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 358

68 Stat. 843; 69 Stat. 286; 70 Stat. 557. 22 USC 1921. 65 Stat. 644. 22 USC 16 11 note. 22 USC 1743. Report.

Capitalization.

F i s c a l provisions. 66 Stat. 662. 31 USC 724.

Budget program.

59 Stat. 597; 61 Stat. 584. 31 USC 841 note, 849.

Manager of Fund.

Loan eommittee.

P U B L I C LAW 85-141-AUG. 14, 1957

L71 STAT.

it shall be administered so as not to compete with private investment capital, the Export-Import Bank or the International Bank for Reconstruction and Development. The authority of section 401(a) of this Act may not be used to waive the requirements of this title or of the Mutual Defense Assistance Control Act of 1951 with respect to this title, nor may the authority of section 501 of this Act be used to increase or decrease the funds available under this title. No guaranties of equity investment ap:ainst normal business-type risks shall be made available under this subsection. The Manager of the Fund shall furnish to the Committee on Foreign Relations and the Committee on Appropriations of the Senate and the Speaker of the House of Representatives a report on each financing operation or transaction involving the Fund's assets. Such report shall be made at the time such financing operation or transaction is consummated. "SEC. 203. CAPITALIZATION.— (a) There is hereby authorized to be appropriated to the President without fiscal year limitation, for advances to the Fund, not to exceed $500,000,000. I n addition, there is hereby authorized to be appropriated to the President without fiscal year limitation, for advances to the Fund beginning in the fiscal year 1959, not to exceed $625,000,000. " SEC. 204. FISCAL, PROVISIONS.—(a) All receipts from activities or transactions under this title shall be credited to the Fund and, notwithstanding section 1415 of the Supplemental Appropriation Act, 1953, or any other provision of law relating to the use of foreign currencies or other receipts accruing to the United States, shall be available for use for purposes of this title. "(b) The President is authorized to incur, in accordance with the provisions of this title, obligations against the F u n d in amounts which may not at any time exceed the assets of the Fund. The term 'assets of the Fund' as used in this section shall mean the amount of liquid assets of the Fund at any given time including any amount of capitalization authorized pursuant to section 203(a) of this Act which has not been advanced to the Fund as of such time. The Fund shall be available without fiscal year limitation for any obligations or expenditures in connection with the performance of functions under this title. "(c) I n the performance of and with respect to the functions, powers, and duties vested in him by this title, the President shall prepare annually and submit a budget program in accordance with the provisions of the Government Corporation Control Act, as amended; and he shall cause to be maintained an integral set of accounts which shall be audited by the General Accounting Office in accordance with principles and procedures applicable to commercial corporate transactions as provided by the Government Corporation Control Act, as amended, and no other audit shall be required. " SEC. 205. POWERS AND AUTHORITIES.— (a) I n carrying out the purposes of this title, the President shall, by and with the advice and consent of the Senate, appoint in the International Cooperation Administration of the Department of State a Manager of the Fund. The office of Manager of the Fund shall be in addition to other offices provided for by law, and the compensation for such office shall be at a rate not in excess of $19,000 a year. " (b) The President shall also establish a Loan Committee, consisting of the Deputy Under Secretary of State for Economic Affairs, who shall be chairman, the Director of the International Cooperation Administration, and the Chairman of the Board of Directors of the Export-Import Bank, which shall, under the foreign policy guidance of the Secretary of State, establish basic financial terms and conditions for the operations and transactions of the Fund.

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