; and (3) by redesignating subsection (e), as so amended, as subsection (d). 10010. Education and risk management assistance Section 524 of the Federal Crop Insurance Act ( 7 U.S.C. 1524 ) is amended to read as follows: 524. Education and risk management assistance (a) Education Assistance Subject to the amounts made available under subsection (d), the Secretary, acting through the National Institute of Food and Agriculture, shall carry out the program established under subsection (b). (b) Partnerships for risk management education (1) Authority The Secretary, acting through the National Institute of Food and Agriculture, shall establish a program under which competitive grants are made to qualified public and private entities (including land-grant colleges, cooperative extension services, and colleges or universities), as determined by the Secretary, for the purpose of educating agricultural producers about the full range of risk management activities, including futures, options, agricultural trade options, crop insurance, cash forward contracting, debt reduction, production diversification, farm resources risk reduction, farm financial benchmarking, and other risk management strategies. (2) Basis for grants A grant under this subsection shall be awarded on the basis of merit and shall be subject to peer or merit review. (3) Obligation period Funds for a grant under this subsection shall be available to the Secretary for obligation for a 2-year period. (4) Administrative costs The Secretary may use not more than 4 percent of the funds made available for grants under this subsection for administrative costs incurred by the Secretary in carrying out this subsection. (c) Requirements In carrying out the program established under subsection (b), the Secretary shall place special emphasis on risk management strategies (including farm financial benchmarking), education, and outreach specifically targeted at— (1) beginning farmers or ranchers