The officers and agencies of this State and its subdivisions, having authority to place children, are hereby empowered to enter into agreements with appropriate officers or agencies of, or in, other party states pursuant to paragraph (b) of Article V of the Interstate Compact on the Placement of Children. Any such agreement which contains a financial commitment or imposes a financial obligation on this State, or subdivision, or agency thereof, shall not be binding unless it has the approval in writing, of the Secretary of Public Welfare in the case of the State or any agency thereof and of the local public welfare administrative authority in the case of a subdivision of the State.