22 USC 5495 - Certain uses of excess foreign currencies

View all text of Subchapter VII [§ 5491 - § 5495]

§ 5495. Certain uses of excess foreign currencies

(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).

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.

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