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NARA
1 United States for the procurement of supplies and services
1 be transferred immediately to the trust fund, and shall there-
2 and for other administrative purposes (other than compensa-
2 upon be considered as expended during the fiscal year 1948,
3 tion of personnel) without regard to such laws and regula-
3 for the purpose of reporting governmental expenditures.
4 tions governing the obligation and expenditure of govern-
4 The Secretary of the Treasury shall be the sole trustee of the
5 ment funds, as the Administrator shall specify in the interest
5 trust fund and is authorized and directed to pay out of the
6 of the accomplishment of the purposes of this Act.
6 fund such amounts as the Administrator shall duly requisi-
7
(e) The unexpended portions of any deposits which
7 tion. The first expenditures made out of the appropriations
8 may have been made by any participating country pursuant
8 authorized under this Act in the fiscal year 1949 shall be
9 to section 6 of the joint resolution providing for relief as-
9 made with funds requisitioned by the Administrator out of
10 sistance to the people of countries devastated by war (Public
10 the trust fund until the fund is exhausted, at which time such
11 Law 84, Eightieth Congress) and section 5 (b) of the
11 fund shall cease to exist. The provisions of this subsection
12 Foreign Aid Act of 1947 (Public Law 389, Eightieth Con-
12 shall not be construed as affecting the application of any
13 gress) may be merged with the deposits to be made by such
13 provision of law which would otherwise govern the obliga-
14 participating country in accordance with section 15 (b)
14 tion of funds SO appropriated or the auditing or submission
15
(6) of this Act, and shall be held or used under the same
15 of accounts of transactions with respect to such funds.
16 terms and conditions as are provided in section 15 (b)
16
BILATERAL AND MULTILATERAL UNDERTAKINGS
17
(6) of this Act.
17
SEC. 15. (a) The Secretary of State, after consulta-
18
(f) In order to reserve some part of the surplus of
18 tion with the Administrator, is authorized to conclude, with
19 the fiscal year 1948 for payments thereafter to be made
19
individual participating countries or any number of such coun-
20
under this Act, there is hereby created on the books of
20
tries or with an organization representing any such countries,
21
the Treasury of the United States a trust fund to be known
21
agreements in furtherance of the purposes of this Act.
22
as the Foreign Economic Cooperation Trust Fund. Not-
22
(b) The provision of assistance under this Act results
23
withstanding any other provision of law, an amount of
23
from the multilateral pledges of the participating countries
24 $3,000,000,000, out of sums appropriated pursuant to the
24
to use all their efforts to accomplish a joint recovery program
25
authorization contained in this Act shall, when appropriated,
25
based upon self-help and mutual cooperation as embodied
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"ocrText": "26\n27\nNARA\n1 United States for the procurement of supplies and services\n1 be transferred immediately to the trust fund, and shall there-\n2 and for other administrative purposes (other than compensa-\n2 upon be considered as expended during the fiscal year 1948,\n3 tion of personnel) without regard to such laws and regula-\n3 for the purpose of reporting governmental expenditures.\n4 tions governing the obligation and expenditure of govern-\n4 The Secretary of the Treasury shall be the sole trustee of the\n5 ment funds, as the Administrator shall specify in the interest\n5 trust fund and is authorized and directed to pay out of the\n6 of the accomplishment of the purposes of this Act.\n6 fund such amounts as the Administrator shall duly requisi-\n7\n(e) The unexpended portions of any deposits which\n7 tion. The first expenditures made out of the appropriations\n8 may have been made by any participating country pursuant\n8 authorized under this Act in the fiscal year 1949 shall be\n9 to section 6 of the joint resolution providing for relief as-\n9 made with funds requisitioned by the Administrator out of\n10 sistance to the people of countries devastated by war (Public\n10 the trust fund until the fund is exhausted, at which time such\n11 Law 84, Eightieth Congress) and section 5 (b) of the\n11 fund shall cease to exist. The provisions of this subsection\n12 Foreign Aid Act of 1947 (Public Law 389, Eightieth Con-\n12 shall not be construed as affecting the application of any\n13 gress) may be merged with the deposits to be made by such\n13 provision of law which would otherwise govern the obliga-\n14 participating country in accordance with section 15 (b)\n14 tion of funds SO appropriated or the auditing or submission\n15\n(6) of this Act, and shall be held or used under the same\n15 of accounts of transactions with respect to such funds.\n16 terms and conditions as are provided in section 15 (b)\n16\nBILATERAL AND MULTILATERAL UNDERTAKINGS\n17\n(6) of this Act.\n17\nSEC. 15. (a) The Secretary of State, after consulta-\n18\n(f) In order to reserve some part of the surplus of\n18 tion with the Administrator, is authorized to conclude, with\n19 the fiscal year 1948 for payments thereafter to be made\n19\nindividual participating countries or any number of such coun-\n20\nunder this Act, there is hereby created on the books of\n20\ntries or with an organization representing any such countries,\n21\nthe Treasury of the United States a trust fund to be known\n21\nagreements in furtherance of the purposes of this Act.\n22\nas the Foreign Economic Cooperation Trust Fund. Not-\n22\n(b) The provision of assistance under this Act results\n23\nwithstanding any other provision of law, an amount of\n23\nfrom the multilateral pledges of the participating countries\n24 $3,000,000,000, out of sums appropriated pursuant to the\n24\nto use all their efforts to accomplish a joint recovery program\n25\nauthorization contained in this Act shall, when appropriated,\n25\nbased upon self-help and mutual cooperation as embodied"
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