Page:United States Statutes at Large Volume 66.djvu/192

 m 22 USC 1665.

PUBLIC LAW 400-JUNE 20, 1952

[66

ST A T.

Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives upon making any such determination." (j) Amend section 514 to read as follows: "STRATEGIC MATERIALS

22 USC 1667. E n c o uragement of free enterprise.

Reports. 22 USC 1669. Local currency. 22 USC 1670.

22 USC 1654. 22 USC 16 5 1

"SEC. 514. I n order to reduce the drain on United States resources and to assure the production of adequate supplies of essential raw materials for the collective defense of the free world, the Director for Mutual Security is authorized to initiate projects for, and assist in procuring and stimulating increased production of, materials in which deficiencies or potential deficiencies in supply exist among nations receiving United States assistance." (k) Amend section 516 by inserting " (a) " after "SIEC. 516." and by adding at the end of such section the following new subsections: "(b) To accomplish the purpose of clause (1) of subsection (a) of this section, under the coordination of the Director for Mutual Security, the Mutual Security Agency, cooperating with private business groups and governmental agencies to the fullest extent possible, shall encourage a greater participation by private capital in the guaranty program and shall develop broad criteria to facilitate such participation, including programs consistent with the purposes of the Act for International Development. "(c) The Department of Commerce shall, in cooperation with such groups and agencies (including the International Bank for Reconstruction and Development), conduct a thorough study of the legal and other impediments, foreign and local, to private investment abroad, and the methods and means whereby those impediments can be removed or decreased and shall make recommendations thereon to the Director for Mutual Security. " (d) The Department of State, in cooperation with other agencies of the Government concerned with private investment abroad, and taking into account the study and recommendations described in subsection (c) of this section, shall accelerate a program of negotiating treaties of commerce and trade, or other temporary arrangements where more suitable or expeditious, which shall include provisions to encourage and facilitate the flow of private investment to countries participating in programs under this Act. "(e) The Technical Cooperation Administration, taking into account the study and recommendations described in subsection (c) of this section, shall encourage and facilitate a greater participation by private industrial groups or agencies in private contracts awarded by the Administration, and shall, in cooperation with the Department of Commerce and the Mutual Security Agency, find and draw the attention of private enterprise to opportunities for investment and development in underdeveloped areas. " (f) The reports required by section 518 of this Act shall include detailed information on the implementation of this section." (1) I n section 519(a), which permits the limited use of economic and technical assistance funds for the Near East, Africa, Asia, and the Pacific to acquire local currency, immediately after the words "may be advanced", insert the words "out of funds made available for assistance under section 503 of this Act". (m) After section 531 add the following new sections: "EXEMPTION FROM CONTRACT, ACCOUNTING, AND CERTAIN OTHER LAWS

"SEC. 532. The provisions of section 119 of the Economic Cooperation Act of 1948, as amended (22 U.S.C. 1517), which concern

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