AUTHORITY TO TRANSFER NAVAL VESSELS.

SEC. 1271. AUTHORITY TO TRANSFER NAVAL VESSELS. (a) Inapplicability of Aggregate Annual Limitation on Value of Transferred Excess Defense Articles.—The value of a vessel transferred to another country on a grant basis under section 516 of the Foreign Assistance Act of 1961 (22 U.S.C. 2321j) pursuant to authority provided by section 1018(a) of the National Defense Authorization Act for Fiscal Year 2000 shall not be counted for the purposes of section 516(g) of the Foreign Assistance Act of 1961 in the aggregate value of excess defense articles transferred to countries under that section in any fiscal year. (b) Technical and Conforming Amendments.—Section 1018 of the National Defense Authorization Act for Fiscal Year 2000 is amended— (1) in subsections (a) and (d), by striking “Secretary of the Navy” each place it appears and inserting “President”; (2) by striking subsection (b); and (3) by redesignating subsections (c) through (e) as subsections (b) through (d), respectively.