PUBLIC LAWS-CH. 169-APR. 3 , 1948 assistance to the participating countries in such a manner as to aid them, through their own individual and concerted efforts, to become independent of extraordinary outside economic assistance within the period of operations under this title, by- (1) promoting industrial and agricultural production in the participating countries; (2) furthering the restoration or maintenance of the soundness of European currencies, budgets, and finances; and (3) facilitating and stimulating the growth of international trade of participating countries with one another and with other countries by appropriate measures including reduction of barriers which may hamper such trade. PARTICIPATING COUNTRIEI "Participating SEC. 103. (a) As used in this title, the term "participating country" means- (1) any country, together with dependent areas under its administration, which signed the report of the Committee of European Economic Cooperation at Paris on September 22, 1947; and (2) any other country (including any of the zones of occupa- tion of Germany, any areas under international administration or control, and the Free Territory of Trieste or either of its zones) wholly or partly in Europe, together with dependent areas under its administration; provided such country adheres to, and for so long as it remains an adherent to, a joint program for European recovery designed to accomplish the purposes of this title. Free Territory of (b) Until such time as the Free Territory of Trieste or either of Trieste. Post, p. 1055 . its zones becomes eligible for assistance under this title as a partici- pating country, assistance to the Free Territory of Trieste, or either 61 Stat. 934. of its zones, is hereby authorized under the Foreign Aid Act of 1947 22 U.S. C ., Supp. I, 1411 and note. until June 30, 1949, and the said Foreign Aid Act of 1947 is hereby amended accordingly, and not to exceed $20,000,000 out of funds authorized to be advanced by the Reconstruction Finance Corporation Post, p. 149 . under subsection (a) of section 114 of this title, or under subsection 1 Stat. upp8. (d) of section 11 of the Foreign Aid Act of 1947 notwithstanding 1411 note. any appropriation heretofore made under such Act, may be utilized for the purposes of this subsection: Provided, That section 11 (b) of the Foreign Aid Act of 1947 shall not apply in respect of the Free Territory of Trieste or either of its zones: And provided further,That Ps8t, P. 151 . the provisions of section 115 (b) (6) of this title shall apply to local 61 Stat. 936. 22 U.S. C. , Supp. I, currency deposited pursuant to section 5 (b) of that Act. §1411note. ESTABLISHMENT OF ECONOMIC COOPERATION ADMINISTRATION
SEC. 104. (a) There is hereby established, with its principal office in the District of Columbia, an agency of the Government which shall be known as the Economic Cooperation Administration, hereinafter Administrator. referred to as the Administration. The Administration shall be headed by an Administrator for Economic Cooperation, hereinafter referred to as the Administrator, who shall be appointed by the Pres- ident, by and with the advice and consent of the Senate, and who shall receive compensation at the rate of $20,000 per annum. The Admin- istrator shall be responsible to the President and shall have a status in the executive branch of the Government comparable to that of the head of an executive department. Except as otherwise provided in this title, the administration of the provisions of this title is hereby vested in the Administrator and his functions shall be performed under the control of the President. 138 [62 STAT.
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