§ 1704. — Use of local currency payment.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC1704]
TITLE 7--AGRICULTURE
CHAPTER 41--AGRICULTURAL TRADE DEVELOPMENT AND ASSISTANCE
SUBCHAPTER II--TRADE AND DEVELOPMENT ASSISTANCE
Sec. 1704. Use of local currency payment
(a) In general
Agreements under this subchapter may provide that the Secretary
shall use payments made in local currencies by the developing country or
private entity in accordance with this section.
(b) Special account
Foreign currencies received by the Secretary under this subchapter
shall be deposited in a separate account, that may be interest-bearing,
to the credit of the United States and such currencies and interest
thereon shall be used as provided for in this section.
(c) Activities
The proceeds from the payments referred to in subsection (a) of this
section may be used in the appropriate developing country for the
following:
(1) Trade development
To carry out programs to help develop markets for United States
agricultural commodities on a mutually beneficial basis in the
appropriate developing country.
(2) Agricultural development
To support--
(A) increased agricultural production, including
availability of agricultural inputs, with emphasis on small
farms, processing of agricultural commodities, forestry
management, and land and water management;
(B) credit policies for private-sector agriculture
development;
(C) establishment and expansion of institutions for basic
and applied agricultural research and the use of such research
through development of extension services; and
(D) programs to control rodents, insects, weeds, and other
animal or plant pests.
(3) Agricultural business development loans
To make loans to United States business entities (including
cooperatives) and branches, subsidiaries, or affiliates of such
entities for agricultural business development and agricultural
trade expansion in such appropriate developing countries.
(4) Agricultural facilities loans
To make loans to domestic or foreign entities (including
cooperatives) for the establishment of facilities for aiding in the
utilization or distribution of, or otherwise increasing the
consumption of and markets for, United States agricultural products.
(5) Trade promotion
To promote agricultural trade development, under procedures
established by the Secretary, by making loans or through other
activities (including trade fairs) that the Secretary determines to
be appropriate.
(6) Private sector agricultural trade development
To conduct private sector agricultural trade development
activities in the appropriate developing country, as determined
appropriate by the Secretary.
(7) Research
To conduct research in agriculture, forestry, and aquaculture,
including collaborative research which is mutually beneficial to the
United States and the appropriate developing country.
(8) United States obligations
To make payments of United States obligations (including
obligations entered into pursuant to other laws).
(d) Fiscal requirements regarding use of local currencies
(1) Exemption
Section 1306 of title 31 shall not apply to local currencies
used by the President under paragraphs (1) through (7) of subsection
(c) of this section.
(2) Use of currencies by other agencies
Any department or agency of the Federal Government other than
the Department of Agriculture using any such local currencies for a
purpose for which funds have been appropriated shall reimburse the
Commodity Credit Corporation in an amount equivalent to the dollar
value of the currencies used.
(July 10, 1954, ch. 469, title I, Sec. 104, 68 Stat. 456; Aug. 26, 1954,
ch. 937, title V, Sec. 544(h), (i), as added July 18, 1956, ch. 627,
Sec. 11(a), 70 Stat. 564, 565; amended Aug. 3, 1956, ch. 933, Sec. 2, 70
Stat. 988; Pub. L. 85-128, Sec. 1(4), Aug. 13, 1957, 71 Stat. 345; Aug.
26, 1954, ch. 937, title V, Sec. 544(c), as added Pub. L. 85-141,
Sec. 11(b)(2), Aug. 14, 1957, 71 Stat. 365; Pub. L. 85-477, ch. V,
Sec. 502(l), June 30, 1958, 72 Stat. 275; Pub. L. 85-931, Sec. 3, Sept.
6, 1958, 72 Stat. 1790; Pub. L. 86-108, ch. VII, Sec. 701(d), July 24,
1959, 73 Stat. 258; Pub. L. 86-341, title I, Secs. 4-9, Sept. 21, 1959,
73 Stat. 606, 607; Pub. L. 87-128, title II, Sec. 201(3), Aug. 8, 1961,
75 Stat. 306; Pub. L. 87-195, pt. III, Sec. 612(b), pt. IV, Sec. 704,
Sept. 4, 1961, 75 Stat. 443, 463; Pub. L. 87-839, Sec. 2, Oct. 18, 1962,
76 Stat. 1074; Pub. L. 88-205, pt. III, Sec. 301(d)(2), Dec. 16, 1963,
77 Stat. 386; Pub. L. 88-638, Secs. 1(6)-(10), 2, Oct. 8, 1964, 78 Stat.
1035-1038; Pub. L. 89-106, Sec. 5, Aug. 4, 1965, 79 Stat. 432; Pub. L.
89-808, Sec. 2(B), Nov. 11, 1966, 80 Stat. 1528; Pub. L. 90-436,
Secs. 2(a), 3, 6, July 29, 1968, 82 Stat. 450, 451; Pub. L. 91-524,
title VII, Sec. 702, Nov. 30, 1970, 84 Stat. 1379; Pub. L. 94-161, title
II, Sec. 204, Dec. 20, 1975, 89 Stat. 852; Pub. L. 96-53, title I,
Sec. 121, Aug. 14, 1979, 93 Stat. 366; Pub. L. 97-113, title IV,
Secs. 401(5), 402, Dec. 29, 1981, 95 Stat. 1537; Pub. L. 100-418, title
IV, Sec. 4401, Aug. 23, 1988, 102 Stat. 1400; Pub. L. 101-624, title XV,
Sec. 1512, Nov. 28, 1990, 104 Stat. 3635; Pub. L. 104-127, title II,
Sec. 205, Apr. 4, 1996, 110 Stat. 953.)
Amendments
1996--Subsec. (a). Pub. L. 104-127, Sec. 205(1), substituted
``developing country or private entity'' for ``recipient country''.
Subsec. (c). Pub. L. 104-127, Sec. 205(2), substituted ``appropriate
developing country'' for ``recipient country'' in introductory
provisions and pars. (1), (6), and (7), and ``appropriate developing
countries'' for ``recipient countries'' in par. (3).
1990--Pub. L. 101-624 amended section generally, substituting
present provisions for provisions authorizing President to use local
currencies received as payments to pay United States obligations, for
agricultural market development, for educational and cultural exchange,
for scientific activities, for purchase of real property abroad, for
purchase of foreign books, periodicals, etc., for United States
libraries, to meet emergency relief requirements, for loans to United
States businesses for trade expansion and to firms for development of
facilities increasing market for commodities, for loans to recipients to
improve food production and marketing, to purchase goods and services
for other friendly countries, to pay for food production assistance
programs, for sale for dollars to United States citizens, to pay for
animal and plant pest control, and provisions relating to application of
section 1306 of title 31, and to use of currencies of which United
States has amounts in excess of needs for next two fiscal years.
1988--Subsec. (b)(1). Pub. L. 100-418 inserted ``(including wood and
processed wood products of the United States)'' after first reference to
``agricultural commodities''.
1981--Pub. L. 97-113, Sec. 401(5)(A), (B), substituted in
introductory text ``agreements for such sales entered into prior to
January 1, 1972,'' for ``this subchapter'' and struck out from
penultimate proviso, par. (3), ``except as provided in subsection (c) of
this section),'' after ``foreign currencies''.
Subsec. (d). Pub. L. 97-113, Sec. 402, increased fiscal year
limitation to $10,000,000 from $5,000,000.
1979--Subsec. (f). Pub. L. 96-53 substituted ``Agency for
International Development'' for ``Advisory Committee on Voluntary
Foreign Aid''.
1975--Pub. L. 94-161 inserted references to the House Committee on
International Relations and the Senate Committee on Foreign Relations in
first proviso of subsec. (b)(1), in par. (3) of penultimate proviso
following subsec. (k), and in last sentence of section and repealed
subsec. (c) which read: ``To procure equipment, materials, facilities,
and services for the common defense including internal security;'',
respectively.
1970--Pub. L. 91-524 inserted provision allowing appropriation acts
to specifically authorize the use of foreign currencies in the
educational and cultural exchange program without requiring the
appropriation of dollars for the purchase of those same foreign
currencies.
1968--Subsec. (b)(2). Pub. L. 90-436, Sec. 3, authorized the
financing with at least 2 percent of the total sales proceeds each year
in each country of additional activities to strengthen the resources of
American schools, colleges, universities, and other public and nonprofit
private educational agencies for international studies and research
pursuant to programs authorized by title VI of the National Defense
Education Act, the Mutual Educational and Cultural Exchange Act of 1961,
the International Education Act of 1966, the Higher Education Act of
1965, the Elementary and Secondary Education Act of 1965, the National
Foundation on the Arts and the Humanities Act of 1965, and the Public
Broadcasting Act of 1967.
Subsec. (h). Pub. L. 90-436, Sec. 2(a), inserted provision that not
less than 5 percent of the total sales proceeds, if requested by the
foreign country, be used for voluntary programs to control population
growth.
Subsec. (k). Pub. L. 90-436, Sec. 6, added subsec. (k).
1966--Pub. L. 89-808, in introductory text, struck out ``section 724
of title 31, or'' after ``Notwithstanding'', substituted ``foreign
countries or international organizations'' for ``friendly nations, or
organizations of nations'', and inserted ``in connection with sales for
foreign currencies'' after ``accrue''.
Subsec. (a). Pub. L. 89-808 redesignated subsec. (f) as (a), struck
out ``abroad'' after ``obligations'' and inserted ``(including
obligations entered into pursuant to other legislation)''. Former
subsec. (a) redesignated (b)(1).
Subsec. (b). Pub. L. 89-808 struck out subsec. (b) which provided
for purchase, in such amounts as may be specified from time to time in
appropriation acts, strategic or other materials for a supplemental
stockpile of such materials as the president may determine from time to
time.
Subsec. (b)(1). Pub. L. 89-808 redesignated former subsec. (a) as
(b)(1), inserted ``For carrying out programs of United States Government
agencies to--'' preceding par. (1) and restriction against making a
release until expiration of requisite number of days following
transmittal to congressional committees, struck out ``after September
21, 1959,'' before ``shall be set aside'' and ``Provided further, That
no such funds shall be allocated under this subsection after June 30,
1960, except as may be specified from time to time, in appropriation
acts'' before convertibility of proceeds provision, substituted ``as he
determines cannot be effectively used for agricultural market
development purposes under this section'' for ``as he determines not to
be needed, within a reasonable period of time, for such purpose:'' and
``sale of agricultural commodities'' for ``sale of surplus agricultural
commodities'' and inserted provisions of utilization of nonprofit
agricultural trade organizations to maximum extent possible in carrying
out agricultural market development activities and inclusion as a
purpose of subsec. (b) such representation of agricultural industries as
may be required during course of discussions on trade programs relating
either to individual commodities or groups of commodities.
Subsec. (b)(2). Pub. L. 89-808 incorporated in provisions designated
as par. (2) provisions of subsec. (h) which provided for financing of
international exchange activities under programs authorized by section
1641(b)(2) of Appendix to title 50 and for financing in such amounts as
may be specified from time to time in appropriation acts of programs for
interchange of persons under section 1446 of title with a particular
effort for allocation of funds with regard to countries where adequate
funds are not available from other sources for such purposes and
countries where agreements can be negotiated to establish a fund to be
available over a period of years for such purposes, including setting
aside of such amounts from sale proceeds and loan repayments not in
excess of $1,000,000 a year in any one country for not more than 5 years
in advance, as determined to be required for such purposes by the
Secretary of State.
Subsec. (b)(3). Pub. L. 89-808 redesignated subsec. (k) as par. (3),
included use of foreign currencies for family planning programs, and
struck out proviso for availability of foreign currencies for subsec.
(k) purposes (in addition to funds otherwise made available for such
purposes) only in such amounts as may be specified from time to time in
appropriation Acts.
Subsec. (b)(4). Pub. L. 89-808 redesignated subsec. (l) as par. (4),
striking out subsec. (l) proviso for availability of foreign currencies
for subsec. (l) purposes (in addition to funds otherwise made available
for such purposes) in such amounts as may be specified from time to time
in appropriation acts.
Subsec. (b)(5). Pub. L. 89-808 redesignated subsec. (n)(1) to (3) as
par. (5)(A) to (C), striking out provision for use of foreign currencies
``in such amounts as may be specified from time to time in appropriation
acts''.
Subsec. (c). Pub. L. 89-808 reenacted existing provisions.
Subsec. (d). Pub. L. 89-808 redesignated subsec. (q) as (d). Former
subsec. (d) redesignated (g).
Subsec. (e). Pub. L. 89-808 substituted provisions for use of
foreign currencies to maximum extent and for due consideration to be
given to the continued expansion of markets for United States
agricultural commodities or products thereof in proviso for former
provisions for availability of such currencies to maximum usable extent
and for manufacture or production of any commodity to be marketed in
competition with United States agricultural commodities or products
thereof in the proviso, authorized loans to cooperatives and for private
home construction in foreign countries, struck out introductory phrase
for uses of such currencies ``For promoting balanced economic
development and trade among nations'', and that loans be mutually
agreeable to the agency and the country making the agreement, and
inserted ``intended'' in proviso.
Subsec. (f). Pub. L. 89-808 redesignated subsec. (g) as (f),
provided for promotion of agricultural development, establishment of
procedures by the President, use of funds in any other manner than loans
as determined by the President to be in the national interest,
assistance to programs of recipient countries designed to promote,
increase, or improve food production, processing, distribution, or
marketing in food-deficit countries friendly to the United States, and
utilization for such purpose to extent practicable the services of
registered and approved nonprofit voluntary agencies, prohibited use of
funds to promote religious activities, and struck out provisions for
loans made through established banking facilities of the friendly nation
from which the foreign currency was obtained or in any other manner
which the President may deem to be appropriate and authorization for
acceptance of strategic materials, services, or foreign currencies in
payment of such loans. Former subsec. (f) redesignated (a).
Subsec. (g). Pub. L. 89-808 redesignated former subsec. (d) as (g),
struck out ``financing'' before ``the purchase''. Former subsec. (g)
redesignated (f).
Subsec. (h). Pub. L. 89-808 added subsec. (h) Former subsec. (h)
redesignated (b)(2).
Subsec. (i). Pub. L. 89-808 substituted provisions respecting use of
foreign currencies for paying costs outside the United States of
carrying out food production assistance programs for former provisions
for financing ($5,000,000 fiscal year limitation) translation,
publication, and distribution of books and periodicals, including
Government publications, abroad.
Subsec. (j). Pub. L. 89-808 redesignated subsec. (t) as (j),
authorized sale of foreign currencies to nonprofit organizations, and
struck out provisions making the currencies available for sale at United
States embassies or other convenient locations, describing such
currencies as acquired through operations under Foreign Assistance Act
of 1961, as amended, Mutual Security Act of 1954, as amended, or any Act
repealed thereby, or Agricultural Trade Development and Assistance Act
of 1954, as amended, prohibiting such sales for travel purposes under
agreement entered into with another country or when so committed by
agreement to other uses, depositing dollars from such sales into United
States Treasury as miscellaneous receipts, and treating dollars
deposited into the CCC account as a reimbursement under section 1705 of
this title. Former subsec. (j) provided for assistance to schools,
libraries, and community centers abroad founded or sponsored by United
States citizens and serving as demonstration centers, and is now covered
by subsec. (b)(2) of this section.
Subsecs. (k), (l). Pub. L. 89-808 redesignated subsecs. (k) and (l)
as (b)(3) and (4).
Subsec. (m). Pub. L. 89-808 struck out subsec. (m) which provided
for financing in such amounts as may be specified from time to time in
appropriation acts trade fair participation and related activities and
agricultural and horticultural fair participation and related
activities.
Subsec. (n). Pub. L. 89-808 redesignated subsec. (n) as (b)(5).
Subsecs. (o), (p). Pub. L. 89-808 struck out subsec. (o) which
provided for assistance, in such amounts as may be specified from time
to time in appropriation acts, in expansions or operation in foreign
countries of schools, colleges, or universities founded or sponsored by
United States citizens for carrying out programs of vocational,
professional, scientific, technological, or general education, and
subsec. (p) which provided for supporting workshops in American studies
or American educational techniques, and supporting chairs in American
studies.
Subsec. (q). Pub. L. 89-808 redesignated subsec. (q) as (d).
Subsec. (r). Pub. L. 89-808 struck out subsec. (r) which provided
for financing ($2,500,000 fiscal year limitation) preparation,
distribution, and exhibition of audio-visual informational and
educational materials abroad without limiting or affecting use of
foreign currencies for such materials in connection with trade fairs and
other market development activities under subsec. (a) of this section.
Subsecs. (s), (t). Pub. L. 89-808 incorporated subsecs. (s) and (t)
in subsec. (j), and struck out from former subsec. (s) ``under such
terms and conditions as the President may prescribe''.
Penultimate proviso. Pub. L. 89-808 incorporated part of existing
proviso following subsec. (t) in provisions designated as par. (1) and
inserted reference to subsec. (b).
Pub. L. 89-808 incorporated part of existing initial proviso and
second proviso following subsec. (t) in provisions designated as par.
(2), substituted references to subsecs. (f) and (g) for (d) and (e), and
struck out a third proviso restricting the availability of foreign
currencies pursuant to subsecs. (k), (p), and (r) to such amounts as may
be specified from time to time in appropriation Acts.
Pub. L. 89-808 redesignated penultimate par. as par. (3) and struck
out ``and then only if, between the date of transmittal and the
expiration of such period there has not been passed by either of the two
Committees a resolution stating in substance that that Committee does
not favor such agreement or proposal'' after ``sessions.''.
Pub. L. 89-808 redesignated last par. as par. (4) and substituted
``after consultation with the advisory committee established under
section 1736a of this title'' for ``upon the recommendation of the
advisory committee herein established''.
Ultimate proviso. Pub. L. 89-808 inserted ultimate proviso making
pars. (2) to (4) of penultimate proviso inapplicable in the case of any
nation where the foreign currencies or credits owned by the United
States and available for use by it in such nation are determined by the
Secretary of the Treasury to be in excess of the normal requirements of
Federal departments and agencies for expenditures in such nations for
two fiscal years following fiscal year in which such determination is
made.
Concluding text. Pub. L. 89-808 inserted provisions for devotion of
excess foreign currencies to acquisition of sites, buildings, and
grounds under subsec. (b)(4) of this section, for assistance in self-
help measures, and for reports to congressional committees of
determinations of existence of excess foreign currencies with respect to
any nation, uses for such excess, and effects of such use.
Pub. L. 89-808 struck out pars. for establishment of an advisory
committee and for consultations with such committee respecting loan,
currency convertibility, and currency reservations (in sales agreements)
policies and for establishment of higher than minimum interest rate for
dollar sales. Advisory committee provisions are now covered in section
1736a of this title.
1965--Subsec. (a). Pub. L. 89-106 authorized the Secretary of
Agriculture to release such amounts of the foreign currencies set aside
for the market development program as he determined not to be needed,
within a reasonable period of time, for that purpose.
1964--Subsec. (c). Pub. L. 88-638, Sec. 1(6), inserted ``including
internal security'' and struck out ``military'' before ``equipment''.
Subsec. (e). Pub. L. 88-638, Sec. 1(7), substituted ``currencies
shall also be available to the maximum usable extent'' for ``not more
than 25 per centum of the currencies received pursuant to each such
agreement shall be available''.
Subsec. (t). Pub. L. 88-638, Sec. 2, redesignated subsec. (b) of
section 612 of Pub. L. 87-195, as subsec. (t) of this section, inserted
``For sale to United States citizens as provided herein'', substituted
``the Foreign Assistance Act of 1961, as amended'' for ``this chapter'',
and provided that except in the case of foreign currencies acquired
under this subchapter, dollars received from the sale of foreign
currencies shall be deposited to the account of the Commodity Credit
Corporation and shall be treated as a reimbursement to such Corporation.
Pub. L. 88-638, Sec. 1(8)-(10), established an advisory committee,
specified its composition, directed it to review the status and usage of
foreign currencies accruing under this subchapter and to make various
recommendations, provided that the committee be consulted with respect
to various matters, for the transmittal of certain proposals to
congressional committees, and that any loan under this section shall
bear interest as the President shall determine, within certain limits
and taking various matters into consideration, and inserted ``pursuant
to agreements entered into on or before December 31, 1964 and to not
less than 20 per centum in the aggregate of the foreign currencies which
accrue pursuant to agreements entered into thereafter'' in first
proviso.
1963--Subsec. (t). Pub. L. 88-205 added subsec. (b) to section 612
of Pub. L. 87-195, which was designated as subsec. (t) of this section
by Pub. L. 88-638.
1962--Subsec. (m). Pub. L. 87-839 inserted ``or section 1122b of
title 46''.
1961--Pub. L. 87-128, Sec. 201(3)(a), inserted ``, including
principal and interest from loan repayments,'' after ``foreign
currencies'', in opening provisions.
Subsec. (a). Pub. L. 87-128, Sec. 201(3)(d), inserted, in second
sentence, ``each year'' after ``made'' and ``set aside in the amounts
and kinds of foreign currencies specified by the Secretary of
Agriculture and'' after ``be'', where ``made'' and ``be'' first appear;
substituted, in third sentence, ``Provision shall be made'' for
``Particular regard shall be given to provide'' and ``the Secretary of
Agriculture determines to'' for ``may'' and inserted ``(not less than 2
per centum)'' after ``thereof''; inserted sentence concerning conversion
of monies into foreign currencies and deposit in special Treasury
account; and substituted, in last sentence, ``the Secretary of
Agriculture is authorized and directed to enter into agreements'' for
``agreements may be entered into''.
Subsec. (e). Pub. L. 87-195 substituted ``procedures established by
such agency as the President shall direct for loans mutually agreeable
to said agency'' for ``procedures established by the Export-Import Bank
for loans mutually agreeable to said bank''.
Subsec. (s). Pub. L. 87-128, Sec. 201(3)(c), added subsec. (s).
Pub. L. 87-128, Sec. 201(3)(b), substituted in final proviso
``pursuant to'' for ``for the purpose of subsection (p) of this section,
except in such amounts as may be specified from time to time in
appropriation Acts, and no foreign currencies shall be allocated under
any provision of this chapter after June 30, 1960, for the purposes
specified in''.
1959--Subsec. (a). Pub. L. 86-341, Sec. 4, provided that from sale
proceeds and loan repayments under this subchapter not less than the
equivalent of 5 per centum of the total sales made under this subchapter
after September 21, 1959, shall be made available in advance for use as
provided by this subsection over such period of years as the Secretary
of Agriculture determines will most effectively carry out the purposes
of this subsection, prohibited the allocation of such funds after June
30, 1960, except as may be specified in appropriation acts, required
particular regard to be given for provisions in sale and loan agreements
for the convertibility of such amount of the proceeds thereof as may be
needed to carry out the purpose of this subsection in those countries
which are or offer reasonable potential of becoming dollar markets for
United States agricultural commodities, and permitted the entering into
agreements for the sale of surplus agricultural commodities in such
amounts as the Secretary of Agriculture determines to be adequate and
for the use of the proceeds to carry out the purpose of this subsection
in cases where sufficient foreign currencies for carrying out the
purpose of this subsection in such countries are not otherwise
available.
Subsec. (b). Pub. L. 86-341, Sec. 5, among other changes,
substituted ``strategic or other materials'' for ``strategic and
critical materials'' in two places, limited purchases or contracts to
purchase to such amounts as may be specified from time to time in
appropriation acts, and eliminated provisions which authorized
contracts, including advance payment contracts, for supply extending
over periods up to ten years, and which permitted the strategic and
critical materials acquired under authority of this subchapter to be
additional to the amounts acquired under authority of the Strategic and
Critical Materials Stockpile Act.
Subsec. (k). Pub. L. 86-341, Sec. 6, authorized the use of foreign
currencies to promote and support programs of medical and scientific
research, cultural and educational development, health, nutrition, and
sanitation.
Pub. L. 86-108 substituted ``conduct research and support'' for
``conduct and support'', and ``: Provided, That foreign currencies shall
be available for the purposes of this subsection (in addition to funds
otherwise made available for such purposes) only in such amounts as may
be specified from time to time in appropriation Acts;'' for ``, but no
foreign currencies shall be used for the purposes of this subsection
unless specific appropriations be made therefor;''.
Subsec. (o). Pub. L. 86-341, Sec. 7, struck out provisions which
permitted the use of foreign currencies in the supporting of workshops
in American studies or American educational techniques, and supporting
chairs in American studies. See subsec. (p) of this section.
Subsecs. (p) to (r). Pub. L. 86-341, Sec. 8, added subsecs. (p) to
(r).
Pub. L. 86-341, Sec. 9, inserted proviso in closing provisions
limiting availability of foreign currencies for the purpose of subsec.
(p) of this section to such amounts as may be specified from time to
time in appropriation Acts, and prohibiting allocation of foreign
currencies after June 30, 1960, for the purposes specified in
subsections (k), (p), and (r) of this section to such amounts as may be
specified from time to time in appropriation Acts.
1958--Subsec. (h). Pub. L. 85-931, Sec. 3(a), authorized use of
foreign currencies to finance programs for interchange of persons
between United States and foreign countries.
Subsec. (k). Pub. L. 85-477 added subsec. (k).
Subsecs. (l) to (o). Pub. L. 85-931, Sec. 3(b), added subsecs. (l)
to (o).
1957--Subsec. (e). Pub. L. 85-128 provided that not more than 25
percent of the currencies received pursuant to each agreement be
available through the Export-Import Bank for loans mutually agreeable to
said bank and the country with which the agreement is made for business
development in such countries and for loans to domestic or foreign firms
for facilities to aid markets for United States agricultural products,
provided no such loans be made for the manufacture of products to be
exported to United States in competition with United States products or
for manufacture or production of any commodity to be marketed in
competition with United States agricultural commodities or products
thereof, and that foreign currencies may be accepted in repayment of
such loans.
Subsec. (h). Pub. L. 85-141, Sec. 11(b)(2), added section 544(c) to
act Aug. 26, 1954, which section inserted provisions in this subsection
authorizing the setting aside of amounts from sale proceeds and loan
repayments.
1956--Subsec. (h). Act July 18, 1956, added section 544(h) to act
Aug. 26, 1954, which section inserted provisions in this section
relating to allocation of funds and to the special and particular effort
to be made to provide for the purposes of this subsection.
Subsec. (i). Act Aug. 26, 1954, Sec. 544(i), as added by act July
18, 1956, added subsec. (i).
Subsec. (j). Act Aug. 3, 1956, added subsec. (j).
Effective Date of 1990 Amendment
Amendment by Pub. L. 101-624 effective Jan. 1, 1991, see section
1513 of Pub. L. 101-624, set out as a note under section 1691 of this
title.
Effective Date of 1979 Amendment
Amendment by Pub. L. 96-53 effective Oct. 1, 1979, see section
512(a) of Pub. L. 96-53, set out as a note under section 2151 of Title
22, Foreign Relations and Intercourse.
Effective Date of 1966 Amendment
Amendment by Pub. L. 89-808 effective Jan. 1, 1967, see section 5 of
Pub. L. 89-808, set out as a note under section 1691 of this title.
Repeals
Section 704 of Pub. L. 87-195, cited as a credit to this section,
was repealed by section 401 of Pub. L. 87-565, pt. IV, Aug. 1, 1962, 76
Stat. 263, except insofar as section 704 affected this section.
Pub. L. 85-477, ch. IV, Sec. 401(h), June 30, 1958, 72 Stat. 270,
repealed section 544(c) of act Aug. 26, 1954, cited as a credit to this
section, except insofar as such section 544(c) affected this section.
Pub. L. 85-141, Sec. 11(b)(1), repealed section 544(h), (i) of act
Aug. 26, 1954, cited as a credit to this section, except insofar as such
section 544(h), (i) affected this section.
Payment From Foreign Currencies for Family Housing Projects or Community
Facilities Constructed or Acquired by Department of Defense
Section 509 of Pub. L. 86-500, title V, June 8, 1960, 74 Stat. 186,
provided that: ``Notwithstanding the provisions of any other law, at
least 75 per centum of the total cost of any family housing project or
community facility hereafter constructed or acquired in any foreign
country by the Department of Defense or any military department shall be
paid for from foreign currencies acquired by the Commodity Credit
Corporation pursuant to the provisions of the Agricultural Trade
Development and Assistance Act of 1954 [this chapter]; except that the
following projects authorized pursuant to this Act shall not be subject
to this requirement:
``Air Force activities, Japan, one hundred fifty units;
``Cigli Air Base, Turkey, community facilities;
``Clark Air Force Base, Philippine Islands, one hundred units;
``Iraklion Air Station, Crete, community facilities;
``Kirknewton RAF, United Kingdom, fifty units;
``Naval Air Station, Naha, Okinawa, two hundred; and
``Site I-5, Italy, one hundred units and community facilities.''
Limitation on Use of Foreign Currencies for Participation in Trade,
Agricultural and Horticultural Fairs
Pub. L. 86-30, title I, Sec. 101, May 20, 1959, 73 Stat. 35,
provided that: ``Subject to allocation in such manner as may now or
hereafter be prescribed by the President, foreign currencies which have
accrued under title I of the Agricultural Trade Development and
Assistance Act of 1954, as amended (7 U.S.C. 1704) [this section] may be
used without fiscal year limitation for the purposes of section 104(m)
of that Act [former subsec. (m) of this section], including
administrative expenses directly related thereto, in an amount not to
exceed the equivalent of $1,275,000.''
International Cooperation in Health Research, Research Training, and
Research Planning
Use of foreign currencies accruing under this subchapter to carry
out purposes of International Health Research Act of 1960, see section
2103 of Title 22, Foreign Relations and Intercourse.
Use of Foreign Currencies
Foreign currencies accruing to United States under this subchapter
may be used for purposes set forth in this section, see Ex. Ord. No.
12752, Sec. 2(b)(1), (2), Feb. 25, 1991, 56 F.R. 8255, set out as a note
under section 1691 of this title.
Section Referred to in Other Sections
This section is referred to in sections 1703, 1856 of this title;
title 50 section 98c.
