§2515 Foreign Currency Fluctuations Account

Summary

Creates an account in the U.S. Treasury for the Peace Corps to pay overseas costs that go up when foreign money changes value. The Peace Corps Director, or the Director’s designee, can certify and move money from that account into the Peace Corps’ regular funds when exchange-rate swings make expenses exceed what was appropriated. Money moved becomes part of the original appropriation and is available for the same time period. The agency may record obligations using the exchange rates from its budget and then adjust payments as actual exchanges occur. Money can be moved back into the account if it is not needed, if exchange rates move in the agency’s favor, or if other funds become available, but not after the end of the fiscal year or funding period. Unused balances at the end of a year may be put into the account only if Congress provides specific amounts in an appropriation act. Congress may fund the account so it starts each fiscal year with $5,000,000. The Peace Corps Director must send an annual report on transfers to the House Foreign Affairs and Appropriations Committees and the Senate Foreign Relations and Appropriations Committees.