Executive Order 8018—Amendment of Executive Order No. 7972 of September 15, 1938

By virtue of and pursuant to the authority vested in me by the act of March 26, 1934, c. 87, 48 Stat. 466, as amended, section 3 of Executive Order No. 7972 of September 15, 1938, prescribing regulations for payment of losses sustained by officers, enlisted men, and employees of the United States in foreign countries on account of appreciation of foreign currencies in their relation to the American dollar, is hereby amended by adding thereto a new paragraph (h), to read as follows:

"(h) The computation of currency-appreciation losses by disbursing officers of the Navy and Marine Corps (except naval attaches) will be determined by the disbursing officer's average cost rate, and this provision shall be retroactive to April 1, 1934, as to all credits of losses calculated on the basis of conversion made prior to the effective date of this order: Provided, That hereafter no loss shall be payable if on the date the payment accrues the value of the foreign currency has depreciated to or below the basic rate applicable to that country."

FRANKLIN D ROOSEVELT

The White House,
December 2, 1938.