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On July 24, 1971, President Richard M. Nixon, John D. Ehrlichman, H. R. ("Bob") Haldeman, and Egil ("Bud") Krogh, Jr. met in the Oval Office of the White House from 12:36 pm to 1:03 pm. The Oval Office taping system captured this recording, which is known as Conversation 545-003 of the White House Tapes. Topics include: The President met with John D. Ehrlichman and H.R. ("Bob") Haldeman. [A transcript of the following portion of the conversation was initially prepared for the Watergate Special Prosecution Force [WSPF] and can be found in Record Group [RG] 460, Box 58, pp. 1-6 and Statement of Information, Book VII, pt.2, pp.868-885 (1-18). The Nixon Presidential Materials Staff has reviewed the transcript and has made changes as necessary. This transcript has been reviewed under the provisions of the Presidential Recordings and Materials Preservation Act of 1974 [PRMPA]. The National Archives does not guarantee its accuracy.] [End of transcript] Egil G. ("Bud") Krogh, Jr. entered at an unknown time after 12:36 pm during the transcribed portion. Krogh left at 12:48 pm. Leak [End of transcribed portion] Tax reform - John B. Connally - Treasury Department - Proposals - House Ways and Means Committee, Senate Finance Committee The economy - Preceding budget meeting Melvin R. Laird - Recantation of previous statement - John G. Tower - Ronald L. Ziegler - David Packard - Disagreement within the Cabinet - Connally Arthur F.Burns - Salary Schedule - George P. Shultz - Recommended meeting - Connally, Burns Burns - Connally - News coverage - Strategy - Peter M. Flanigan, Connally - Forthcoming meeting - Timing - Salary - Testimony - Preparations - Timing The economy - Leak of story by Charles W. Colson - Connally - Federal Reserve Board expansion - Full employment - Legislation - Federal Reserve - Issue of independence - Connally - Vacancy - Shultz's conversation with Burns - Membership - Dwight D. Eisenhower - Unnamed Federal Reserve Board member - Strategy - Appointment - Shultz, Connally - William McChesney Martin - Burns - Martin - Comparison with Burns - Economic policy - Administration stance Ehrlichman left at 1:00 pm. The President's schedule - Departure for Camp David - Kissinger Leaks - Investigation - Krogh Polygraph tests - Alexander M. Haig, Jr. - Bay of Pigs - Effectiveness and use - White House Signal Corps - Psychological effect Leaks - Laird, William P. Rogers - Handling - Haig's conversation with Rogers The President and Haldeman left at 1:03 pm. Participants: Nixon, Richard M. (President); Ehrlichman, John D.; Haldeman, H. R. ("Bob"); Krogh, Egil ("Bud"), Jr.