Editorial Notes

Codification

This section was not enacted as part of the Mutual Security Act of 1954 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Short Title

Pub. L. 88–205, pt. IV, § 401(a), Dec. 16, 1963, 77 Stat. 390, amended Pub. L. 86–735 to provide: “That this Act [enacting this section and sections 1943 to 1945 of this title and amending section 1753a of this title] may be cited as the ‘Latin American Development Act’.”

Revision of Social Progress Trust Fund Agreement

Pub. L. 93–189, § 36, Dec. 17, 1973, 87 Stat. 734, as amended by Pub. L. 97–113, title VII, § 734(a)(9), Dec. 29, 1981, 95 Stat. 1560, provided that:

“(a)

The President or his delegate shall seek, as soon as possible a revision of the Social Progress Trust Fund Agreement (dated June 19, 1961) between the United States and the Inter-American Development Bank. Such revision should provide for the—

“(1)

periodic transfer of unencumbered capital resources of such trust fund, and of any future repayments or other accruals otherwise payable to such trust fund, to the Inter-American Foundation, to be administered by the Foundation for purposes of part IV of the Foreign Assistance Act of 1969 (22 U.S.C. 290f and following);

“(2)

utilization of such unencumbered capital resources, future repayments, and other accruals by the Inter-American Development Bank for purposes of sections 1 and 2 of the Latin American Development Act (22 U.S.C. 1942 and 1943) in such a way that the resources received in the currencies of the more developed member countries are utilized to the extent possible for the benefit of the lesser developed member countries; or

“(3)

both the transfer described in paragraph (1) and the utilization described in paragraph (2).

“(b)

Any transfer or utilization under this section shall be in such proportions as may be agreed to between the United States and the Inter-American Development Bank.

“(c)

Any transfer under subsection (a)(1) shall be in the amounts, and in available currencies, determined in consultation with the Inter-American Foundation, to be required for its program purposes.

“(d)

The revision of the Social Progress Trust Fund Agreement pursuant to this section shall provide that the President or his delegate shall specify, from time to time, after consultation with the Inter-American Development Bank, the particular currencies to be used in making the transfer or utilization described in this section.

“(e)

[Repealed. Pub. L. 97–113, title VII, § 734(a)(9), Dec. 29, 1981, 95 Stat. 1560].”

[Amendment of provisions of section 36 of Pub. L. 93–189, set out above, by Pub. L. 106–113, div. B, § 1000(a)(2) [title V, § 586(h)(2)], Nov. 29, 1999, 113 Stat. 1535, 1501A–120, did not become effective pursuant to section 1000(a)(2) [title V, § 586] of div. B of Pub. L. 106–113, formerly set out as an Abolition of the Inter-American Foundation note under section 290f of this title.]

Executive Documents

Delegation of Responsibilities Related to the Latin American Development Act of 1960

Memorandum of President of the United States, May 30, 2001, 66 F.R. 30629, provided:

Memorandum for the Secretary of State

By the authority vested in me by the Constitution and laws of the United States of America, including section 301 of title 3 of the United States Code, I hereby delegate to the Secretary of State the functions conferred upon the President by the Latin American Development Act of 1960, 22 U.S.C. 1942 et seq.

The functions delegated by this memorandum may be redelegated as appropriate.

You are authorized and directed to publish this memorandum in the Federal Register.

George W. Bush.