Eightieth Congress of the United States of America
At the Second Session
Begun and held at the City of Washington on Tuesday, the sixth day of January, one thousand nine hundred and forty-eight
An Act
To promote world peace and the general welfare, national interest and foreign policy of the United States through economic financial and other measures necessary to the maintenance of the conditions abroad in which free institutions may survice and consistent with the maintenance of the strength and stability of the United States.
Be it enacted by the Senate and the House of Represenatives of the United States of American in Congress assembled, That this Act may be cited as the “Foreign Asistance Act of 1948”.
TITLE I
Sec. 101. This title may be cited as the “Economic Cooperation Act of 1948”.
Findings and Declaration of Policy
Sec. 102. (a) Recognizing the intimate economic and other relationships betwen the United States and the nations of Europe, and recognizing that disruption following in the wake of war is not contained by national frontiers, the Congress finds that the existing situation in Europe endangers the establishment of a lasting peace, the general welfare and national interest of the United States, and the attainment of the objectives of the United Nations. The restoration or maintenance in European countries of principles of individual liberty, free institutions, and genuine independence rests largely upon the establishment of sound economic conditions, stable international economic relationships, and the achievement by the countries of Europe of a health economy independent of extraordinary outside assistance. The accomplishment of these objectives calls for a plan of European recovery, open to all such nations which cooperate in such plan, based upon a strong production effort, the expansion of foreign trade, the creation and maintenace of internal financial stability, and the development of economic cooperation, including all possible steps to establish and maintain equitable rates of exchange and to bring about the progressive elimination of trade barriers. Mindful of the advantages the Unted States has enjoyed through the existence of a large domestic market with no internal trade barriers, and believing that similar advantages can accrue to the countries of Europe, it is declared to be the policy of the people of the United States to encourage these …
[pages omitted]
Economic Corporation, may deem necessary to carry out the purposes of this title and to improve commercial relations with China.
Sec. 406. Notwithstanding the provisions of any other law, the Reconstruction Finance Corporation is authorized and directed, until such time as an appropriation is made pursuant to section 404, to make advances, not to exceed in the aggregate $50,000,000, to carry out the provision of this title in such manner and ins uch amounts as the President shall determine. From appropriations authorized under section 404, there shall be repaind without interest to the Reconstruction Finance Corporation the advances made by it under the authority contained herein. No interest shall by charged on advances made by the Treasury to the Reconstruction Finance Corporation in implementation of this section.
Sec. 407. (a) The Secretary of State, after consultation with the Administrator, is hereby authorized to conclude and agreement with China establishing a Joint Commission of Rural Reconstruction in China, to be composed of two citizens of the United States appointed by the President of the United States and three citizens of China appointed by the President of China. Such Commission shall, subject to the direction and control of the Administrator, formulate and carry out a program for reconstruction in rural areas of China, which shall include such research and training activities as may be necessary or appropriate for such reconstruction: Provided, That assistance furnished under this section shall not be construed as an express or implied assumption by the Unted States of any responsibility for making an futher contributions to carry out the purposes of this section.
(b) Insofar as practicable, an amount equal to not more than 10 per centum of the funds made available under subsection (a) of section 404 shall be used to carry out the purposes of subsection (a) of this section. Such amount my be in United States dollars, proceeds in Chinese currency from the sale of commodities made available to China with funds authorized under subsection (a) of section 404, or both.
[endorsements]
