22 USC 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
Terms Used In 22 USC 5495
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
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.