants to each college or university eligible to receive funds under the Act of August 30, 1890 (commonly known as the Second Morrill Act; 7 U.S.C. 322 [321] et seq.), including Tuskegee University, for purposes of awarding scholarships to individuals who—

(A) have been accepted for admission at such college or university;

(B) will be enrolled at such college or university not later than one year after the date of such acceptance; and

(C) intend to pursue a career in the food and agricultural sciences, including a career in—

(i) agribusiness;

(ii) energy and renewable fuels; or

(iii) financial management.

(2) Condition

The Secretary may only award a grant under this subsection to a college or university described in paragraph (1) if the Secretary determines that such college or university has established a competitive scholarship awards process for the award of scholarships to individuals described in such paragraph.

(3) Annual limitation

Of the funds made available under subsection (b)(1), the Secretary may use not more than $10,000,000 to award grants under this subsection for the academic year beginning on July 1, 2020, and each of the 4 succeeding academic years.

(4) Amount of grant

Each grant made under this section shall be in an amount of not less than $500,000.

(b) Funding

(1) Mandatory funding

(A) Funding

Of the funds of the Commodity Credit Corporation, the Secretary shall make available to carry out this section $40,000,000 not later than October 1, 2019, to remain available until expended.

(B) Additional funding

Not later than 30 days after November 17, 2023, of the funds of the Commodity Credit Corporation, the Secretary shall make available to carry out this section $10,000,000, to remain available until expended.

(2) Discretionary funding

In addition to amounts made available under paragraph (1), there is authorized to be appropriated to carry out this section $10,000,000 for each of fiscal years 2020 through 2023.

(3) Administrative expenses

Of the funds made available under paragraphs (1) and (2) to carry out this section for a fiscal year, not more than 4 percent may be used for expenses related to administering the program under this section.

(c) Report

Beginning on the date that is two years after the date on which the first grant is awarded under subsection (a), and every two years thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report detailing—

(1) the amount of funds provided to each eligible college or university under this section;

(2) the number of scholarships awarded under each grant each fiscal year; and

(3) the amount of each such scholarship.