Transfers of Funds.—

Sec. 701. Transfers of Funds.—(a) Section 101 (b) of the Mutual Security Act of 1951, as amended, is amended to read as follows: “(b) Not to exceed 10 per centum of the total of the appropriations made available under this section may be transferred, when determined by the President to be necessary for the purpose of this Act, between appropriations made available under either paragraph of subsection (a): Provided, That whenever the President makes any such determination, he shall forthwith notify the Committee on Foreign Relations of the Senate, the Committee on Foreign Affairs of the House of Representatives, and the Committees on Armed Services of the Senate and of the House of Representatives.” (b) Section 202 of such Act, as amended, is amended by striking out “(excluding balances of prior appropriations continued available) pursuant to section 201” and inserting in lieu thereof “under section 201”. (c) The first sentence of section 513 (a) of such Act, as amended, is amended to read as follows: “Whenever the President, determines it to be necessary for the purpose of this Act, funds made available under 67 Stat. 156sections 101 (a) (1), 201, 301, and 401 may be transferred among such sections, except that not more than 10 per centum of the funds available under any such section may be transferred from that section; and funds made available under sections 101 (a) (2), 203, 302 (a), and 402 may be transferred among such sections, except that not more than 10 per centum of the funds available under any such section may be transferred from that section. Funds so transferred shall be consolidated with the funds available under the section to which they are transferred.