850
PUBLIC LAW 665-AUG. 26, 1954
[68 S T A T.
vision of law, proceeds of sales made under section 550 of the Mutual 22 USC i^67Sp. Security Act of 1951, as amended, shall remain available and shall be used for any of the purposes of this Act, giving particular regard to the following purposes— (1) for providing military assistance to nations or mutual defense organizations eligible to receive assistance under this Act; (2) for purchase of goods or services in friendly nations; (3) for loans, under applicable provisions of this Act, to increase production of goods or services, including strategic materials, needed in any nation with which an agreement was negotiated, or in other friendly nations, with the authority to use currencies received in repayment for the purposes stated in this section or for deposit to the general account of the Treasury of the United States; (4) for developing new markets on a mutually beneficial basis; (5) for grants-in-aid to increase production for domestic needs in friendly countries; and (6) for purchasing materials for United States stockpiles, (b) Notwithstanding section 1415 of the Supplemental Appropria31 USC 7 * ^ 2 4.
ti<^^ ^^t? 1953, or any other provision of law, local currencies owned by the United States shall be made available to appropriate committees of the Congress engaged in carrying out their duties under 2^«c*i90d.* Section 136 of the Legislative Keorganization Act of 1946, as amended, Report to Con- for their local currcucy expeuses: Provided, That a.ny such, committee mittee!*"*^ *""' of the Cougress which uses local currency shall make a full report thereof to the Committee on House Administration of the House of Representatives (if the committee using such currency is a committee of the House of Representatives) or to the Committee on Rules and Administration of the Senate (if the committee using such currency is a committee of the Senate), showing the total amount of such currency so used in each country and the purposes for which it was expended. SEC. 503. TERMINATION OF ASSISTANCE.—(a) If the President deter-
mines that the furnishing of assistance to any nation under any provision of this Act— (1) is no longer consistent with the national interest or security or the foreign policy of the United States; or (2) would no longer contribute effectively to the purposes for which such assistance is furnished; or (3) is no longer consistent with the obligations and responsibilities of the United States under the Charter of the United Nations, he shall terminate all or part of any assistance furnished pursuant to this Act. If the President determines that any nation which is receiving assistance under chapter 1 of title I of this Act is not making its full contribution to its own defense or to the defense of the area of which it is a part, he shall terminate all or part of such assistance. Assistance to any nation under any provision of this Act may, unless sooner terminated by the President, be terminated by concurrent resolution. Funds made available under this Act shall remain available for twelve months from the date of termination under this subsection for the necessary expenses of liquidating assistance programs. (b)(1) After June 30, 1955, none of the authority conferred by this Act may be exercised for the purpose of carrying out any function authorized by title II; except that during the twelve months following such date (i) funds which have been obligated on or before that date shall remain available for expenditure, (ii) equipment, materials, commodities, and services with respect to which funds have been obligated on or before such date for procurement for, shipment
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