Amendment and Repeal of Certain Provisions.—

Sec. 710. Amendment and Repeal of Certain Provisions.—(a) (1) Section 516 (a) of the Mutual Security Act of 1951, as amended, is amended to read as follows: “(a) The Congress recognizes the vital role of free enterprise in achieving rising levels of production and standards of living essential to the economic progress and defensive strength of the free world. Accordingly, it is declared to be the policy of the United States, in furtherance of the objectives of this Act, to encourage the efforts of other free countries in fostering private initiative and competition, in discouraging monopolistic practices, in improving the technical efficiency of their industry, agriculture, and commerce, and in the strengthening of free labor unions; and to encourage American enterprise in contributing to the economic strength of other free countries through private investment abroad and the exchange of ideas and technical information on the matters covered by this subsection.” (2) Section 516 (b) of such Act, as amended, is amended by striking out the words “To accomplish the purpose of clause (1) of subsection (a) of this section, under” and inserting in lieu thereof the word “Under”. (b) Section 115 (k) of the Economic Cooperation Act of 1948, as amended, is repealed. Nothing in this subsection shall be construed to prevent the carrying out of any commitment or agreement entered into pursuant to such section 115 (k) prior to the date of enactment of this Act.