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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4558 Introduced in House (IH)]

108th CONGRESS
  2d Session
                                H. R. 4558

 To authorize the Comptroller General to conduct audits, evaluations, 
    and investigations of the Millennium Challenge Corporation, to 
 establish the Millennium Challenge Advisory Council, to transfer the 
Millennium Challenge program to the Foreign Assistance Act of 1961, and 
                          for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 14, 2004

   Mr. Hyde introduced the following bill; which was referred to the 
                  Committee on International Relations

_______________________________________________________________________

                                 A BILL

 
 To authorize the Comptroller General to conduct audits, evaluations, 
    and investigations of the Millennium Challenge Corporation, to 
 establish the Millennium Challenge Advisory Council, to transfer the 
Millennium Challenge program to the Foreign Assistance Act of 1961, and 
                          for other purposes.

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

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Millennium 
Challenge Accountability Act of 2004''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
               TITLE I--MILLENNIUM CHALLENGE ACT OF 2003

Sec. 101. Oversight by General Accounting Office.
Sec. 102. Millennium Challenge Advisory Council.
Sec. 103. Findings; Statement of policy.
Sec. 104. Definitions.
Sec. 105. Principal objectives.
Sec. 106. Transfer to Foreign Assistance Act of 1961.
                   TITLE II--MISCELLANEOUS PROVISIONS

   Subtitle A--HELP Commission Act; Foreign Aid Impact Assessment Act

Sec. 201. HELP Commission Act.
Sec. 202. Foreign Aid Impact Assessment Act.
                Subtitle B--Repeals; Related Provisions

Sec. 211. Repeals; conforming amendments.
Sec. 212. General authorities.

               TITLE I--MILLENNIUM CHALLENGE ACT OF 2003

SEC. 101. OVERSIGHT BY GENERAL ACCOUNTING OFFICE.

    Section 614 of title VI of division D of the Consolidated 
Appropriations Act, 2004 (Public Law 108-199; 22 U.S.C. 7713) is 
amended by adding at the end the following new subsection:
    ``(h) Comptroller General.--
            ``(1) In general.--The Comptroller General shall conduct on 
        an annual basis and as appropriate audits, evaluations, and 
        investigations of the Corporation.
            ``(2) Scope.--In carrying out this subsection, the 
        Comptroller General may conduct audits, evaluations, and 
        investigations of the activities and financial transactions of 
        the Corporation for any fiscal year during which Federal funds 
        are available to finance any portion of its operations in 
        accordance with such rules and regulations as may be prescribed 
        by the Comptroller General.
            ``(3) Location; access to documents.--
                    ``(A) Location.--The Comptroller General shall 
                conduct an audit, evaluation, or investigation under 
                this subsection at the place or places where pertinent 
                information of the Corporation is normally kept.
                    ``(B) Access to documents.--In conducting an audit, 
                evaluation, or investigation under this subsection, 
                representatives of the General Accounting Office shall 
                have access to all books, accounts, financial records, 
                reports, files, and other papers or property belonging 
                to or in use by the Corporation and necessary to 
                facilitate the audit, evaluation, or investigation. In 
                addition, the representatives shall be afforded full 
                facilities for verifying transactions with the balances 
                and securities held by depositories, fiscal agents, and 
                custodians of the Corporation.
                    ``(C) Rule of construction.--All books, accounts, 
                financial records, reports, files, and other papers or 
                property belonging to or in use by the Corporation 
                shall remain in the possession and custody of the 
                Corporation throughout the period beginning on the date 
                such possession or custody commences and ending three 
                years after such date, but the General Accounting 
                Office may require the retention of such books, 
                accounts, financial records, reports, files, papers, or 
                property for a longer period under section 3523(c) of 
                title 31, United States Code.
            ``(4) Report.--The Comptroller General shall prepare and 
        submit to the President and the appropriate congressional 
        committees a report that contains the results of each audit, 
        evaluation, or investigation conducted under this subsection, 
        including any recommendations as the Comptroller General 
        determines to be appropriate.''.

SEC. 102. MILLENNIUM CHALLENGE ADVISORY COUNCIL.

     Title VI of division D of the Consolidated Appropriations Act, 
2004 (Public Law 108-199; 22 U.S.C. 7701 et seq.) is amended by adding 
at the end the following new section:

``SEC. 620. MILLENNIUM CHALLENGE ADVISORY COUNCIL.

    ``(a) Establishment.--There is hereby established in the executive 
branch an advisory council to the Corporation to be known as the 
Millennium Challenge Advisory Council.
    ``(b) Functions.--
            ``(1) General functions.--The Council shall advise and 
        consult with the Chief Executive Officer of the Corporation and 
        the Board of Directors with respect to policies and programs 
        designed to further the purposes of this division and shall 
        periodically report to the Congress with respect to the 
        activities of the Corporation. In addition, the Council shall 
        review on an annual basis the criteria and methodology used to 
        determine eligibility of countries for assistance under this 
        title and make recommendations to the Chief Executive Officer 
        and the Board to improve the effectiveness of such criteria and 
        methodology in order to achieve the purposes of this division.
            ``(2) Additional functions.--Members of the Council shall 
        (subject to subsection (d)(1)) conduct on-site inspections, and 
        make examinations, of the activities of the Corporation in the 
        United States and in other countries in order to--
                    ``(A) evaluate the accomplishments of the 
                Corporation;
                    ``(B) assess the potential capabilities and the 
                future role of the Corporation;
                    ``(C) make recommendations to the Chief Executive 
                Officer, the Board of Directors, and Congress, for the 
                purpose of guiding the future direction of the 
                Corporation and of helping to ensure that the purposes 
                and programs of the Corporation are carried out in ways 
                that are economical, efficient, responsive to changing 
                needs in developing countries and to changing 
                relationships among people, and in accordance with law;
                    ``(D) make such other evaluations, assessments, and 
                recommendations as the Council considers appropriate.
            ``(3) Public participation.--The Council may provide for 
        public participation in its activities, consistent with section 
        552b of title 5, United States Code.
    ``(c) Membership.--
            ``(1) In general.--The Council shall consist of seven 
        individuals, who shall be appointed by the Chief Executive 
        Officer, and who shall be broadly representative of 
        nongovernmental entities with expertise and interest in 
        international trade and economic development, including 
        business and business associations, trade and labor unions, 
        private and voluntary organizations, foundations, public policy 
        organizations, academia, and other entities as the Chief 
        Executive Officer determines appropriate.
            ``(2) Additional requirement.--No member appointed under 
        paragraph (1) may be an officer or employee of the United 
        States Government.
    ``(d) Compensation.--
            ``(1) In general.--Except as provided in paragraph (2), a 
        member of the Council--
                    ``(A) shall be paid compensation out of funds made 
                available for the purposes of this title at the daily 
                equivalent of the highest rate payable under section 
                5332 of title 5, United States Code, for each day 
                (including travel time) during which the member is 
                engaged in the actual performance of duties as a member 
                of the Council; and
                    ``(B) while away from the member's home or regular 
                place of business on necessary travel, as determined by 
                the Chief Executive Officer, in the actual performance 
                of duties as a member of the Council, shall be paid per 
                diem, travel, and transportation expenses in the same 
                manner as is provided under subchapter I of chapter 57 
                of title 5, United States Code.
            ``(2) Limitation.--A member of the Council may not be paid 
        compensation under paragraph (1)(A) for more than thirty days 
        in any calendar year.
    ``(e) Quorum.--A majority of the members of the Council shall 
constitute a quorum for the purposes of transacting any business.
    ``(f) Financial Interests of Members.--A member of the Council 
shall disclose to the Chairperson of the Council and the Chief 
Executive Officer of the existence of any direct or indirect financial 
interest of that member in any particular matter before the Council and 
may not vote or otherwise participate as a Council member with respect 
to that particular matter.
    ``(g) Chairperson.--The Chief Executive Officer shall designate one 
of the members of the Council as Chairperson, who shall serve in that 
capacity for a term of two years. The Chief Executive Officer may renew 
the term of the member appointed as Chairperson under the preceding 
sentence.
    ``(h) Meetings; Bylaws and Regulations.--
            ``(1) Meetings.--The Council shall hold a regular meeting 
        during each calendar quarter and shall meet at the call of the 
        President, the Chief Executive Officer, the Chairperson of the 
        Board, the Chairperson of the Council, or two members of the 
        Council.
            ``(2) Bylaws and regulations.--The Council shall prescribe 
        such bylaws and regulations as it considers necessary to carry 
        out its functions. Such bylaws and regulations shall include 
        procedures for fixing the time and place of meetings, giving or 
        waiving of notice of meetings, and keeping of minutes of 
        meetings.
    ``(i) Report to the President, Chief Executive Officer, and 
Board.--
            ``(1) Report.--Not later than January 1, 2005, and not 
        later than January 1 of each year thereafter that the 
        Corporation is in existence, the Council shall submit to the 
        President, the Chief Executive Officer, and the Board a report 
        on its views on the programs and activities of the Corporation.
            ``(2) Contents.--Each report shall contain a summary of the 
        advice and recommendations provided by the Council to the Chief 
        Executive Officer and the Board during the period covered by 
        the report and such recommendations (including recommendations 
        for administrative or legislative action) as the Council 
        considers appropriate to make to the Congress.
            ``(3) Additional requirement.--Not later than 90 days after 
        receiving each such report, the Chief Executive Officer shall 
        transmit to Congress a copy of the report, together with any 
        comments concerning the report that the Chief Executive Officer 
        considers appropriate.
    ``(j) Administrative Assistance.--The Chief Executive Officer shall 
make available to the Council such personnel, administrative support 
services, and technical assistance as are necessary to carry out its 
functions effectively.
    ``(k) Termination.--Section 14(a)(2)(B) of the Federal Advisory 
Committee Act (5 U.S.C. App.; relating to the termination of advisory 
committees) shall not apply to the Council. Notwithstanding section 102 
of this Act, the authorities of the Council shall terminate on December 
31, 2007.''.

SEC. 103. FINDINGS; STATEMENT OF POLICY.

    Title VI of division D of the Consolidated Appropriations Act, 2004 
(Public Law 108-199; 22 U.S.C. 7701 et seq.) is amended by inserting 
after section 601 the following new section:

``SEC. 601A. FINDINGS; STATEMENT OF POLICY.

    ``(a) Findings.--Congress finds the following:
            ``(1) A principal objective of United States foreign 
        assistance programs, as stated in section 101 of this Act, is 
        the `encouragement and sustained support of the people of 
        developing countries in their efforts to acquire the knowledge 
        and resources essential to development and to build the 
        economic, political, and social institutions which will improve 
        the quality of their lives'.
            ``(2) The expanding acceptance of free trade and open 
        markets and the spread of democracy and the rule of law have 
        brought a better way of life to an increasing number of people 
        in the world.
            ``(3) Inequalities between men and women undermine 
        development and poverty-reduction efforts in fundamental ways. 
        A woman's limited access to resources and restrictions on the 
        exercise of her rights, including the right to participate in 
        social and political processes, disables her from maximizing 
        her contribution to her family's health, education, and general 
        well-being.
            ``(4) On March 14, 2002, the President noted the successes 
        of development assistance programs: `The advances of free 
        markets and trade and democracy and rule of law have brought 
        prosperity to an ever-widening circle of people in this world. 
        During our lifetime, per capita income in the poorest countries 
        has nearly doubled. Illiteracy has been cut by one-third, 
        giving more children a chance to learn. Infant mortality has 
        been almost halved, giving more children a chance to live.'.
            ``(5) Development is neither an easy process nor a linear 
        one. There are successes and there are failures. Today, too 
        many people are still living in poverty, disease has eroded 
        many of the economic and social gains of previous decades, and 
        many countries have not adopted policies, for a variety of 
        reasons, that would enable them to compete in an open and 
        equitable international economic system.
            ``(6) More countries and more people will be able to 
        participate in and benefit from the opportunities afforded by 
        the global economy if the following conditions for sound and 
        sustainable economic development are met:
                    ``(A) Security.--Security is necessary for economic 
                development. Persistent poverty and oppression can lead 
                to hopelessness, despair, and to failed states that 
                become havens for terrorists.
                    ``(B) Policies that support broad-based economic 
                growth.--Successful long-term development can only 
                occur through broad-based economic growth that enables 
                the poor to increase their incomes and have access to 
                productive resources and services so that they can lead 
                lives of decency, dignity, and hope.
                    ``(C) Democracy and the rule of law.--Democratic 
                development, political pluralism, and respect for 
                internationally recognized human rights are 
                intrinsically linked to economic and social progress. 
                The ability of people to participate in the economic 
                and political processes affecting their lives is 
                essential to sustained growth. The rule of law and a 
                commitment to fight corruption is also critical to the 
                development of a prosperous society.
                    ``(D) Investments in people.--Economic growth and 
                democracy can be sustained only if both men and women 
                have the basic tools and capabilities that foster the 
                opportunity for participation in the economic, social, 
                and political life of their countries. Successful 
                development of countries requires citizens who are 
                literate, healthy, and prepared and able to work.
            ``(7) Economic assistance programs authorized under this 
        part, as administered by the United States Agency for 
        International Development and other Federal agencies, are of 
        critical importance in assisting countries to be in a position 
        to maximize the effectiveness of assistance authorized by this 
        title.
            ``(8) It is in the national interest of the United States 
        to help those countries that are implementing the economic and 
        political reforms necessary for development to occur.
            ``(9) On March 14, 2002, the President stated that the 
        `growing divide between wealth and poverty, between opportunity 
        and misery, is both a challenge to our compassion and a source 
        of instability . . . [w]e must confront it . . . [w]e must 
        include every African, every Asian, every Latin American, every 
        Muslim, in an expanding circle of development.'.
            ``(10) The President has pledged that funds requested for 
        the Millennium Challenge Account shall be in addition to, and 
        not a substitute for, existing development and humanitarian 
        programs.
            ``(11) Development assistance alone is not sufficient to 
        stimulate economic growth and development. Assistance has been 
        shown to have a positive impact on growth and development in 
        developing countries with sound policies and institutions. If 
        countries have poor policies and institutions, however, it is 
        highly unlikely that assistance will have a net positive 
        effect.
            ``(12) Economic development, and the achievement of the 
        Millennium Development Goals, must be a shared responsibility 
        between donor and recipient countries.
    ``(b) Statement of Policy Regarding a New Compact for Global 
Development.--It is, therefore, the policy of the United States to 
support a new compact for global development that--
            ``(1) increases support by donor countries to those 
        developing countries that are fostering democracy and the rule 
        of law, investing in their people, and promoting economic 
        freedom for all their people;
            ``(2) recognizes, however, that it is the developing 
        countries themselves that are primarily responsible for the 
        achievement of those goals;
            ``(3) seeks to coordinate the disparate development 
        assistance policies of donor countries, and to harmonize the 
        trade and finance policies of donor countries with their 
        respective development assistance programs; and
            ``(4) aims to reduce poverty by significantly increasing 
        the economic growth trajectory of beneficiary countries through 
        investing in the productive potential of the people of such 
        countries.''.

SEC. 104. DEFINITIONS.

    (a) Council.--Section 603 of title VI of division D of the 
Consolidated Appropriations Act, 2004 (Public Law 108-199; 22 U.S.C. 
7702) is amended--
            (1) by redesignating paragraph (7) as paragraph (8); and
            (2) by inserting after paragraph (6) the following new 
        paragraph:
            ``(7) Council.--The term `Council' means the Millennium 
        Challenge Advisory Council established under section 620 of 
        this title.''.
    (b) Millennium Development Goals.--Section 603 of title VI of 
division D of the Consolidated Appropriations Act, 2004, as amended by 
subsection (a), is further amended by adding at the end the following 
new paragraph:
            ``(9) Millennium development goals.--The term `Millennium 
        Development Goals' means the key development objectives 
        described in the United Nations Millennium Declaration, as 
        contained in United Nations General Assembly Resolution 55/2 
        (September 2000), which aim to eradicate extreme poverty and 
        hunger, achieve universal primary education, promote gender 
        equality and empower women, reduce child mortality, improve 
        maternal health, combat HIV/AIDS, malaria, and other infectious 
        diseases, ensure environmental sustainability, and develop a 
        global partnership for development.''.

SEC. 105. PRINCIPAL OBJECTIVES.

     Section 605(a) of title VI of division D of the Consolidated 
Appropriations Act, 2004 (Public Law 108-199; 22 U.S.C. 7704(a)) is 
amended--
            (1) by striking ``Notwithstanding'' and inserting the 
        following:
            ``(1) In general.--Notwithstanding''; and
            (2) by adding at the end the following:
            ``(2) Principal objectives.--Assistance provided under 
        paragraph (1) should advance a country's progress toward 
        promoting the following principal objectives:
                    ``(A) Fostering democratic societies, human rights, 
                and the rule of law.--The assistance should promote--
                            ``(i) political, social, and economic 
                        pluralism;
                            ``(ii) respect for the rule of law;
                            ``(iii) anti-corruption initiatives and law 
                        enforcement;
                            ``(iv) development of institutions of 
                        democratic governance, including electoral and 
                        legislative processes;
                            ``(v) transparent and accountable public 
                        administration at all levels of government;
                            ``(vi) a fair, competent, and independent 
                        judiciary; and
                            ``(vii) a free and independent media.
                    ``(B) Fostering investment in education and health 
                infrastructure and systems.--The assistance should 
                foster improved educational opportunities and health 
                conditions, particularly for women and children, 
                including through--
                            ``(i) support for programs and personnel 
                        that promote broad-based primary education, 
                        including through the development of academic 
                        curricula, by making available textbooks and 
                        other educational materials, and through 
                        appropriate use of technology;
                            ``(ii) support for programs to strengthen 
                        and build institutions, including primary 
                        health care systems, infrastructure, 
                        facilities, and personnel that provide quality 
                        health care;
                            ``(iii) support for improved systems for 
                        the delivery of healthy water and sanitation 
                        services; and
                            ``(iv) support for programs that reduce 
                        child mortality (including those programs that 
                        combat HIV/AIDS, malaria, tuberculosis, and 
                        other infectious diseases, consistent with 
                        sections 104(c), 104A, 104B, and 104C of this 
                        Act).
                    ``(C) Promoting economic freedom, broad-based 
                economic growth, and fostering free market systems.--
                The assistance should foster the institutions and 
                conditions needed to promote free market systems, 
                trade, and investment, including--
                            ``(i) the reform and restructuring of 
                        banking and financial systems, including by 
                        allowing foreign competition in the banking and 
                        financial sectors, where appropriate;
                            ``(ii) the development of transparent and 
                        efficient commercial codes and reduction in the 
                        regulatory burden on business;
                            ``(iii) the protection of property rights, 
                        including--
                                    ``(I) private property and 
                                intellectual property rights, including 
                                through the adoption and effective 
                                enforcement of intellectual property 
                                treaties or international agreements; 
                                and
                                    ``(II) the establishment and 
                                maintenance of an efficient and 
                                integrated legal property system that, 
                                among other things, facilitates the 
                                ability of the poor, particularly 
                                women, to convert physical and 
                                intellectual assets into capital, such 
                                as utilizing existing practices and 
                                customs that allow assets to be 
                                documented in a manner that makes the 
                                assets widely transferable, 
                                leveragable, and fungible, that allows 
                                individuals to hold legal title to 
                                their property, and that holds owners 
                                accountable for transactions involving 
                                their property;
                            ``(iv) support for market-based policies 
                        that support increased agricultural production;
                            ``(v) a strong commitment to sound monetary 
                        and budgetary policies;
                            ``(vi) the development of small businesses, 
                        private cooperatives, credit unions, and trade 
                        and labor unions;
                            ``(vii) the protection of internationally 
                        recognized workers' rights; and
                            ``(viii) the capacity of eligible countries 
                        to ameliorate damage to the environment and 
                        respect other environmental standards.''.

SEC. 106. TRANSFER TO FOREIGN ASSISTANCE ACT OF 1961.

    (a) Transfer.--Title VI of division D of the Consolidated 
Appropriations Act, 2004 (Public Law 108-199) (other than the short 
title of such division) is hereby--
            (1) transferred from the Consolidated Appropriations Act, 
        2004, to the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et 
        seq.); and
            (2) inserted after title V of chapter 2 of part I of the 
        Foreign Assistance Act of 1961.
    (b) Redesignation.--Title VI of chapter 2 of part I of the Foreign 
Assistance Act of 1961 (as added by subsection (a)) is amended--
            (1) by redesignating sections 601 through 620 as sections 
        251 through 270, respectively; and
            (2) by striking each reference in such title to any of 
        sections 601 through 620 and inserting a reference to the 
        corresponding section number (as redesignated by paragraph 
        (1)).
    (c) Conforming Amendment.--The table of contents of the 
Consolidated Appropriations Act, 2004 (Public Law 108-199) is amended 
by striking the item relating to title VI of division D of such Act.

                   TITLE II--MISCELLANEOUS PROVISIONS

   Subtitle A--HELP Commission Act; Foreign Aid Impact Assessment Act

SEC. 201. HELP COMMISSION ACT.

    (a) Transfer to the Foreign Assistance Act of 1961.--Section 637 of 
title VI of division B of the Consolidated Appropriations Act, 2004 
(Public Law 108-199) is hereby--
            (1) transferred from the Consolidated Appropriations Act, 
        2004, to the Foreign Assistance Act of 1961 (22 U.S.C. 2151 et 
        seq.); and
            (2) inserted after section 134 of the Foreign Assistance 
        Act of 1961.
    (b) Redesignation.--Chapter 1 of part I of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2151 et seq.) is amended by redesignating 
section 637 (as added by subsection (a)) as section 135.
    (c) Conforming Amendment.--Section 135 of the Foreign Assistance 
Act of 1961 (as redesignated by subsection (b)) is amended by striking 
the section designation and all that follows through ``(a) This 
section'' and inserting the following:

``SEC. 135. HELP COMMISSION ACT.

    ``(a) This section''.

SEC. 202. FOREIGN AID IMPACT ASSESSMENT ACT.

    (a) Redesignation.--Section 135 of the Foreign Assistance Act of 
1961 (as added by section 201) is amended by redesignating subsection 
(k) of such section as section 136.
    (b) Conforming Amendments.--Section 136 of the Foreign Assistance 
Act of 1961 (as added by subsection (a)) is amended--
            (1) by redesignating each paragraph, subparagraph, and 
        clause of such section as a subsection, paragraph, or 
        subparagraph, respectively;
            (2) by striking the section designation and all that 
        follows through ``(a) Not later than'' and inserting the 
        following:

``SEC. 136. FOREIGN AID IMPACT ASSESSMENT ACT.

    ``(a) Not later than'';
            (3) in paragraphs (1) and (2) of subsection (b) (as 
        redesignated by paragraph (1)), by striking ``paragraph 
        (1)(A)(i)'' each place it appears and inserting ``subsection 
        (a)(1)(A)''; and
            (4) in subsection (c) (as redesignated by paragraph (1)), 
        by striking ``paragraphs (1) and (2)'' and inserting 
        ``subsections (a) and (b)''.

                Subtitle B--Repeals; Related Provisions

SEC. 211. REPEALS; CONFORMING AMENDMENTS.

    (a) Repeals.--
            (1) General development assistance.--The following 
        provisions of chapter 1 of part I of the Foreign Assistance Act 
        of 1961 (22 U.S.C. 2151 et seq.) are hereby repealed: Sections 
        107, 110, 120, 124, 125, 127, and 128.
            (2) Prototype desalting plant.--Section 219 of the Foreign 
        Assistance Act of 1961 (22 U.S.C. 2179) is hereby repealed.
            (3) International disaster assistance.--The following 
        provisions of chapter 9 of part I of the Foreign Assistance Act 
        of 1961 (22 U.S.C. 2292 et seq.) are hereby repealed: Sections 
        494, 495, and 495B through 495K.
    (b) Conforming Amendments.--(1) Section 299(a) of the Foreign 
Assistance Act of 1961 (22 U.S.C. 2220d(a)) is amended by striking 
``sections 110(b) and'' and inserting ``section''.
    (2) Section 210 of title 35, United States Code, is amended by 
striking paragraph (15).

SEC. 212. GENERAL AUTHORITIES.

    (a) Amendment.--Section 635(a) of the Foreign Assistance Act of 
1961 (22 U.S.C. 2395(a)) is amended to read as follows: ``(a) Except as 
otherwise specifically provided in this Act, assistance under this Act 
may be provided on such terms and conditions as the President may 
determine to countries, organizations, and areas on a grant basis or on 
such terms, including cash, credit, or other terms of repayment 
(including repayment in foreign currencies or by transfer to the United 
States Government of commodities) as may be deemed to be best suited to 
the achievement of the purposes of this Act. Assistance may be provided 
on a bilateral basis or through regional, multilateral, private, or 
other entities.''.
    (b) Repeal.--Section 122 of the Foreign Assistance Act of 1961 (22 
U.S.C. 2151t) is hereby repealed.
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