22 U.S.C. § 1442
The Director of the United States Information Agency may make guaranties, in accordance with the provisions of subsection (b) of section 19331 of this title, of investments in enterprises producing or distributing informational media consistent with the national interests of the United States: Provided, That the purpose of making informational media guaranties shall be the achievement of the foreign policy objectives of the United States, including the objective mentioned in sections 1933(b)(4)(A)1 and 1933(b)(4)(G)1 of this title.
The Director is authorized to assume the obligation of not to exceed $28,000,000 of the notes authorized to be issued pursuant to section 1509(c)(2)1 of this title, together with the interest accrued and unpaid thereon, and to obtain advances from time to time from the Secretary of the Treasury up to such amount, less amounts previously advanced on such notes, as provided for in said notes. Such advances shall be deposited in a special account in the Treasury available for payments under informational media guaranties.
The Director is authorized to make informational media guaranties without regard to the limitations of time contained in section 1933(b)(4)1 of this title, but the total of such guaranties outstanding at any one time shall not exceed the sum of the face amount of the notes assumed by the Director less the amounts previously advanced on such notes by the Secretary of the Treasury plus the amount of the funds in the special account referred to in subsection (b).
Foreign currencies available after June 30, 1955, from conversions made pursuant to the obligation of informational media guaranties may be sold, in accordance with Treasury Department regulations, for dollars which shall be deposited in the special account and shall be available for payments under new guaranties. Such currencies shall be available, as may be provided for by the Congress in appropriation Acts, for use for educational, scientific, and cultural purposes which are in the national interest of the United States, and for such other purposes of mutual interest as may be agreed to by the governments of the United States and the country from which the currencies derive.
Notwithstanding the provisions of section 1933(b)(4)(E)1 of this title, (1) fees collected for the issuance of informational media guaranties shall be deposited in the special account and shall be available for payments under informational media guaranties; and (2) the Director may require the payment of a minimum charge of up to fifty dollars for issuance of guaranty contracts, or amendments thereto.
The Director is further authorized, under such terms as he may prescribe, to make advance payments under informational media guaranties: Provided, That currencies receivable from holders of such guaranties on account of such advance payments shall be paid to the United States within nine months from the date of the advance payment and that appropriate security to assure such payments is required before any advance payment is made.
As soon as feasible after July 18, 1956, all assets, liabilities, income, expenses, and charges of whatever kind pertaining to informational media guaranties, including any charges against the authority to issue notes provided in section 1509(c)(2)1 of this title, cumulative from April 3, 1948, shall be accounted for separately from other guaranties issued pursuant to section 1933(b)1 of this title: Provided, That there shall be transferred from the special account established pursuant to subsection (b), into the account available for payments under guaranties other than the informational media guaranties, an amount equal to the total of the fees received for the issuance of guaranties other than informational media guaranties, and used to make payments under informational media guaranties.
1See References in Text note below.
22 U.S.C. § 1442
EDITORIAL NOTES
REFERENCES IN TEXTSection 1933 of this title, referred to in subsecs. (a), (c), (e), and (g), was repealed by Pub. L. 87-195 pt. III, §642(a)(2), Sept. 4, 1961, 75 Stat. 460. See section 2351 of this title.Section 1509 of this title, referred to in subsecs. (b) and (g), was repealed by act Aug. 26, 1954, ch. 937, title V, §542(a)(4), (6), (9), (10), (11), 68 Stat. 861. See section 1754 et seq. of this title.Section 1476(a) of this title, referred to in subsec. (h)(4), was repealed by Pub. L. 105-277, div. G, subdiv. A, title XIII, §1336(1), Oct. 21, 1998, 112 Stat. 2681-790.
AMENDMENTS1982-Subsec. (h)(4). Pub. L. 97-241, §304(f), added par. (4). 1959-Subsec. (a). Pub. L. 86-108 provided that the purpose of making informational media guaranties shall be the achievement of the foreign policy objectives of the United States, including the objective mentioned in former sections 1933(b)(4)(A) and 1933(b)(4)(G) of this title, now covered by section 2351 of this title. 1958-Subsec. (h). Pub. L. 85-477 added subsec. (h).1956-Subsec. (a). Act Aug. 26, 1954, §544(g), as added by act July 18, 1956, designated as subsec. (a) the entire former section and amended it to eliminate provisions which permitted the Director to make guaranties against funds made available by notes issued pursuant to section 1509(c)(2) of this title and which limited the amount of such guaranties in any fiscal year to not more than $10,000,000. Such provisions were covered by subsecs. (b) to (g) of this section. Subsecs. (b) to (g). Act Aug. 26, 1954, §544(g), as added by act July 18, 1956, added subsecs (b) to (g).
STATUTORY NOTES AND RELATED SUBSIDIARIES
REPEALS Section 544(a), (g) of act Aug. 26, 1954, cited as a credit to this section, was repealed by section 11(b)(1) of Pub. L. 85-141 except in so far as section 544(a), (g) affected this section.
TRANSFER OF FUNCTIONS United States Information Agency (other than Broadcasting Board of Governors and International Broadcasting Bureau) abolished and functions transferred to Secretary of State, see sections 6531 and 6532 of this title.
- Department
- "Department" means the Department of State.
- Secretary
- "Secretary" means the Secretary of State.