§ 5414 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE Page 1184

(2) in order to ensure the necessary quantity

and diversity of such agricultural assistance,

shall take all appropriate steps to encourage

parallel efforts by the European Community

and other agricultural surplus countries.

(c) FY 1990 minimum level of agricultural assistance for Poland

In carrying out subsection (b) of this section,

the level of assistance for Poland for fiscal year

1990 under section 1431(b) of title 7, the Agricultural Trade Development and Assistance Act of

1954 (7 U.S.C. 1691 and following), and section

1736o of title 7 should not be less than

$125,000,000. Such assistance—

(1) to the maximum extent practicable, shall

be provided through nongovernmental organizations; and

(2) shall emphasize feed grains.

(d) Consistency with budget requirements

Subsection (c) of this section should not be

construed to authorize or require any budgetary

obligations or outlays that are inconsistent with

House Concurrent Resolution 106 of the 101st

Congress (setting forth the congressional budget

for the United States Government for fiscal year

1990).

(Pub. L. 101–179, title I, §103, Nov. 28, 1989, 103

Stat. 1303.)

REFERENCES IN TEXT

The Agricultural Trade Development and Assistance

Act of 1954, referred to in subsec. (c), is act July 10,

1954, ch. 469, 68 Stat. 454, as amended, which is classified

generally to chapter 41 (§1691 et seq.) of Title 7, Agriculture. For complete classification of this Act to the

Code, see Short Title note set out under section 1691 of

Title 7 and Tables.

House Concurrent Resolution 106 of the 101st Congress, referred to in subsec. (d), is H. Con. Res. 106, May

18, 1989, 103 Stat. 2450, which is not classified to the

Code.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5411, 5425 of this

title.

§ 5414. Debt-for-equity swaps and other special

techniques

(a) Reduction of debt burden

The President shall take all appropriate actions to explore and encourage innovative approaches to the reduction of the government-togovernment and commercial debt burden of East

European countries which have taken substantive steps toward political democracy and

economic pluralism.

(b) Authority for discounted sales of debt

Notwithstanding any other provision of law,

the President may undertake the discounted

sale, to private purchasers, of United States

Government debt obligations of an East European country which has taken substantive steps

toward political democracy and economic pluralism, subject to subsection (c) of this section.

(c) Condition

An obligation may be sold under subsection (b)

of this section only if the sale will facilitate socalled debt-for-equity or debt-for-development

swaps wherein such newly privatized debt is exchanged by the new holder of the obligation

for—

(1) local currencies, policy commitments, or

other assets needed for development or other

economic activities, or

(2) for an equity interest in an enterprise

theretofore owned by the particular East European government.

(Pub. L. 101–179, title I, §104, Nov. 28, 1989, 103

Stat. 1304.)

DELEGATION OF FUNCTIONS

Functions of President under this section delegated

to Secretary of the Treasury by section 4 of Ex. Ord.

No. 12703, Feb. 20, 1990, 55 F.R. 6351, set out as a note

under section 5401 of this title.

SUBCHAPTER II—PRIVATE SECTOR

DEVELOPMENT

§ 5421. Enterprise Funds for Poland and Hungary

(a) Purposes

The purposes of this section are to promote—

(1) development of the Polish and Hungarian

private sectors, including small businesses,

the agricultural sector, and joint ventures

with United States and host country participants, and

(2) policies and practices conducive to private sector development in Poland and Hungary,

through loans, grants, equity investments, feasibility studies, technical assistance, training,

insurance, guarantees, and other measures.

(b) Authorization of appropriations

To carry out the purposes specified in subsection (a) of this section, there are authorized

to be appropriated to the President—

(1) $240,000,000 to support the Polish-American Enterprise Fund; and

(2) $60,000,000 to support the HungarianAmerican Enterprise Fund.

Such amounts are authorized to be made available until expended.

(c) Nonapplicability of other laws

The funds appropriated under subsection (b) of

this section may be made available to the Polish-American Enterprise Fund and the Hungarian-American Enterprise Fund and used for the

purposes of this section notwithstanding any

other provision of law.

(d) Designation of Enterprise Funds

(1) Designation

The President is authorized to designate two

private, nonprofit organizations as eligible to

receive funds and support pursuant to this section upon determining that such organizations

have been established for the purposes specified in subsection (a) of this section. For purposes of this chapter, the organizations so designated shall be referred to as the PolishAmerican Enterprise Fund and the HungarianAmerican Enterprise Fund (hereinafter in this

section referred to as the ‘‘Enterprise Funds’’).

(2) Consultation with Congress

The President shall consult with the leadership of each House of Congress before des-