A bill to amend the Foreign Assistance Act of 1961 to clarify the meaning of the term "aggregate value" for purposes of the Presidential drawdown authority.

Bill: 118-s-2255
Sponsor: full_name: Sen. Vance, J. D. [R-OH]
Introduced: 2023-07-12
Policy area: International Affairs
Latest action: action_date: 2023-07-12
text: Read twice and referred to the Committee on Foreign Relations.

Summaries:

tv_txt: II 118th CONGRESS 1st Session S. 2255 IN THE SENATE OF THE UNITED STATES July 12, 2023 Mr. Vance (for himself and Mr. Hawley ) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations A BILL To amend the Foreign Assistance Act of 1961 to clarify the meaning of the term aggregate value for purposes of the Presidential drawdown authority.

1. Clarification of the term aggregate value for purposes of Presidential drawdown authority The Foreign Assistance Act of 1961 ( 22 U.S.C. 2151 et seq. ) is amended— (1) in section 506(a)(1) ( 22 U.S.C. 2318(a)(1) ), in the undesignated matter following subparagraph (B), by inserting after fiscal year. the following: “For purposes of this paragraph, the term ‘aggregate value’ means— (A) in the case of defense articles, the greater of— (i) the original acquisition cost to the United States Government, plus the cost of improvements or other modifications made by or on behalf of the Government; or (ii) the replacement cost; and (B) in the case of defense services, the full cost to the Government of providing the services. ; and (2) in section 644(m)(2) ( 22 U.S.C. 2403(m)(2) ), by inserting except as provided in section 506(a)(1), before with respect to .