Page:United States Statutes at Large Volume 79.djvu/699

 79 STAT. ]

PUBLIC LAW 89-171-SEPT. 6, 1965

659

(b) Amend section 612, which relates to use of foreign currencies, ^^ sta^ ^i,n2. by redesignating subsection (c) as subsection (b), and by striking out the first sentence of the second paragraph of such subsection and by adding at the end thereof the following new paragraph: "The President shall take all appropriate steps to assure that, to the ^^1°^^^^^^ curren. maximum extent possible. United States-owned foreign currencies are utilized in lieu of dollars. Dollar funds made available pursuant to this Act shall not be expended for goods and services when United States-owned foreign currencies are available for such purposes unless the administrative official approving the voucher certifies as to the reason for the use of dollars in each case." (c) Amend section 613, which relates to foreign currencies, as ^^ ^^^ ^^^^ follows: (1) Strike out the section heading and substitute the following: "ACCOUNTING, VALUATION, REPORTING, AND ADMINISTRATION OF FOREIGN CURRENCIES".

^2) Add the following new subsection: " (d) I n cases where assistance is to be furnished to any recipient cils'^lmeresr^"" country in furtherance of the purposes of this or any other Act on a income. 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: Provided, 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: Provided further, That the Secretary of Report to State, or his delegate, shall promptly make a complete report to the °"^'"^'*Congress on each such determination and the reasons therefor." (d) Amend section 620, which relates to prohibitions against fur- ^^ "^^ 2^^°nishing assistance to Cuba and certain other countries, as follows: (1) Amend the section heading to read as follows: "PROHIBITIONS AGAINST FURNISHING ASSISTANCE.—".

(2) Amend subsection (e)(2), which relates to the act of state ^^ ^*^*- ^°^^doctrine, by inserting after the words "other right" each time they appear the words "to property", and by striking out ", or (3) in any case in which the proceedings are commenced after January 1, 1966". (3) I n section 620(1), which relates to the prohibition against 7? Stat. ass. furnishing assistance to countries which fail to enter into agreements to institute the investment guaranty program and providing protection against certain risks, strike out "December 31, 1965" and substitute "December 31, 1966". (4) A t the end of such section 620, add the following new subsections: " (n) I n view of the aggression of North Vietnam, the President North Vietnam. shall consider denying assistance under this Act to any country which has failed to take appropriate steps, not later than sixty days after the date of enactment of the Foreign Assistance Act of 1965— " (A) to prevent ships or aircraft under its registry from transporting to North Vietnam— "(i) any items of economic assistance, "(ii) any items which are, for the purposes of title I of the Mutual Defense Assistance Control Act of 1951, as ^ ^^^- J'^^fj_ amended, arms, ammunition and implements of war, atomic leiid. energy materials, petroleum, transportation materials of

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