§2779 — Title 10 Armed Forces | U.S. Code

Summary

Lets the Secretary of Defense move money between accounts to cover gains or losses caused by changes in foreign currency rates. Money moved out of the fund called "Foreign Currency Fluctuations, Defense" can be moved back if it is not needed because exchange rates get better or other money becomes available. Any move back must happen no later than the end of the second fiscal year after the year the receiving account was open for spending. Adds $100,000,000 plus $25,000,000 from Family Housing to the Secretary of Defense to fix losses in military construction or family housing that came from rate changes after a budget was sent to Congress. These funds join the accounts they go to and follow the same purposes and time limits. The Secretary may also move unused operation, maintenance, and military personnel funds into or out of that fund, but transfers into it cannot make its balance more than $970,000,000 when made.

Title 10, §2779

Armed Forces — Source: USLM XML via OLRC

(a)(1)Funds transferred from the appropriation “Foreign Currency Fluctuations, Defense” may be transferred back to the appropriation—

(A)when the funds are not needed to pay obligations incurred because of fluctuations in currency exchange rates of foreign countries in the appropriation to which the funds were originally transferred; and

(B)because of subsequent favorable fluctuations in the rates or because other funds are, or become, available to pay the obligations.

(2)A transfer back to the Foreign Currency Fluctuations, Defense appropriation may not be made after the end of the second fiscal year after the fiscal year that the appropriation to which the funds were originally transferred is available for obligation.

(b)(1)One hundred million dollars, plus $25,000,000 from Family Housing, Defense, are appropriated to the Secretary of Defense, to remain available until spent. The appropriation is available only to provide funds to eliminate losses in military construction or expenses of family housing for the Department of Defense caused by fluctuations in currency exchange rates of foreign countries that changed after a budget request was submitted to Congress.

(2)Funds provided under this subsection are merged with and are available for the same purpose and for the same time period as the appropriation to which they are applied. An authorization or limitation limiting the amount that may be obligated or spent is increased to the extent necessary to reflect fluctuations in exchange rates from those used in preparing the budget submission.

(3)An obligation payable in the currency of a foreign country may be recorded as an obligation based on exchange rates used in preparing a budget submission. A change reflecting fluctuations in the exchange rate may be recorded as a disbursement is made.

(c)The Secretary of Defense may transfer funds to military personnel appropriations for a fiscal year out of funds available to the Department of Defense for that fiscal year under the appropriation “Foreign Currency Fluctuations, Defense”.

(d)(1)The Secretary of Defense may transfer to the appropriation “Foreign Currency Fluctuations, Defense” unobligated amounts of funds appropriated for operation and maintenance and unobligated amounts of funds appropriated for military personnel.

(2)Any transfer from an appropriation under paragraph (1) shall be made not later than the end of the second fiscal year following the fiscal year for which the appropriation is provided.

(3)Any transfer made pursuant to the authority provided in this subsection shall be limited so that the amount in the appropriation “Foreign Currency Fluctuations, Defense” does not exceed $970,000,000 at the time the transfer is made.

(e)Amounts transferred under subsection (c) or (d) shall be merged with and be available for the same purposes and for the same period as the appropriations to which transferred.

Notes & Related Subsidiaries

Historical and Revision Notes

Revised sectionSource (U.S. Code)Source (Statutes at Large) 2779(a)31:628–2.July 25, 1979, Pub. L. 96–38, § 100 (last par. under heading “General Provisions”), 93 Stat. 100. 2779(b)31:628–3.Nov. 30, 1979, Pub. L. 96–130, § 100 (par. under heading “Foreign Currency Fluctuation,

Construction

, Defense”), 93 Stat. 1019. In subsection (a)(1), before clause (A), the words “during the current fiscal year or on and after

July 25, 1979” are omitted as executed. The words “from an appropriation to which they were transferred” are omitted as surplus. In clause (A), the words “of foreign countries” are added for consistency. In subsection (a)(2), the words “back to the Foreign Currency Fluctuations, Defense appropriation” are substituted for “authorized by this provision” for clarity. In subsection (b)(1), the words “the sum of”, “which shall be derived”, and “to appropriations and funds” are omitted as surplus. The word “only” is added for clarity. The words “for those appropriations or funds” are omitted as surplus. The words “available during fiscal year 1980, or thereafter” are omitted as executed. The words “Department of Defense” are substituted for “military departments and Defense agencies” because of 10:101(5). In subsection (b)(2), the words “or fund” are omitted as surplus. The words “now or on and after

November 30, 1979” are omitted as executed. The words “contained within appropriations or other provisions of law”, “hereby”, and “applicable” are omitted as surplus. In subsection (b)(3), the words “contracts or other . . . entered into” are omitted as surplus.

Editorial Notes

Prior Provisions

Provisions similar to those in subsec. (d) of this section were contained in Pub. L. 97–377, title I, § 101(c) [title VII, § 791], Dec. 21, 1982, 96 Stat. 1865, which was set out as a note under section 114 of this title, prior to repeal by Pub. L. 104–106, § 911(d)(2).

Amendments

1996—Subsec. (a). Pub. L. 104–106, § 911(e)(1), inserted heading. Subsec. (a)(2). Pub. L. 104–106, § 911(e)(2), substituted “second fiscal year” for “2d fiscal year”. Subsec. (b). Pub. L. 104–106, § 911(e)(3), inserted heading. Subsec. (c). Pub. L. 104–106, § 911(a), added subsec. (c). Subsec. (d). Pub. L. 104–106, § 911(b), added subsec. (d). Subsec. (e). Pub. L. 104–106, § 911(c), added subsec. (e). 1990—Subsec. (b)(4). Pub. L. 101–510 struck out par. (4) which read as follows: “The Secretary each year shall report to Congress on funds made available under this subsection.”

Statutory Notes and Related Subsidiaries

Effective Date

of 1996 Amendment Pub. L. 104–106, div. A, title IX, § 911(f), Feb. 10, 1996, 110 Stat. 407, provided that: “Subsections (c) and (d) of section 2779 of title 10, United States Code, as added by subsections (a) and (b), and the

Repeals

made by subsection (d) [repealing provisions set out as a note under section 114 of this title], shall apply only with respect to amounts appropriated for a fiscal year after fiscal year 1995.”

§2779 Use of funds because of fluctuations in currency exchange rates of foreign countries