Page:United States Statutes at Large Volume 78.djvu/1077

 78 STAT. ]

PUBLIC LAW 88-638-OCT. 8, 1964

1035

Public Law 88-638 AN ACT

October 8, 1964

To extend the Agricultural Trade Development and Assistance Act of 1954, and for other purposes.

[S. 2687]

Be it enacted by the Seriate and House of Representatives of the United States of America in Congress assembled, That the Agricul- xr^deDeveio^tural Trade Development and Assistance Act of 1954, as amended, is ment and Assistfurther amended as follows: ^"'^^ ^""^ °^ i5 54, (1) Section 101 of such Act is amended by striking out in subsec- ^'^5"st'^t."306. tion (f) the words "from the government or agencies thereof" and? use 1701. further by striking the period at the end of subsection (f) and adding the following: ", and which are not less favorable than the highest of exchange rates obtainable by any other nation.". (2) Section 101 of such Act is amended by adding at the end thereof (he following new subsection: " (g) require such foreign currencies to be convertible to dollars to the extent consistent with the effectuation of the purpose of this Act, but in any event to the extent necessary to permit that portion of such currencies made available for payment of United States obligations to be used to meet obligations or charges payable by the United States or any of its agencies to the government of the importing country or any of its agencies." (3) Section' 102(a) of such Act is amended by adding at the end eh°rgeT. ^'"^'^'* thereof the following: "The Commodity Credit Corporation shall 69 Stat. 44. finance ocean freight charges incurred pursuant to agreements entered '' "^^ ^^°2. into after December 31, 1964, only to the extent that such charges are higher (than would otherwise be the case) by reason of a requirement that the commodities be transported in United States flag vessels. Such agreements shall require the balance of such charges for transportation in United States vessels to be paid in dollars by the nations or organizations with whom such agreements are entered into." (4) Section 103(a) of such Act is amended by adding at the end ^^ ^*^*- ^^^• thereof the following: " I n presenting his budget, the.President shall classify expenditures under this Act as expenditures for international affairs and finance rather than for agriculture and agricultural resources." (5) Effective January 1, 1965, section 103(b) of such Act is amended "^^ ^^^^- ^*^^to read as follows: " (b) Agreements shall not be entered into under this title during the period beginning January 1, 1965, and ending December 31, 1966, which will call for appropriations to reimburse the Commodity Credit Corporation in a total amount in excess of $2,700,000,000 plus any amount by which agreements entered into in prior years have called or will call for appropriations to reimburse the Commodity Credit Corporation in amounts less than authorized for such prior years by this Act as in effect during such years: Provided, That agreements shall not be entered into during any calendar year of such period which will call for appropriations to reimburse the Commodity Credit Corporation in amounts in excess of $2,500,000,000." (6) Section 104 of such Act is amended by striking out in subsection ^ ^^'^ '^o^^(c) the word "military" and inserting after the words "common defense" the words "including internal security". (7) Section 104 of such Act is amended by striking from subsection ne^s'lolns"^ (e) the words "not more than 25 per centum of the currencies received "*i!fmi°ations pursuant to each such agreement shall be available" and substituting removed. "currencies shall also be available to the maximum usable extent."

�