§2902 Japan-United States Friendship Trust Fund

Summary

The United States Treasury will hold a trust called the Japan-United States Friendship Trust Fund. Money in the Fund must be used to promote scholarly, cultural, and artistic ties between Japan and the United States. That includes support for studies (like language programs), major library collections of Japanese or American works, arts programs, graduate and faculty fellowships and scholarships, visiting professors and lecturers, and other cultural and educational activities that fit these goals. The Fund can also pay the administrative costs of the Japan-United States Friendship Commission if the Commission directs it. For fiscal year 1976, money may be put into the Fund equal to 7.5 percent of the totals payable to the United States under the Agreement Concerning the Ryukyu Islands and the Daito Islands signed June 17, 1971, including interest and related proceeds. In addition for fiscal year 1976, funds held in U.S. accounts in Japan that Japan transfers under the January 9, 1962, agreement (the G.A.R.I.O.A. account), including interest and related proceeds, may be added. This does not include any amounts that must by law go to U.S. participation in the International Ocean Exposition in Okinawa. Any part of these authorized amounts not spent in 1976 may be appropriated later.