Responsibility of Secretary of the Treasury; regulations
Under the direction of the President, the Secretary of the Treasury shall have responsibility for valuation and central accounting with respect to foreign credits (including currencies) owed to or owned by the United States. In order to carry out such responsibility the Secretary shall issue regulations binding upon all agencies of the Government.
Establishment of exchange rates
The Secretary of the Treasury shall have sole authority to establish for all foreign currencies or credits the exchange rates at which such currencies are to be reported by all agencies of the Government.
Pub. L. 97–113, title VII, § 734(a)(1)95 Stat. 1560 Repealed. , ,
Interest income on foreign currency proceeds; regulations; waiver; report to Congress
ProvidedProvided furtherIn cases where assistance is to be furnished to any recipient country in furtherance of the purposes of this chapter or any other Act on a basis which will result in the accrual of foreign currency proceeds to the United States, the Secretary of the Treasury shall issue regulations requiring that agreements, in respect of such assistance, include provisions for the receipt of interest income on the foreign currency proceeds deposited in authorized depositaries: , That whenever the Secretary of State determines it not to be in the national interest to conclude arrangements for the receipt of interest income he may waive the requirement thereof: , That the Secretary of State, or his delegate, shall promptly make a complete report to the Congress on each such determination and the reasons therefor.
Pub. L. 87–19575 Stat. 443Pub. L. 89–17179 Stat. 659Pub. L. 94–273, § 4690 Stat. 382Pub. L. 97–113, title VII, § 734(a)(1)95 Stat. 1560(, pt. III, § 613, , ; , pt. III, § 301(c), , ; , , ; , , .)
Editorial Notes
References in Text
Pub. L. 87–19575 Stat. 424section 2151 of this titleThis chapter, referred to in subsec. (d), was in the original “this Act”, meaning , , , known as the Foreign Assistance Act of 1961. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Amendments
Pub. L. 97–113section 2394(a)(8) of this title1981—Subsec. (c). struck out subsec. (c) which provided for semi-annual reports on foreign currencies acquired without payment of dollars by the United States. See .
Pub. L. 94–2731976—Subsec. (c). inserted provision relating to reports after .
Pub. L. 89–1711965—Subsec. (d). added subsec. (d).
Executive Documents
Delegation of Functions
section 2381 of this titleFor delegation of functions of President under this section, see Ex. Ord. No. 12163, , 44 F.R. 56673, as amended, set out as a note under .