§2396b. USAID Buying Power Maintenance Account

(1) Consistent with paragraph (2), there is hereby established in the Treasury of the United States the "USAID Buying Power Maintenance Account".

(2) Up to $50,000,000 of expired or unexpired discretionary unobligated balances appropriated for this and for any succeeding fiscal year under the heading "Operating Expenses" may be transferred to, and merged with, the account established pursuant to paragraph (1) not later than the end of the fifth fiscal year after the last fiscal year for which such funds are available for the purposes for which appropriated: Provided, That amounts deposited in such account shall be available until expended for the purposes of offsetting adverse fluctuations in foreign currency exchange rates or overseas wage and price changes to maintain overseas operations, in addition to such other funds as may be available for such purposes: Provided further, That amounts from such account may be transferred to, and merged with, funds appropriated under titles II and III of this Act or subsequent Acts making appropriations for the Department of State, foreign operations, and related programs for such purposes: Provided further, That any specific designation or restriction contained in this Act or any other provision of law limiting the amounts available that may be obligated or expended shall be deemed to be adjusted to the extent necessary to offset the net effect of fluctuations in foreign currency exchange rates or overseas wage and price changes in order to maintain approved levels: Provided further, That transfers pursuant to this section shall be subject to the regular notification procedures of the Committees on Appropriations.

( Pub. L. 118–47, div. F, title VII, §7069(a), Mar. 23, 2024, 138 Stat. 849 .)

Editorial Notes

References in Text

Titles II and III of this Act, referred to in par. (2), means titles II and III of div. F of Pub. L. 118–47, Mar. 23, 2024, 138 Stat. 739 , 740. See section 3 of Pub. L. 118–47, set out as a References in Pub. L. 118–47 note under section 1 of Title 1, General Provisions.

This section, referred to in par. (2), was in the original "this subsection", meaning subsec. (a) of section 7069 of title VII of div. F of Pub. L. 118–47. Subsec. (b) of section 7069 was not classified to the Code.

Codification

Section was added as part of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2024, and also as part of the Further Consolidated Appropriations Act, 2024, and not as part of the Foreign Assistance Act of 1961 which comprises this chapter.