From Peace Corps Wiki
The Peace Corps is an independent agency within the executive branch of the United States government. The President of the United States appoints the Peace Corps director and deputy director, and the appointments must be confirmed by the U.S. Senate.
Initially established by President John F. Kennedy by Executive Order on March 1, 1961, the Peace Corps was formally authorized by the Congress on September 22, 1961, with passage of the Peace Corps Act.
The Peace Corps enjoys bipartisan support in Congress. One senator and six representatives served as Volunteers themselves. Among the seven returned Volunteers in Congress are both Democrats and Republicans.
The Senate Foreign Relations Committee is charged with general oversight of the activities and programs of the Peace Corps, and the House Committee on International Relations serves a similar function. The Peace Corps' annual budget is determined each year by the congressional budget and appropriations process, and is part of the foreign operations budget. The Peace Corps' annual budget for fiscal year 2005 is $317 million. President Bush has devoted the highest level of funding to the Peace Corps than at any time in the history of the agency. Generally, the Peace Corps budget is about 1 percent of the foreign operations budget.
 External Links
U.S. Government Official US Peace Corps Website