1 other provisions of this or any other Act in accordance with 2 which assistance furnished under this chapter would other3 wise have been provided. 4 "SEC. 109. TRANSFER OF FUNDS.-Notwithstanding 5 the preceding section, whenever the President determines it 6 to be necessary for the purposes of this chapter, not to exceed 7 15 per centum of the funds made available for any provision 8 of this chapter may be transferred to, and consolidated with, 9 the funds made available for any other provision of this 10 chapter, and may be used for any of the purposes for which 11 such funds may be used, except that the total in the provision 12 for the benefit of which the transfer is made shall not be in13 creased by more than 25 per centum of the amount of funds 14 made available for such provision.". 15 DEVELOPMENT LOAN FUND 16 SEC. 4. Section 203 of chapter 2 of part I of the Foreign 17 Assistance Act of 1961 is amended as follows: 18 (a) Strike out "the Mutual Security Act of 1954, as 19 amended," and insert in lieu thereof "predecessor foreign 20 assistance legislation". 21 (b) Strike out "for the fiscal year 1970, for the fiscal 22 year 1971, for the fiscal year 1972, and for the fiscal year 23 1973" and insert in lieu thereof "for the fiscal years 1974 24 and 1975 for use for the purposes of chapter 1 of this part 25 and part V of this Act and". 1 2 ADMINISTRATIVE POSITIONS SEC. 5. Chapter 2 of part III of the Foreign Assistance 3 Act of 1961, relating to administrative provisions, is 4 amended as follows: 5 (a) In section 638, relating to Peace Corps assistance, 6 insert before the period at the end thereof "; or under part 7 V of this Act". 8 9 16 (b) At the end thereof, add the following new section: "SEC. 640B. COORDINATION.-(a) The President shall 10 establish a system for coordination of United States policies 11 and programs which affect United States interests in the 12 development of low-income countries. To that end, the Presi13 dent shall establish a Development Coordination Committee 14 which shall advise him with respect to coordination of 15 United States policies and programs affecting the development of the developing countries, including programs of bi17 lateral and multilateral development assistance. The Com18 mittee shall include the Administrator, Mutual Develop19 ment and Cooperation Agency, Chairman; the Under Sec20 retary for Economic Affairs, Department of State; the As21 sistant Secretary for International Organization Affairs, De22 partment of State; the Assistant Secretary for International 23 Affairs, Department of the Treasury; the Assistant Secre24 tary for International Affairs and Commodity Programs, 25 Department of Agriculture; the Assistant Secretary for 1 Domestic and International Business, Department of Com2 merce; the President, Export-Import Bank of the United 3 States; the President, Overseas Private Investment Corpora4 tion; the Special Representative for Trade Negotiations, 5 Executive Office of the President; and the Executive Direc6 tor, Council on International Economic Policy. 7 1 "(b) The President shall prescribe appropriate proce 8 dures to assure coordination among representatives of the 9 United States Government in each country, under the direc10 tion of the Chief of the United States Diplomatic Mission. 11 "(c) Programs authorized by this Act shall be under12 taken with the foreign policy guidance of the Secretary of 13 State. 14 "(d) The Chairman of the Development Coordination 15 Committee shall report annually to the President and the 16 Congress on United States actions affecting the development 17 of the low-income countries.". 18 UNITED STATES EXPORT DEVELOPMENT CREDIT FUND 19 SEC. 6. The Foreign Assistance Act of 1961 is amended 20 by adding at the end thereof the following new part: 22 "PART V "SEC. 801. GENERAL AUTHORITY.- (a) In the in 23 terest of increasing United States exports to the lowest 24 income countries, thereby contributing to high levels of em25 ployment and income in the United States and to the estab 1 lishment and maintenance of long range, growing export 2 markets, while promoting development of such countries, 3 the President shall establish a fund, to be known as the 4 'United States Export Development Credit Fund', to be 5 used by the President to carry out the authority contained 6 in this part. 7 "(b) The President is authorized to provide extensions 8 of credit and to refinance United States exporter credits, for 9 the purpose of facilitating the sale of United States goods 10 and services to the lowest income countries which advance 11 their development. The provisions of section 201 (d) of this 12 Act shall apply to extensions of credit under this part. The 13 authority contained in this part shall be used to extend credit 14 in connection with the sale of goods and services which are of 15 developmental character, with due regard for the objectives 16 stated in section 102 (b) of this Act. 17 "(c) The receipts and disbursements of the Fund in the 18 discharge of its functions shall be treated for purposes of the 19 budget of the United States Government in the same fashion 20 as the receipts and disbursements of the Export-Import Bank 21 of the United States under section 2 (a) (2) of the Export22 Import Bank Act of 1945, as amended. 23 "SEC. 802. FINANCING.-(a) As may hereafter be pro24 vided in annual appropriation Acts, the President is 25 authorized to borrow from whatever source he deems 1 appropriate, during the period from the enactment of this 2 part through December 31, 1977, and to issue and sell 3 such obligations as he determines necessary to carry out the 4 purposes of this part: Provided, That the aggregate amount 5 of such obligations outstanding at any one time shall not 6 exceed one-fourth of the amount specified in section 7 of the 7 Export-Import Bank Act of 1945, as amended. The dates 8 of issuance, the maximum rates of interest, and other terms 9 and conditions of the obligations issued under this subsection 10 will be determined by the Secretary of the Treasury with the 11 approval of the President. Obligations issued under the au12 thority of this section shall be obligations of the Government 13 of the United States of America, and the full faith and credit 14 of the United States of America is hereby pledged to the full 15 payment of principal and interest thereon. For the purpose 16 of any purchase of the obligations issued under this part, the 17 Secretary of the Treasury is authorized to use as a public debt 18 transaction the proceeds from the sale of any securities issued 19 under the Second Liberty Bond Act, as now or hereafter in 20 force, and purposes for which securities may be issued under 21 the Second Liberty Bond Act, as now or hereafter in force, 22 are extended to include any purchases of the obligations 23 issued under this part. The Secretary of the Treasury may, at 24 any time, sell any of the obligations acquired by him under 25 this section. All redemptions, purchases, and sales by the |