§ 2515. — Foreign Currency Fluctuations Account.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 22USC2515]
TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
CHAPTER 34--THE PEACE CORPS
Sec. 2515. Foreign Currency Fluctuations Account
(a) Establishment
(1) There is established in the Treasury of the United States an
account to be known as the ``Foreign Currency Fluctuations, Peace Corps,
Account''. The account shall be used for the purpose of providing funds
to pay expenses for operations of the Peace Corps outside the United
States which, as a result of fluctuations in currency exchange rates,
exceed the amount appropriated for such expenses.
(2) Funds in the account may be transferred, upon the certification
of the Director of the Peace Corps (or the Director's designee) that the
transfer is necessary for the purpose specified in paragraph (1), to the
account containing funds appropriated for the expenses of the Peace
Corps.
(b) Use of funds in account
Funds transferred under subsection (a) of this section shall be
merged with, and be available for the same time period, as the
appropriation to which they are applied. Notwithstanding any provision
of law limiting the amount of funds the Peace Corps may obligate in any
fiscal year, such amount shall be increased to the extent necessary to
reflect fluctuations in exchange rates from those used in preparing the
budget submission.
(c) Exchange rates applicable to obligations
An obligation of the Peace Corps payable in the currency of a
foreign country may be recorded as an obligation based upon exchange
rates used in preparing a budget submission. A change reflecting
fluctuations in exchange rates may be recorded as a disbursement is
made.
(d) Transfers back to account
Funds transferred from the Foreign Currency Fluctuations, Peace
Corps, Account may be transferred back to that account--
(1) if the funds are not needed to pay obligations incurred
because of fluctuations in currency exchange rates of foreign
countries in the appropriation to which the funds were originally
transferred; or
(2) because of subsequent favorable fluctuations in the rates or
because other funds are, or become, available to pay such
obligations.
(e) Limitation on transfers back
A transfer of funds back to the account under subsection (d) of this
section may not be made after the end of the fiscal year or other period
for which the appropriation, to which the funds were originally
transferred, is available for obligation.
(f) Transfers to account from regular appropriations
(1) At the end of the fiscal year or other period for which
appropriations for the expenses of the Peace Corps are made available,
unobligated balances of such appropriation may be transferred into the
Foreign Currency Fluctuations, Peace Corps, Account, to be merged with,
and to be available for the same period and purposes as, that account.
(2) The authority of this subsection shall be exercised only to the
extent that specific amounts are provided in advance in an appropriation
Act.
(g) Authorization of appropriations
There are authorized to be appropriated to the Foreign Currency
Fluctuations, Peace Corps, Account for each fiscal year such sums as may
be necessary to maintain a balance of $5,000,000 in such account at the
beginning of such fiscal year.
(h) Reports
Each year the Director of the Peace Corps shall submit to the
Committee on Foreign Affairs and the Committee on Appropriations of the
House of Representatives, and to the Committee on Foreign Relations and
the Committee on Appropriations of the Senate, a report on funds
transferred under this section.
(Pub. L. 87-293, title I, Sec. 16, as added Pub. L. 102-565, Sec. 2(a),
Oct. 28, 1992, 106 Stat. 4265.)
Prior Provisions
A prior section 2515, Pub. L. 87-293, title I, Sec. 16, Sept. 22,
1961, 75 Stat. 622, related to appointment of persons serving under
prior law, prior to repeal by Pub. L. 89-572, Sec. 5(a), Sept. 13, 1966,
80 Stat. 765.
Change of Name
Committee on Foreign Affairs of House of Representatives treated as
referring to Committee on International Relations of House of
Representatives by section 1(a) of Pub. L. 104-14, set out as a note
preceding section 21 of Title 2, The Congress.
Effective Date
Section 2(b) of Pub. L. 102-565 provided that: ``The amendment made
by subsection (a) [enacting this section] applies with respect to each
fiscal year after fiscal year 1992.''
Repeals; Amendments and Application of Amendments Unaffected;
Continuation of Determinations, Authorization, Regulations, Orders,
Contracts, Agreements, and Other Actions
Section 5 of Pub. L. 89-572, Sept. 13, 1966, 80 Stat. 765, provided
that:
``(a) Section 16 of the Peace Corps Act, as amended [former section
2515 of this title], which relates to appointment of persons serving
under prior law, section 20 of the Peace Corps Act, as amended, which
relates to moratorium on student loans [amending section 425 of Title
20, Education], section 21 of the Peace Corps Act, as amended, which
amends the Civil Service Retirement Act [section 8301 et seq. of Title
5, Government Organization and Employees], and title II of the Act,
which relates to Internal Revenue Code and Social Security Act
amendments [amending sections 912, 1303, 3121, 3122, 3401 and 6051 of
Title 26, Internal Revenue Code, and sections 405, 409 and 410 of Title
42, The Public Health and Welfare, and notes under sections 912 and 3121
of Title 26] are hereby repealed.
``(b) Such repeal shall not be deemed to affect amendments contained
in such provisions and the application of the amendments contained in
the title. All determinations, authorizations, regulations, orders,
contracts, agreements, and other actions issued, undertaken, or entered
into under authority of the provisions of law repealed by subsection (a)
shall continue in full force and effect until modified by appropriate
authority.''
