Use of Foreign Currency.—

Sec. 502. Use of Foreign Currency.— (a) Notwithstanding section 1415 of the Supplemental Appropriation Act, 1953, or any other pro-68 Stat. 850vision of law, proceeds of sales made under section 550 of the Mutual Security Act of 1951, as amended, shall remain available and shall be used for any of the purposes of this Act, giving particular regard to the following purposes— (1) for providing military assistance to nations or mutual defense organizations eligible to receive assistance under this Act; (2) for purchase of goods or services in friendly nations; (3) for loans, under applicable provisions of this Act, to increase production of goods or services, including strategic materials, needed in any nation with which an agreement was negotiated, or in other friendly nations, with the authority to use currencies received in repayment for the purposes stated in this section or for deposit to the general account of the Treasury of the United States; (4) for developing new markets on a mutually beneficial basis; (5) for grants-in-aid to increase production for domestic needs in friendly countries; and (6) for purchasing materials for United States stockpiles. (b) Notwithstanding section 1415 of the Supplemental Appropriation Act, 1953, or any other provision of law, local currencies owned by the United States shall be made available to appropriate committees of the Congress engaged in carrying out their duties under Section 136 of the Legislative Reorganization Act of 1946, as amended, for their local currency expenses: Provided, That any such committee of the Congress which uses local currency shall make a full report thereof to the Committee on House Administration of the House of Representatives (if the committee using such currency is a committee of the House of Representatives) or to the Committee on Rules and Administration of the Senate (if the committee using such currency is a committee of the Senate), snowing the total amount of such currency so used in each country and the purposes for which it was expended.