Certain uses of excess foreign currencies

Source Credit

(a) Authority to use
During fiscal year 1990, the Administrator of the Agency for International Development may use, for the purposes described in subsection (b), such sums of foreign currencies described in subsection (c) as the Administrator may determine, subject to subsection (f).
(b) Purposes for which currency may be used
Foreign currencies may be used under this section—
(1) for the same purposes for which assistance may be provided under part I of the Foreign Assistance Act of 1961 (22 U.S.C. 2151 and following; relating to economic assistance), and
(2) for the support of any institution providing education for a significant number of United States nationals (who may include members of the United States Armed Forces or the Foreign Service or dependents of such members).
(c) Currencies which may be used
The foreign currencies which may be used under this section are United States-owned excess foreign currencies that are in excess of amounts necessary for satisfaction of preexisting commitments to use such currencies for other purposes specified by law.
(d) Where currencies may be used
Foreign currencies may be used under this section in the country where such currencies are held or in other foreign countries.
(e) Nonapplicability of other provisions of law
Foreign currencies may be used under this section notwithstanding section 1306 of title 31 or any other provision of law.
(f) Requirement for appropriations action
The authority of this section may be exercised only to such extent or in such amount as may be provided in advance in an appropriation Act.

History

(Pub. L. 101–179, title VIII, §805, Nov. 28, 1989, 103 Stat. 1323.)

Editorial Notes

Editorial Notes

References in Text
The Foreign Assistance Act of 1961, referred to in subsec. (b)(1), is Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424. Part I of the Act is classified generally to subchapter I (§2151 et seq.) of chapter 32 of this title. For provisions deeming references to subchapter I to include parts IV (§2346 et seq.), VI (§2348 et seq.), and VIII (§2349aa et seq.) of subchapter II of chapter 32, see section 202(b) of Pub. L. 92–226, set out as a note under section 2346 of this title, and sections 2348c and 2349aa–5 of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2151 of this title and Tables.