Ah, my read of that was that as of October 21, 1998, the President would have to submit a report to close USAID (whereas previously the President did not have to submit a report). However, your reading makes more sense.
>> Memorandum of President of the United States, Mar. 31, 1999, 64 F.R. 17079, provided...
(It was actually delegating power to revise the USAID reorganization plan—which was not a abolition—and to set the effective date of then part of the reorg that was not transfer of mandatory functions to the Secretary of State.)