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U.S. Faces Complex Limits on Using Foreign Funds Abroad
Congressman Powell used U.S. francs on a Paris junket sparking outcry. Officials note vast U.S. foreign currency holdings exceed needs, risking inflation if spent at once. GAO urges smarter use of counterpart funds, paying social benefits in local currencies, and repositioning idle reserves.
MENTIONED IN THIS ARTICLE
Stanley Meisler
Washington
Adam Clayton Powell
D-N.y
Paris
Powell
Treasury
Douglas Dillon
U.S
Dillon
United States
Poland
Barnett Harvey
Economic Progress Division
Agency For International Development
Otto Passman
D-La
Passman
Burma
India
Indonesia
Israel
Pakistan
Yugoslavia
Egypt
New Delhi
Harvey
France
General Accounting Office
Congress
GAO
George H. Staples
Joseph Campbell
State Department
Department
Germany
Poznan
Britain
Bank of
Italy