Title 40 › SUBTITLE I — FEDERAL PROPERTY AND ADMINISTRATIVE SERVICES › CHAPTER 7 — FOREIGN EXCESS PROPERTY › § 701
The President may set policies needed to carry out this chapter, and those policies must agree with the chapter. The head of any executive agency that holds foreign excess property is responsible for getting rid of that property. Agency heads must follow the President’s policies and dispose of the property in line with U.S. foreign policy. They may pass their authority to other agency officials or to another agency, and they may allow those officials to pass it on again. To do the work, agency heads can hire and pay staff in the United States under chapters 33 and 51 and subchapter III of chapter 53 of title 5, and they can hire staff outside the U.S. without following chapter 33 of title 5. The Secretary of State may use foreign currencies and credits gained 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 expenses that must be paid in local money. Unless the President says otherwise, the Secretary must keep handling agreements about disposal that were in effect on July 1, 1949, and may change or renew them. Foreign currency or credits under those agreements are to be handled under Treasury procedures, and any amounts turned into 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
Sep 22, 2026
Release point: 119-110