Use of foreign credits

1. Law
2. USC 31
3. Money And Finance
4. THE BUDGET PROCESS
5. APPROPRIATIONS
6. GENERAL
7. Use of foreign credits

§1306. Use of foreign credits

(a) In General.-Foreign credits (including currencies) owed to or owned by the United States may be used by any agency for any purpose for which appropriations are made for the agency for the current fiscal year (including the carrying out of Acts requiring or authorizing the use of such credits), but only when reimbursement therefor is made to the Treasury from applicable appropriations of the agency.

(b) Exception to Reimbursement Requirement.-Credits described in subsection (a) that are received as exchanged allowances, or as the proceeds of the sale of personal property, may be used in whole or partial payment for the acquisition of similar items, to the extent and in the manner authorized by law, without reimbursement to the Treasury.

( Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 918 ; Pub. L. 104–208, div. A, title I, §101(f) [title VI, §612(a)], Sept. 30, 1996, 110 Stat. 3009–314 , 3009-355.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
1306	31:724.	July 15, 1952, ch. 758, §1415, 66 Stat. 662 .

The words "are not available for expenditure by agencies except as provided annually in general appropriation laws" are substituted for "will not be available for expenditure by agencies of the United States after June 30, 1953, except as may be provided for annually in appropriation Acts" because of section 101 of the revised title.

Amendments

1996-Pub. L. 104–208 reenacted section catchline without change and amended text generally. Prior to amendment, text read as follows: "Foreign credits owed to or owned by the Treasury are not available for expenditure by agencies except as provided annually in general appropriation laws."

Effective Date of 1996 Amendment

Pub. L. 104–208, div. A, title I, §101(f) [title VI, §612(b)], Sept. 30, 1996, 110 Stat. 3009–314 , 3009-356, provided that: "The amendment made by this section [amending this section] shall take effect on the date of the enactment of this Act [Sept. 30, 1996] and shall apply thereafter."

Appropriations of Excess Currencies

Pub. L. 102–391, title V, §566, Oct. 6, 1992, 106 Stat. 1680 , provided that: "The provisions of section 1306 of title 31, United States Code, shall not be waived to carry out the provisions of the Foreign Assistance Act of 1961 [22 U.S.C. 2151 et seq.] by any provision of law enacted after the date of enactment of this Act [Oct. 6, 1992] unless such provision makes specific reference to this section."

Similar provisions were contained in the following prior appropriations acts:

Pub. L. 101–513, title V, §570, Nov. 5, 1990, 104 Stat. 2041 .

Pub. L. 101–167, title V, §583, Nov. 21, 1989, 103 Stat. 1251 .

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