amendments to mutual educational and cultural exchange act of 1961

amendments to mutual educational and cultural exchange act of 1961 Sec. 203. (a) Section 102(b) of the Mutual Educational and Cultural Exchange Act of 1961 (22 U.S.C. 2452) is amended (1) by striking the period at the end of clause (9) and substituting a semi-colon and the word “and”; and (2) by adding at the end thereof a new clause as follows: “(10) promoting studies, research, instruction, and other educational activities of citizens and nationals of foreign countries in American schools, colleges, and universities located in the United States by making available to citizens and nationals of less developed friendly foreign countries for exchange for currencies of their respective countries (other than excess foreign currencies), at United States embassies, United States dollars in such amounts as may be necessary to enable such foreign citizens or nationals who are coming temporarily to the United States as students, trainees, teachers, instructors, or professors to meet expenses of the kind described in section 104(e)(1) of this Act.” (b) Section 104 of the Mutual Educational and Cultural Exchange Act of 1961 is amended by adding at the end thereof a new subsection as follows: “(g) (1) For the purpose of performing functions authorized by section 102(b) (10) of this Act, the President is authorized to establish the exchange rates at which all foreign currencies may be acquired through operations under such section, and shall issue regulations binding upon all embassies with respect to the exchange rates to be applicable in each of the respective countries where currency exchanges are authorized under such section. “(2) In performing the functions authorized under section 102(b) (10) of this Act, the President shall make suitable arrangements for protecting the interests of the United States Government in connection with the ownership, use, and disposition of all foreign currencies acquired pursuant to exchanges made under such section. “(3) The total amount of United States dollars inquired by any individual through currency exchanges under the authority of section 102(b) (10) of this Act shall in no event exceed $3,000 during any academic year. “(4) An individual shall be eligible to exchange foreign currency for United States dollars at United States embassies under section 102(b) (10) of this Act only if he gives satisfactory assurances that (A) he will devote essentially full time to his proposed educational activity in the United States and will maintain good standing in relation to such program; (B) he will return to the country of his citizenship or nationality prior to coming to the United States and will render such public service as is determined acceptable for a period of time determined reasonable and necessary by the government of such country; and (C) he will not apply for an immigrant visa or for permanent residence or for a nonimmigrant visa under the Immigration and Nationality Act after having received any benefits under such section for a period of time equal to the period of study, research, instruction, or other educational activity he performed pursuant to such section. 80 Stat. 1072 “(5) As used in section 102(b) (10) of this Act, the term ‘excess foreign currencies’ means foreign currencies, which if acquired by the United States (A) would be in excess of the normal requirements of departments, agencies, and embassies of the United States for such currencies, as determined by the President, and (B) would be available for the use of the United States Government under applicable agreements with the foreign country concerned.” (c) Section 105 of the Mutual Educational and Cultural Exchange Act of 1961 is amended by adding at the end thereof a new subsection as follows: “(g) Notwithstanding any other provision of this Act, there are authorized to be appropriated for the purposes of making currency exchanges under section 102(b) (10) of this Act, not to exceed $10,000,000 for the fiscal year ending June 30, 1968, and not to exceed $15,000,000 for the fiscal year ending June 30, 1969.”.