Foreign Assistance Act

Foreign Assistance Act - Provides, under the Bill Development Loan Fund, authorizations for fiscal years 1974 and 1975 for development loans in the amount of $201,400,000 for each year.

Makes applicable through fiscal year 1975 the requirements that not less than 50 percent of the funds appropriated for development loans be used to encourage economic development through private enterprise.

Authorizes the appropriation of $165,650,000 for fiscal year 1974 and $165,650,000 for fiscal year 1975 for technical cooperation and development grants.

Provides authorizations of $10,000,000 for fiscal year 1974 and $10,000,000 for fiscal year 1975 for assistance to American schools and hospitals abroad.

Increases to $480,000,000 the amount of worldwide housing investment guaranty authority.

Increases to $594,900,000 the amount of Latin American housing guaranty authority.

Provides that all costs of the Overseas Private Investment Corporation's insurance operations be borne by the private users of the services. Permits the Corporation to acquire in its financing operations, warrants and other rights to acquire stock. Provides that such rights may not be exercised while held by OPIC.

Extends OPIC's investment insurance and guaranty authority from June 30, 1974 until June 30, 1976.

Expands OPIC's authority to enter into coinsurance and reinsurance agreements with private insurance companies and to enter into pooling arrangements with other national or multinational insurance and financing agencies.

Extends for two years--to June 30, 1975--the authority for OPIC to establish pilot loan guaranty programs in five Latin American countries to encourage private banks and other local credit institutions to make agricultural and community development loans to organized groups and individuals who have been unable to obtain credit on reasonable terms.

Authorizes the appropriation of $236,100,000 for fiscal year 1974 and $236,100,000 for fiscal year 1975 to carry out development lending and technical assistance in Latin America.

Limits the amount of the total Alliance for Progress authorization which may be used for technical assistance to $86,100,000 for each of the fiscal years 1974 and 1975.

Authorizes the appropriation of $124,800,000 for the fiscal year 1974 and such sums as may be necessary for the fiscal year 1975 grant contributions to international organizations.

Authorizes the appropriation of $15,000,000 for each of the fiscal years 1974 and 1975 for grants for Indus Basin Development.

Authorizes the appropriation of $42,500,000 for international narcotics control for the fiscal year 1974 and such sums as may be necessary for the fiscal year 1975.

Extends without fiscal year limitation the President's special authority to order defense articles and defense services subject to subsequent reimbursement.

Repeals the requirement that recipients of grant military assistance, including excess defense articles, to deposit in local currency an amount equal to ten percent of the value of such assistance for use by the United States to pay its local currency official costs in that country.

Establishes a program of international military education and training to improve the ability of friendly foreign countries to utilize their own resources and equipment of United States origin with maximum effectiveness for the maintenance of their defensive strength.

Authorizes the President to provide military education and training by grant, contract, or otherwise. Describes the kind of activities that can be engaged in under this chapter, including attendance by foreign military personnel and related civilians at U.S. and foreign military facilities for education or training purposes. This includes international military educational facilities such as those under NATO auspices.

Requires the President to submit annual reports to the Congress concerning the activities carried on and obligations incurred for international military education and training on a country by country basis.

Authorizes the participation in the Foreign Service Retirement and Disability System of specified A.I.D. Foreign Service Personnel, including: Foreign Service staff officers and employees who are serving under unlimited appointments.

Provides that persons who become participants in the Foreign Service Retirement System shall make a special contribution to the Foreign Service Retirement and Disability Fund in accordance with the Foreign Service Act of 1946. Provides for the voluntary retirement of a participant who has attained the age of 50 years and who has rendered 20 years of service.

Provides for the gradual retirement over a 7-year period of participants in the system who are above the Foreign Service mandatory retirement age at the time they become participants in the system.

Exempts Presidential appointees confirmed by the Senate, while so serving, from otherwise applicable mandatory retirement age.

Authorizes the President to furnish famine or disaster relief or rehabilitation assistance abroad on such terms and conditions as he may determine.

States that Congress recognizes the importance of peace in Indochina and believes the United States can contribute to such peace by assisting the countries and peoples of Indochina.

Authorizes the President to furnish assistance to South Vietnam, Laos, and Cambodia on a loan, grant, or other basis. Specifies that such aid may be used for econonmic assistance activities, including relief, reconstruction, and development. Authorizes appropriations of $632,000,000 for fiscal year 1974 for such purposes.

Eliminates, under the Foreign Military Sales Act, the requirement that guaranties be issued only to financial institutions doing business in the United States.

Permits the sale and guarantee of promissory notes generated by credit sales under the FMSA without additional charge against the current appropriation or the current program ceiling.

Authorizes the appropriation of $525,000,000 for the fiscal year 1974 to carry out the purpose of the FMSA. Creates new ceilings provisions under the FMSA for (1) the aggregrate ceiling; (2) the Latin American ceiling; and (3) the African ceiling.

Repeals, under the FMSA, the requirement that the Secretary of State to submit semi-annual reports to the Congress of exports of significance defense articles on the United States munitions list.