StacksVerified U.S. regulatory reference

40 U.S.C. § 701

Verified against govinfo.gov as of June 20, 2026View official text on govinfo.gov ↗
  1. (a)The President may prescribe policies that the President considers necessary to carry out this chapter. The policies must be consistent with this chapter.
  2. (b)
    1. (1)The head of an executive agency that has foreign excess property is responsible for the disposal of the property.
    2. (2)In carrying out functions under this chapter, the head of an executive agency shall—
      1. (A)use the policies prescribed by the President under subsection (a) for guidance; and
      2. (B)dispose of foreign excess property in a manner that conforms to the foreign policy of the United States.
    3. (3)The head of an executive agency may—
      1. (A)delegate authority conferred by this chapter to an official in the agency or to the head of another executive agency; and
      2. (B)authorize successive redelegation of authority conferred by this chapter.
    4. (4)As necessary to carry out this chapter, the head of an executive agency may—
      1. (A)appoint and fix the pay of personnel in the United States, subject to chapters 33 and 51 and subchapter III of chapter 53 of title 5; and
      2. (B)appoint personnel outside the States of the United States and the District of Columbia, without regard to chapter 33 of title 5.
  3. (c)
    1. (1)The Secretary of State may use foreign currencies and credits acquired by the United States under section 704(b)(2) of this title—
      1. (A)to carry out the Mutual Educational and Cultural Exchange Act of 1961 (22 U.S.C. 2451 et seq.);
      2. (B)to carry out the Foreign Service Buildings Act, 1926 (22 U.S.C. 292 et seq.); and
      3. (C)to pay other governmental expenses payable in local currencies.
    2. (2)Except as otherwise directed by the President, the Secretary of State shall continue to perform functions under agreements in effect on July 1, 1949, related to the disposal of foreign excess property. The Secretary of State may amend, modify, and renew the agreements. Foreign currencies or credits the Secretary of State acquires under the agreements shall be administered in accordance with procedures that the Secretary of the Treasury may establish. Foreign currencies or credits reduced to United States currency must be deposited in the Treasury as miscellaneous receipts.