§5202 Eisenhower Exchange Fellowship Program Trust Fund

Summary

Creates the Eisenhower Exchange Fellowship Program Trust Fund inside the U.S. Treasury. The fund holds money that Congress allows under section 5204. The Treasury Secretary must invest all amounts in the fund. Investments can only be in U.S. government bonds that pay interest or in bonds fully backed by the U.S. Those bonds may be bought when first issued at their original price or bought later at the market price. The Treasury can also have special U.S. bonds made just for the fund and issued at face value. Those special bonds pay interest equal to the average rate of marketable U.S. interest bonds as of the end of the calendar month before they are issued, rounded down to the next lower multiple of one-eighth of 1 percent. Special bonds are used only if the Secretary decides buying other bonds is not in the public interest. Bonds held by the fund (other than special fund-only bonds) can be sold at market price. Special fund-only bonds can be redeemed at face value plus any accrued interest. All interest earned and all money from selling or redeeming bonds must go back into the fund.