ither (1) as a result of the furnishing of nonmilitary assistance nder the Mutual Security Act of 1954, as amended, or any Act reealed thereby and unobligated on the date prior to the effective ate of this Act, or (2) on or after the effective date of this Act, as result of the furnishing of nonmilitary assistance under the Muual Security Act of 1954, as amended, or any Act repealed thereby, r (3) as a result of the furnishing of assistance under part I, which re in excess of the amounts reserved under authority of section 05(d) of the Mutual Educational and Cultural Exchange Act of 1961 or any other Act relating to educational and cultural exchanges, may be sold by the Secretary of the Treasury to agencies of the United States Government for payment of their obligations outside the United States, and the United States dollars received as reimbursement shall be deposited into miscellaneous receipts of the Treasury. Foreign currencies so received which are in excess of the amounts so reserved and of the requirements of the United States Government in payment of its obligations outside the United States, as such requirements may be determined from time to time by the President, shall be available for the authorized purposes of part I in such amounts as may be specified from time to time in appropriation Acts.

(b) 913 Any Act of Congress making appropriations to carry out programs under this or any other Act for United States operations abroad is hereby authorized to provide for the utilization of United States-owned excess foreign currencies to carry out any such operations authorized by law.

914 As used in this subsection, the term "excess foreign currencies" means foreign currencies or credits owned by or owed to the United States which are, under applicable agreements with the foreign country concerned, available for the use of the United States Government and are determined by the President to be excess to the normal requirements of departments and agencies of the United States for such currencies or credits and are not prohibited from use under this subsection by an agreement entered into with the foreign country concerned.

The President shall take all appropriate steps to assure that, to the maximum extent possible, United States-owned foreign currencies are utilized in lieu of dollars. Dollar funds made available pursuant to this Act shall not be expended for goods and services when United States-owned foreign currencies are available for such purposes unless the administrative official approving the voucher certifies as to the reason for the use of dollars in each case.915

(c) 916 In addition to funds otherwise available, excess foreign currencies, as defined in subsection (b), may be made available to friendly foreign governments and to private, nonprofit United

Programs Appropriations Act, 2006 (Public Law 109-102; 119 Stat. 2206; 22 U.S.C. 2362 note), relating to separate accounts.

913 Sec. 301(c) of the FA Act of 1963 (Public Law 88-205) added subsec. (b) as subsec. (c). Redesignated as subsec. (b) by Public Law 88-638. Former subsec. (b) was moved to Public Law 480 as sec. 104(t), and has subsequently been transferred in part to sec. 103(m) of Public Law 480.

914 Sec. 301(b) of the FA Act of 1965 (Public Law 89-171) struck out "The President shall take all appropriate steps to assure that, to the maximum extent possible, United States-owned excess foreign currencies are utilized in lieu of dollars." at this point.

915 Sec. 301(b) of the FA Act of 1965 (Public Law 89-171) added this paragraph. 916 Sec. 301(e) of the FA Act of 1966 (Public Law 89-583) added subsec. (c).

States organizations to carry out voluntary family planning programs in countries which request such assistance. No such program shall be assisted unless the President has received assurances that in the administration of such program the recipient will take reasonable precautions to insure that no person receives any family planning assistance or supplies unless he desires such services. The excess foreign currencies made available under this subsection shall not, in any one year, exceed 5 per centum of the ag gregate of all excess foreign currencies. As used in this subsection. the term "voluntary family planning program" includes, but is not limited to, demographic studies, medical and psychological research, personnel training, the construction and staffing of clinics and rural health centers, specialized training of doctors and paramedical personnel, the manufacture of medical supplies, and the dissemination of family planning information, medical assistance, and supplies to individuals who desire such assistance.

(d) 917 In furnishing assistance under this Act to the government of any country in which the United States owns excess foreign currencies as defined in subsection (b) of this section, except those currencies generated under the Agricultural Trade Development and Assistance Act of 1954, as amended,918 the President shall endeavor to obtain from the recipient country an agreement for the release, on such terms and conditions as the President shall determine, of an amount of such currencies up to the equivalent of the dollar value of assistance furnished by the United States for programs as may be mutually agreed upon by the recipient country and the United States to carry out the purposes for which new funds authorized by this Act would themselves be available.

Sec. 613.919 Accounting, Valuation, Reporting, and Administration of Foreign Currencies.920 (a) Under the direction of the President, the Secretary of the Treasury shall have responsi bility for valuation and central accounting with respect to foreign credits (including currencies) owed to or owned by the United States. In order to carry out such responsibility the Secretary shall issue regulations binding upon all agencies of the Government.

(b) The Secretary of the Treasury shall have sole authority to establish for all foreign currencies or credits the exchange rates at which such currencies are to be reported by all agencies of the Government.

(c) 921 *** [Repealed-1981]

(d) 922 In cases where assistance is to be furnished to any recipient country in furtherance of the purposes of this or any other Act on a basis which will result in the accrual of foreign currency proceeds to the United States, the Secretary of the Treasury shall

"Sec. 302 of the FA Act of 1969 (Public Law 91-175) added subsec. (d).

For text, see Legislation on Foreign Relations Through 2005, vol. I-B. #1999 USC. 2363.

# Sec 301eXD) of the FA Act of 1965 (Public Law 89-171) struck out "Accounting. Valuation, and Reporting of Foreign Currencies" and inserted in lieu thereof "Accounting, Valuation, Reporting, and Administration of Foreign Currencies".

"Subsec (e), as amended by sec. 46 of Public Law 94-273, was repealed by sec. 734(a×1) of the International Security and Development Cooperation Act of 1981 (Public Law 97-113, 95 Mat 1560) Subsee (e) had required a semiannual report to the Congress on the amount of all foreign currencies acquired without payment of dollars on hand for each foreign country. Such information is now required on an annual basis as part of the report required under sec 634a) of this Act

New 301cek2) of the FA Act of 1965 (Public Law 89-171) added subsec. (d).

issue regulations requiring that agreements, in respect of such assistance, include provisions for the receipt of interest income on the foreign currency proceeds deposited in authorized depositories: Provided, That whenever the Secretary of State determines it not to be in the national interest to conclude arrangements for the receipt of interest income he may waive the requirement thereof: Provided further, That the Secretary of State, or his delegate, shall promptly make a complete report to the Congress on each such determination and the reasons therefor.

Sec. 614.923 Special Authorities.-(a) 924 (1) The President may authorize the furnishing of assistance under this Act without regard to any provision of this Act, the Arms Export Control Act, any law relating to receipts and credits accruing to the United States, and any Act authorizing or appropriating funds for use under this Act, in furtherance of any of the purposes of this Act, when the President determines, and so notifies in writing the Speaker of the House of Representatives and the chairman of the Committee on Foreign Relations of the Senate, that to do so is important to the security interests of the United States.

(2) The President may make sales, extend credit, and issue guarantees under the Arms Export Control Act, without regard to any provision of this Act, the Arms Export Control Act, any law relating to receipts and credits accruing to the United States, and any Act authorizing or appropriating funds for use under the Arms Export Control Act, in furtherance of any of the purposes of such Act, when the President determines, and so notifies in writing the Speaker of the House of Representatives and the chairman of the Committee on Foreign Relations of the Senate, that to do so is vital to the national security interests of the United States.

(3) Before exercising the authority granted in this subsection, the President shall consult with, and shall provide a written policy justification to, the Committee on Foreign Affairs 925 and the Committee on Appropriations of the House of Representatives and the Committee on Foreign Relations and the Committee on Appropriations of the Senate.

923 22 U.S.C. 2364.

924 Subsec. (a), as amended by the FA Act of 1966 and the FA Act of 1967, was further amended and restated by sec. 117(a) of the International Security and Development Cooperation Act of 1980 (Public Law 96-533; 94 Stat. 3140), and by sec. 128 of the International Security and Development Cooperation Act of 1985 (Public Law 99-83; 99 Stat. 209). It formerly read as follows:

"(a) The President may authorize in each fiscal year the use of funds made available for use under this Act and the furnishing of assistance under section 506 in a total amount not to exceed $250,000,000 and the use of not to exceed $100,000,000 of foreign currencies accruing under this Act or any other law without regard to the requirements of this Act, any law relating to receipts and credits accruing to the United States, any Act appropriating funds for use under this Act, or the Mutual Defense Assistance Control Act of 1951 (22 U.S.C. 1611 et seq.), in furtherance of any of the purposes of such Acts, when the President determines that such authorization is important to the security of the United States. Not more than $50,000,000 of the funds available under this subsection may be allocated to any one country in any fiscal year. The limitation contained in the preceding sentence shall not apply to any country which is a victim of active Communist or Communist-supported aggression. The authority of this section shall not be used to waive the limitations on transfers contained in section 610(a) of this Act.".

925 Sec. 1(a)(5) of Public Law 104-14 (109 Stat. 186) provided that references to the Committee on Foreign Affairs of the House of Representatives shall be treated as referring to the Committee on International Relations of the House of Representatives.

tee 705(2) of the PRIENDSHIP Act Puble Law 103-199; 107 Stat. 2317 struck out

"Communist or Communist supported" at this point

* News also met 6360005 of this Art

prestated by set of the Ant Terrorism and Arms Export Amendments Act of 1989 (Public La on Mp 300) of the FA Act of 1966 added the last sentence, which was later amended and 101 992, 103 Neat 1899) It formerly read as follows: "The President shall promptly and fully inform the Speaker of the House of Representatives and the chairman and ranking minority member of the Committee on Foreign Relations of the Senate of each use of funds under this

Sec. 615.930 Contract Authority.-Provisions of this Act aurizing the appropriation of funds shall be construed to authorize · granting in any appropriation Act of authority to enter into tracts, within the amounts so authorized to be appropriated, ating obligations in advance of appropriations.

Sec. 616.931 Availability of Funds.-Except as otherwise proed in this Act, funds shall be available to carry out the provins of this Act as authorized and appropriated to the President ch fiscal year.

C. 617.932 TERMINATION EXPENSES.

(a) IN GENERAL.-Funds made available under this Act and the ms Export Control Act, may remain available for obligation for period not to exceed 8 months from the date of any termination assistance under such Acts for the necessary expenses of winding › programs related to such termination and may remain available til expended. Funds obligated under the authority of such Acts rior to the effective date of the termination of assistance may reain available for expenditure for the necessary expenses of windg up programs related to such termination notwithstanding any rovision of law restricting the expenditure of funds. In order to enare the effectiveness of such assistance, such expenses for orderly ermination of programs may include the obligation and expendiure of funds to complete the training or studies outside their counries of origin of students whose course of study or training proram began before assistance was terminated.

(b) LIABILITY TO CONTRACTORS.-For the purpose of making an quitable settlement of termination claims under extraordinary contractual relief standards, the President is authorized to adopt as a contract or other obligation of the United States Government, and assume (in whole or in part) any liabilities arising thereunder, any contract with a United States or third-country contractor that had been funded with assistance under such Acts prior to the termination of assistance.

(c) TERMINATION EXPENSES.-Amounts certified as having been obligated for assistance subsequently terminated by the President, or pursuant to any provision of law, shall continue to remain available and may be reobligated to meet any necessary expenses arising from the termination of such assistance.

(d) GUARANTY PROGRAMS.-Provisions of this or any other Ast requiring the termination of assistance under this or any other Act

930 22 U.S.C. 2365.

931 22 U.S.C. 2366.

932 22 U.S.C. 2367. Sec. 302 of the Global AIDS and Tuberculosis Relief Act of 2000 (Public Law 106-264; 114 Stat. 760) amended and restated sec. 617. It previously read, as amended, as follows:

"Sec. 617. Termination of Assistance.-Assistance under any provision of this Act may, unless sooner terminated by the President, be terminated by concurrent resolution. Funds made available under this Act shall remain available for a period not to exceed eight months from the date of termination of assistance under this Act for the necessary expenses of winding up programs related thereto. In order to ensure the effectiveness of assistance under this Act, such expenses for orderly termination of programs may include the obligation and expenditure of funds to complete the training or studies outside their countries of origin of students whose course of study or training program began before assistance was terminated. Such expenses for orderly termination of programs under the Arms Export Control Act may include the obligation and expenditure of funds to complete the training or studies outside the countries of origin of students whose course of study or training program began before assistance was terminated, as long as the origin country's termination was not a result of activities beyond default of financial responsibilities.".