USAID and Foreign Assistance Act of 1961

My understanding is the USAID was created as a requirement if this act. Is this correct?

I suspect the intent in 1961 was to bolster non-communist countries. Now that the Cold War is no longer a thing, I have no problem with re-examining how we distribute foreign aid. But I think this requires an act of congress rather than deep-state actor Musk declaring it dead..