§1531 Buying Power Maintenance accounts for International Trade Administration, Export Administration, and United States Travel and Tourism Administration

Summary

The Secretary of Commerce can create Buying Power Maintenance accounts for the International Trade Administration, the Export Administration, and the United States Travel and Tourism Administration to keep their overseas programs funded at the approved level each fiscal year. Money can be provided for these accounts to make up for bad swings in foreign exchange rates or unexpected overseas wage and price increases. If exchange rates or costs leave a program with more money than it needs, the Secretary must move the extra funds into the Buying Power account, including unspent balances. If exchange rates or costs reduce a program’s buying power, the Secretary can move money out of the Buying Power account back into the program’s appropriation to keep operations at the approved level. Money moved between accounts becomes part of the receiving account and may be used for the same purposes and time period. Any legal limit on Commerce spending is treated as adjusted as needed to offset the net effect of these currency or cost changes so approved program levels are kept.