§2902 Japan-united States Friendship Trust Fund

Summary

A trust called the Japan‑United States Friendship Trust Fund is set up in the U.S. Treasury. Money in the fund must be used to promote scholarly, cultural, and artistic exchanges between Japan and the United States. That includes support for higher‑education and research studies (including language study), large library collections of Japanese works in the U.S. and American works in Japan, arts programs with institutions in both countries, graduate and faculty fellowships and scholarships, visiting professors and lecturers, and other similar cultural and educational activities. The fund may also pay the administrative costs of the Japan‑United States Friendship Commission when the Commission directs it. For fiscal year 1976, Congress authorized putting into the fund an amount equal to 7.5 percent of the money payable to the United States under the Agreement Between Japan and the United States Concerning the Ryukyu Islands and the Daito Islands, signed June 17, 1971, including interest and earnings. Congress also authorized adding funds transferred from U.S. accounts in Japan by Japan under the January 9, 1962 agreement on postwar economic assistance (the G.A.R.I.O.A. Account), including interest and earnings. That second amount excludes any money required by law for U.S. participation in the International Ocean Exposition in Okinawa. Any part of these 1976 authorized amounts not appropriated in 1976 may be appropriated later.