Title 40 › Subtitle SUBTITLE I— - FEDERAL PROPERTY AND ADMINISTRATIVE SERVICES › Chapter CHAPTER 7— - FOREIGN EXCESS PROPERTY › § 701
The President can make policies needed to carry out this law, and those policies must match the law. Heads of executive agencies that have foreign excess property are responsible for disposing of it. They must follow the President’s policies for guidance and make sure disposal fits U.S. foreign policy. They may delegate or allow successive redelegation of that authority. They may hire staff in the United States subject to chapters 33 and 51 and subchapter III of chapter 53 of title 5, and hire staff outside the States of the United States and the District of Columbia without regard to chapter 33. The Secretary of State may use foreign currencies and credits acquired under section 704(b)(2) to carry out the Mutual Educational and Cultural Exchange Act of 1961 (22 U.S.C. 2451 et seq.), the Foreign Service Buildings Act, 1926 (22 U.S.C. 292 et seq.), and to pay other government expenses payable in local currencies. Unless the President directs otherwise, the Secretary must keep performing functions under agreements in effect on July 1, 1949, and may amend or renew those agreements. The Secretary must follow any procedures the Secretary of the Treasury sets for administering foreign currencies or credits, and any amounts converted to U.S. dollars must be deposited in the Treasury as miscellaneous receipts.
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Public Buildings, Property, and Works — Source: USLM XML via OLRC
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Citation
40 U.S.C. § 701
Title 40 — Public Buildings, Property, and Works
Last Updated
Apr 6, 2026
Release point: 119-73