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103D CONGRESS

1ST SESSION H. R. 3139

To amend the Japan-United States Friendship Act to recapitalize the Friendship Trust Fund, to broaden investment authority, and to strengthen

criteria for membership on the Japan-United States Friendship Commission.

IN THE HOUSE OF REPRESENTATIVES

SEPTEMBER 27, 1993

Mr. WISE introduced the following bill; which was referred to the Committee

on Foreign Affairs

A BILL

To amend the Japan-United States Friendship Act to recapitalize the Friendship Trust Fund, to broaden investment

authority, and to strengthen criteria for membership on

the Japan-United States Friendship Commission.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. RECAPITALIZING THE FRIENDSHIP TRUST

4 FUND.

5 (a) AUTHORIZATION OF APPROPRIATIONS.—Section

6 3 of the Japan-United States Friendship Act (22 U.S.C.

7 2902) is amended—
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1 (1) by adding at the end the following new sub2 section:

3 ‘‘(f)(1) There are authorized to be appropriated to

4 the Fund $10,000,000, plus any amount described in

5 paragraph (2), for each of the fiscal years 1994 through

6 1998.

7 ‘‘(2) Any unappropriated portion of the amount au8 thorized to be appropriated by paragraph (1) may be ap9 propriated in any subsequent fiscal year.’’.

10 (b) CONFORMING AMENDMENTS.—Section 7 of the

11 Japan-United States Friendship Act (22 U.S.C. 2906) is

12 amended—

13 (1) in subsection (a)(1), by striking ‘‘sections 3

14 (d) and (e)(1) of this Act’’ and inserting ‘‘sub15 sections (d), (e)(1), and (f) of section 3’’; and

16 (2) in subsection (b), by striking in the second

17 sentence ‘‘section 3(d) of this Act’’ and inserting

18 ‘‘subsections (d) and (f) of section 3’’.

19 SEC. 2. UNITED STATES PANEL OF THE JOINT COMMITTEE

20 ON UNITED STATES-JAPAN CULTURAL AND

21 EDUCATIONAL COOPERATION.

22 Section 4 of the Japan-United States Friendship Act

23 (22 U.S.C. 2903) is amended by adding at the end the

24 following new subsection:
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1 ‘‘(d) The membership of the United States Panel of

2 the Joint Committee on United States-Japan Cultural and

3 Educational Cooperation shall be drawn from among indi4 viduals who are deeply familiar with Japan and United

5 States-Japan relations, as demonstrated in their pro6 fessional careers, and who have performed distinguished

7 service in—

8 ‘‘(1) law, business, or finances;

9 ‘‘(2) education, training, or research at post10 secondary levels;

11 ‘‘(3) the media or publishing;

12 ‘‘(4) foundation or philanthropic activity;

13 ‘‘(5) the American arts, culture, or the human14 ities; or

15 ‘‘(6) other aspects of American public life.’’.

16 SEC. 3. BROADENING INVESTMENT AUTHORITY.

17 Section 7 of the Japan-United States Friendship Act

18 (22 U.S.C. 2906) is amended—

19 (1) in subsection (b)—

20 (A) in the first sentence, by inserting ‘‘, at

21 the direction of the Chairman of the Commis22 sion,’’ after ‘‘ ‘Secretary’)’’; and

23 (B) in the second sentence, by striking ‘‘in

24 interest bearing obligations of the United States

25 or in obligations guaranteed as to both prin-
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1 cipal and interest by the United States’’ and in2 serting ‘‘in instruments of public debt with ma3 turities suitable to the needs of the Fund’’; and

4 (2) in subsection (c), by inserting ‘‘, at the di5 rection of the Chairman of the Commission,’’ after

6 ‘‘sold’’.

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