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Code · BILL · 113th Congress · H.R. 1793 (Introduced in House) — To establish a framework for effective, transparent, and accountable United States foreign assistance, and for other... · Sec. 10601

Sec. 10601. Separate accounts for local currencies

237 words·~1 min read·/bill/113/hr/1793/ih/section-10601

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The Administrator shall require that any local currencies generated as a result of agreements with a foreign government regarding the use of economic assistance or development assistance are deposited in a separate account established by that government. A separate account under subsection
(a)shall be established pursuant to an agreement between the United States Agency for International Development and the foreign government which sets forth— the amount of the local currencies to be generated; the terms and conditions under which the currencies so deposited may be utilized, consistent with this section; and the responsibilities of the Agency and the foreign government to monitor and account for deposits into and disbursements from the separate account. Local currencies deposited in a separate account pursuant to subsection (a), or an equivalent amount of local currencies, shall be used only— to further the goals and objectives of title I; or for the administrative requirements of the United States Government. Upon termination of economic assistance to a country, any unencumbered balances of funds which remain in a separate account established pursuant to subsection
(a)shall be disposed of for such purposes as may be agreed to by the government of that country and the United States Government. The Administrator shall include in the annual congressional budget justification documents submitted pursuant to section 8302 a report on the amounts and uses of local currency (and United States dollar equivalent) in each applicable country.
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