I have a current copy of the all American book on my shelf...the FAR AIM.
I was directed to page 60. Regulation 61.75 says that a pilot with a foreign licence may receive a temporary certficate from FSDO and fly N reg aircraft provided they hold a "current medical certficate issued under part 67 of [the FAR's]or a current medical certficate issued by the country that issued the persons foreign licence".
It goes on to say that if they hold a genuine FAA licence..issued in accordance with an FAA flight test (not a back scratch deal) then this either/or situation is not applicable and a genuine FAA medical must be held.
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Hunting is bad!!
Support the right to arm Bears!!