Page:United States Statutes at Large Volume 87.djvu/758

 726

PUBLIC LAW 93-189-DEC. 17, 1973

[87 STAT.

The President shall keep the Congress advised of his actions under this subsection. "(c) Programs authorized by this Act shall be undertaken with the foreign policy guidance of the Secretary of State. Presidential " (d) The President shall report to the Congress during the first reports to Con 'g"ress'° " """ quarter of each calendar year on United States actions affecting the development of the low-income countries and on the impact of those undertakings upon the national income, employment, wages, and working conditions in the United States. Grants, use for "SEC. 6 4 0 C. SHIPPING DIFFERENTIAL.—For the purpose of facilipayment. tatlug implementation of section 901(b) of the Merchant Marine Act, Ts^ltat^'se'sf' 1^36 (46 U.S.C. 1241(b)), funds made available for the purposes of 84 Stat. 1034. chapter 1 of part I or for purposes of part V may be used to make Polf^^ ^72^ grants to recipients to pay all or any portion of such dift'erential as is determined by the Secretary of Commerce to exist between United States and foreign-flag vessel charter or freight rates. Grants made under this section shall be paid with United States-owned foreign currencies wherever feasible." DEFINITIONS

22 USC 2403.

i^^pe^i86 Stat. 32.

75 Stat. 454. 22 USC 2392

SEC. 22. Section 644 of the Foreign Assistance Act of 1961 is amended as follows: (1) Subsection (g) is amended to read as follows: " (g) 'Excess defense articles' means the quantity of defense articles owned by the United States Government, and not procured in anticipation of military assistance or sales requirements, or pursuant to a military assistance or sales order, which is in excess of the Approved Force Acquisition Objective and Approved Force Retention Stock of all Department of Defense Components at the time such articles are dropped from inventory by the supplying agency for delivery to countries or international organizations under this Act." (2) Subsection (i) is repealed. (3) Subsection (m) is amended to read as follows: " (m) 'Value'means— " (1) with respect to an excess defense article, the actual value of the article plus the gross cost incurred by the United States Government in repairing, rehabilitating, or modifying the article, except that for purposes of section 632(d) such actual value shall not be taken into account; "(2) with respect to a nonexcess defense article delivered from inventoiy to foreign countries or international organizations under this Act, the acquisition cost to the United States Government, adjusted as appropriate for condition and market value; "(3) with respect to a nonexcess defense article delivered from new procurement to foreign countries or international organizations under this Act, the contract or production costs of such article; and "(4) with respect to a defense service, the cost to the United States Government of such service." A N N U A L FOREIGN ASSISTANCE

22 USC 2^°i7

REPORT

^^^- -^- Section 657 of the Foreign Assistance Act of 1961 is amended to read as follows: "SEC. 657. A N N U A L FOREIGN ASSISTANCE REPORT.— (a) In order that the Congress and the American people may be better and more currently informed regarding the volume and cost of assistance extended by the United States Government to foreign countries and international organizations, and in order that the Congress and the American people may be better informed regarding the sale of arms to

�