Pub. L. 88-205, pt. IV, sec. 403

Sec. 403. The Agricultural Trade Development and Assistance Act of 1954, as amended (7 U.S.C. 1691 et seq.), is amended as follows: (a) Section 101(f) is amended to read as follows: “(f) obtain rates of exchange applicable to the sale of commodities under such agreements which are not less favorable than the highest of exchange rates legally obtainable from the Government or agencies thereof in the respective countries.” (b) Section 105 is amended by adding at the end thereof the following new sentence: “The President shall utilize foreign currencies received pursuant to this title in such manner as will, to the maximum extent possible, reduce any deficit in the balance of payments of the United States.” (c) (1) Section 106 is amended by adding at the end thereof a new sentence as follows: “For the purposes of this title and title IV, the term ‘surplus agricultural commodity’ shall include any domestically produced fishery product (not including fish flour until approved by the Food and Drug Administration) if the Secretary of the Interior has determined that such product is at the time of exportation in excess of domestic requirements, adequate carryover, and anticipated exports for dollars.” (2) The amendment made by paragraph (1) of this subsection shall not be effective for purposes of title I of the Agricultural Trade Development and Assistance Act of 1954, as amended, until January 1, 1965. (d) Section 202 is amended by striking out “economic development” and inserting in lieu thereof “economic and community development”.