22 U.S.C. § 2515 — Foreign Currency Fluctuations Account
submitted 34 years ago by Pub. L. 87-293 to r/title-22-FOREIGN-RELATIONS-AND-INTERCOURSE · 541 words · no verdicts yet
This section creates an account to cover Peace Corps expenses increased by foreign-exchange changes. It controls transfers, availability, appropriations, and annual reporting.
(a) Establishment. (1) The Treasury must have an account called the “Foreign Currency Fluctuations, Peace Corps, Account.” It supplies money for Peace Corps operations outside the United States* when exchange-rate changes make those expenses exceed the amount appropriated. (2) The account's money may be transferred to the account holding Peace Corps expense appropriations if the Director of the Peace Corps or the Director's designee certifies that the transfer is needed for paragraph (1)'s purpose.
(b) Use of funds in account. Money transferred under subsection (a) is combined with the appropriation receiving it and is available for the same period. Despite any law limiting the Peace Corps amount it may obligate in a fiscal year, that limit increases as needed to reflect exchange-rate changes from the rates used to prepare the budget submission.
(c) Exchange rates applicable to obligations. The Peace Corps may record an obligation payable in foreign currency using the exchange rates used to prepare a budget submission. It may record a change caused by exchange-rate fluctuations when it disburses the money.
(d) Transfers back to account. Money transferred from this account may be transferred back if (1) it is not needed to pay obligations caused by exchange-rate changes under the appropriation receiving it, or (2) later favorable exchange-rate changes occur or other money is or becomes available to pay those obligations.
(e) Limitation on transfers back. A transfer back may not occur after the end of the fiscal year or other period in which the receiving appropriation is available for obligation.
(f) Transfers to account from regular appropriations. (1) At the end of the fiscal year or other period for which Peace Corps expense appropriations are available, unobligated balances may be transferred into this account and combined with it for the same period and purposes. (2) This authority may be used only when an appropriation Act provides the specific amounts in advance.
(g) Authorization of appropriations. For each fiscal year, Congress may appropriate whatever amount is needed to keep $5,000,000 in this account at the start of that fiscal year.
(h) Reports. Each year the Peace Corps Director must report on transfers under this section to the House Foreign Affairs and Appropriations Committees and the Senate Foreign Relations and Appropriations Committees.
There is established in the Treasury of the United States* an account to be known as the “Foreign Currency Fluctuations, Peace Corps, Account”. The account shall be used for the purpose of providing funds to pay expenses for operations of the Peace Corps outside the United States which, as a result of fluctuations in currency exchange rates, exceed the amount appropriated for such expenses.
Funds in the account may be transferred, upon the certification of the Director of the Peace Corps (or the Director’s designee) that the transfer is necessary for the purpose specified in paragraph (1), to the account containing funds appropriated for the expenses of the Peace Corps.
Funds transferred under subsection (a) shall be merged with, and be available for the same time period, as the appropriation to which they are applied. Notwithstanding any provision of law limiting the amount of funds the Peace Corps may obligate in any fiscal year, such amount shall be increased to the extent necessary to reflect fluctuations in exchange rates from those used in preparing the budget submission.
An obligation of the Peace Corps payable in the currency of a foreign country may be recorded as an obligation based upon exchange rates used in preparing a budget submission. A change reflecting fluctuations in exchange rates may be recorded as a disbursement is made.
Funds transferred from the Foreign Currency Fluctuations, Peace Corps, Account may be transferred back to that account—
if the funds are not needed to pay obligations incurred because of fluctuations in currency exchange rates of foreign countries in the appropriation to which the funds were originally transferred; or
because of subsequent favorable fluctuations in the rates or because other funds are, or become, available to pay such obligations.
A transfer of funds back to the account under subsection (d) may not be made after the end of the fiscal year or other period for which the appropriation, to which the funds were originally transferred, is available for obligation.
At the end of the fiscal year or other period for which appropriations for the expenses of the Peace Corps are made available, unobligated balances of such appropriation may be transferred into the Foreign Currency Fluctuations, Peace Corps, Account, to be merged with, and to be available for the same period and purposes as, that account.
The authority of this subsection shall be exercised only to the extent that specific amounts are provided in advance in an appropriation Act.
There are authorized to be appropriated to the Foreign Currency Fluctuations, Peace Corps, Account for each fiscal year such sums as may be necessary to maintain a balance of $5,000,000 in such account at the beginning of such fiscal year.
Each year the Director of the Peace Corps shall submit to the Committee on Foreign Affairs and the Committee on Appropriations of the House of Representatives, and to the Committee on Foreign Relations and the Committee on Appropriations of the Senate, a report on funds transferred under this section.
Source credit: (Pub. L. 87–293, title I, § 16, as added Pub. L. 102–565, § 2(a), Oct. 28, 1992, 106 Stat. 4265.)
- 1992Enacted · Pub. L. 87-293 · 106 Stat. 4265
A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-293 on 1992-10-28.
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