22 U.S.C. § 2363: Accounting, valuation…

Summary

Under the President’s direction, the Secretary of the Treasury must handle how the United States values and keeps central accounts for foreign credits and currencies the U.S. owns or is owed. The Treasury must make rules that all federal agencies follow. The Treasury alone decides the official exchange rates that every agency must use. When U.S. aid will create foreign-currency proceeds, Treasury must require agreements to include getting interest on those funds kept in authorized banks. The Secretary of State may waive that rule for national‑interest reasons, but must promptly report each waiver and explain why to Congress.

Title 22, §2363

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Responsibility of Secretary of the Treasury; regulations

Under the direction of the President, the Secretary of the Treasury shall have responsibility for valuation and central accounting with respect to foreign credits (including currencies) owed to or owned by the United States. In order to carry out such responsibility the Secretary shall issue regulations binding upon all agencies of the Government.

(b)Establishment of exchange rates

The Secretary of the Treasury shall have sole authority to establish for all foreign currencies or credits the exchange rates at which such currencies are to be reported by all agencies of the Government.

(c)Repealed. Pub. L. 97–113, title VII, § 734(a)(1), Dec. 29, 1981, 95 Stat. 1560

(d)Interest income on foreign currency proceeds; regulations; waiver; report to Congress

In cases where assistance is to be furnished to any recipient country in furtherance of the purposes of this chapter or any other Act on a basis which will result in the accrual of foreign currency proceeds to the United States, the Secretary of the Treasury shall issue regulations requiring that agreements, in respect of such assistance, include provisions for the receipt of interest income on the foreign currency proceeds deposited in authorized depositaries: Provided, That whenever the Secretary of State determines it not to be in the national interest to conclude arrangements for the receipt of interest income he may waive the requirement thereof: Provided further, That the Secretary of State, or his delegate, shall promptly make a complete report to the Congress on each such determination and the reasons therefor.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (d), was in the original “this Act”, meaning Pub. L. 87–195, Sept. 4, 1961, 75 Stat. 424, known as the Foreign Assistance Act of 1961. For complete classification of this Act to the Code, see

Short Title

note set out under section 2151 of this title and Tables.

Amendments

1981—Subsec. (c). Pub. L. 97–113 struck out subsec. (c) which provided for semi-annual reports on foreign currencies acquired without payment of dollars by the United States. See section 2394(a)(8) of this title. 1976—Subsec. (c). Pub. L. 94–273 inserted provision relating to reports after Dec. 31, 1975. 1965—Subsec. (d). Pub. L. 89–171 added subsec. (d).

Executive Documents

Delegation of Functions For delegation of functions of President under this section, see Ex. Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a note under section 2381 of this title.

§2363 Accounting, Valuation, Reporting, and Administration of Foreign Currencies