Foreign Assistance Act

[AI summary unavailable — showing source text] Foreign Assistance Act - Provides authorization for fiscal year 1974 and 1975 for development loans in the amount of $201,400,000 for each year. Requires that at least 50% of such funds appropriated be used to encourage economic development through private enterprise. Limits the number of countries who may receive technical assistance to 40 under title 2 of this act. Authorizes sums of $165,650,000 for fiscal year 1974 and 1975 for technical cooperation and development grants. Authorizes $10,000,000 for 1974 and $10,000,000 for 1975 for assistance to American schools and hospitals abroad. Increases to $480,000,000 the amount of worldwide housing investment guaranty authority. Increases to $594,000,000 the amount of Latin American housing guaranty authority. Strengthens the Overseas Private Investment Corporation mandates concerning its insurance operations with due regard to risk management and to share its insurance risk by confirming OPIC's risk sharing may be with other ensurers public or private. Encourages OPIC to seek future insurance underwriting to assure that the coats of the program will be fully covered over the long term by the private users of the program. Outlines new…