President Kennedy signed the Act as Public Law 87-195 on September 4, 1961.
Public Law 87-195 authorized $10,253,500,000 (10 billion, 253 million, 500 thousand) in foreign aid: $3,066,500,000 appropriated for the 1962 fiscal year, and $7,187,000,000 Treasury borrowing authorized for the next five years. The law does require the President to obtain annual appropriations for the Treasury borrowing, but permits him to make commitments to lend the money to foreign countries, before he obtains appropriations from Congress.
It was widely reported in the press that Congress had denied the President the long-term borrowing authority he had requested; but the President himself was satisfied. He knew that by promising loans to foreign governments (that is, "committing" the funds in advance of congressional appropriation) he would thus force Congress (in the interest of showing "national unity" and of not "repudiating" our President) to appropriate whatever he promised.
On August 29, the President said:
"The compromise ... is wholly satisfactory. It gives the United States Government authority to make commitments for long-term development programs with reasonable assurance that these commitments will be met."
Former Vice President Richard M. Nixon (a member of the CFR) was happy about the 1961 foreign aid bill. On August 29, Nixon, on the ABC radio network, said that he favored such "long-range foreign aid planning, financed through multi-year authorizations and annual appropriations."
Nelson A. Rockefeller, Republican Governor of New York, announced that he too favored "long-range foreign aid planning, financed through multi-year authorizations and annual appropriations"–exactly like Nixon.
Former President Eisenhower was also happy. He, too, said he favored this sort of thing.