22 U.S.C. § 5414 — Debt-for-equity swaps and other special

Page 1656 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 5414 (d) Consistency with budget requirements Subsection (c) should not be construed to au- thorize or require any budgetary obligations or outlays that are inconsistent with House Con- current Resolution 106 of the 101st Congress (set- ting 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; Pub. L. 110–246, title III, § 3001(b)(1)(A), (2)(U), June 18, 2008, 122 Stat. 1820, 1821.) Editorial Notes REFERENCES IN TEXT The Food for Peace Act, referred to in subsec. (c), is act July 10, 1954, ch. 469, 68 Stat. 454, which is classified generally to chapter 41 (§ 1691 et seq.) of Title 7, Agri- culture. 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 Con- gress, referred to in subsec. (d), is H. Con. Res. 106, May 18, 1989, 103 Stat. 2450, which is not classified to the Code. AMENDMENTS 2008—Subsec. (c). Pub. L. 110–246 substituted ‘‘Food for Peace Act’’ for ‘‘Agricultural Trade Development and Assistance Act of 1954’’ in introductory provisions. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2008 AMENDMENT Amendment by Pub. L. 110–246 effective May 22, 2008, see section 4(b) of Pub. L. 110–246, set out as an Effec- tive Date note under section 8701 of Title 7, Agri- culture. § 5414. Debt-for-equity swaps and other special techniques (a) Reduction of debt burden The President shall take all appropriate ac- tions to explore and encourage innovative ap- proaches to the reduction of the government-to- government and commercial debt burden of East European countries which have taken sub- stantive 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 Euro- pean country which has taken substantive steps toward political democracy and economic plu- ralism, subject to subsection (c). (c) Condition An obligation may be sold under subsection (b) only if the sale will facilitate so-called 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 Eu- ropean government. (Pub. L. 101–179, title I, § 104, Nov. 28, 1989, 103 Stat. 1304.) Executive Documents 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 partici- pants, and (2) policies and practices conducive to pri- vate sector development in Poland and Hun- gary, through loans, grants, equity investments, feasi- bility studies, technical assistance, training, in- surance, guarantees, and other measures. (b) Authorization of appropriations To carry out the purposes specified in sub- section (a), there are authorized to be appro- priated to the President— (1) $240,000,000 to support the Polish-Amer- ican Enterprise Fund; and (2) $60,000,000 to support the Hungarian- American Enterprise Fund. Such amounts are authorized to be made avail- able until expended. (c) Nonapplicability of other laws The funds appropriated under subsection (b) 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 provi- sion 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 sec- tion upon determining that such organizations have been established for the purposes speci- fied in subsection (a). For purposes of this chapter, the organizations so designated shall be referred to as the Polish-American Enter- prise Fund and the Hungarian-American En- terprise Fund (hereinafter in this section re- ferred to as the ‘‘Enterprise Funds’’). (2) Consultation with Congress The President shall consult with the leader- ship of each House of Congress before desig- nating an organization pursuant to paragraph (1). (3) Board of Directors (A) Each Enterprise Fund shall be governed by a Board of Directors comprised of private citizens of the United States, and citizens of the respective host country, who have dem- onstrated experience and expertise in those areas of private sector development in which the Enterprise Fund is involved.