
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 22USC2423]

 
               TITLE 22--FOREIGN RELATIONS AND INTERCOURSE
 
                     CHAPTER 32--FOREIGN ASSISTANCE
 
          SUBCHAPTER III--GENERAL AND ADMINISTRATIVE PROVISIONS
 
                   Part III--Miscellaneous Provisions
 
Sec. 2423. Exchanges of certain materials


(a) Agreement for necessary or strategic raw material; definition

    Notwithstanding any other provision of law, whenever the President 
determines it is in the United States national interest, he shall 
furnish assistance under this chapter or shall furnish defense articles 
or services under the Foreign Military Sales Act [22 U.S.C. 2751 et. 
seq.], pursuant to an agreement with the recipient of such assistance, 
articles, or services which provides that such recipient may only obtain 
such assistance, articles, or services in exchange for any necessary or 
strategic raw material controlled by such recipient. For the purposes of 
this section, the term ``necessary or strategic raw material'' includes 
petroleum, other fossil fuels, metals, minerals, or any other natural 
substance which the President determines is in short supply in the 
United States.

(b) Allocation of raw materials to Federal agencies

    The President shall allocate any necessary or strategic raw material 
transferred to the United States under this section to any appropriate 
agency of the United States Government for stockpiling, sale, transfer, 
disposal, or any other purpose authorized by law.

(c) Deposits in United States Treasury of funds from disposal of 
        materials

    Funds received from any disposal of materials under subsection (b) 
of this section shall be deposited as miscellaneous receipts in the 
United States Treasury.

(Pub. L. 87-195, pt. III, Sec. 663, as added Pub. L. 93-559, Sec. 32, 
Dec. 30, 1974, 88 Stat. 1805.)

                       References in Text

    This chapter, referred to in subsec. (a), was in the original ``this 
Act'', meaning Pub. L. 87-195, Sept. 4, 1961, 75 Stat. 424, as amended, 
known as the Foreign Assistance Act of 1961. For complete classification 
of this Act to the Code, see Short Title note set out under section 2151 
of this title and Tables.
    The Foreign Military Sales Act, referred to in subsec. (a), is Pub. 
L. 90-629, ch. 1, Oct. 22, 1968, 82 Stat. 1320, as amended, known as the 
Arms Export Control Act, on authority of section 201(b) of Pub. L. 94-
329, title II, June 30, 1976, 90 Stat. 734, and is classified 
principally to chapter 39 (Sec. 2751 et seq.) of this title. For 
complete classification of this Act to the Code, see Short Title note 
set out under section 2751 of this title and Tables.

                         Delegation of Functions

    For delegation of functions of President under this section, see Ex. 
Ord. No. 12163, Sept. 29, 1979, 44 F.R. 56673, as amended, set out as a 
note under section 2381 of this title.

                  Section Referred to in Other Sections

    This section is referred to in title 50 section 98c.
