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7335750
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Letter to Congress from President Ford Concerning Offsetting the Balance of Payments Deficit Resulting from the Deployment of U.S. Forces in NATO Europe
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7335750
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document
title
Letter to Congress from President Ford Concerning Offsetting the Balance of Payments Deficit Resulting from the Deployment of U.S. Forces in NATO Europe
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White House Press Releases (Ford Administration)
Press Releases
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7335750
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20
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1974-08-20
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8
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1974
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Digitized from Box 1 of the White House Press Releases at the Gerald R. Ford Presidential Library
FOR IMMEDIATE RELEASE
AUGUST 20, 1974
Office of the White House Press Secretary
THE WHITE HOUSE
TO THE CONGRESS OF THE UNITED STATES:
In accordance with Section 812(d) of the Department
of Defense Appropriation Authorization Act, 1974 (Public
Law 93-155), I am pleased to submit a report to Congress
on our progress toward offsetting the balance of payments
deficit resulting from the deployment of U. S. forces in
NATO Europe.
President Nixon reported to the Congress on May 16,
1974 that the offset agreement concluded in April 1974
with the Federal Republic of Germany had a dollar value
of approximately $2.22 billion over fiscal years 1974 and
1975. Of that amount, the fiscal year 1974 portion will
total approximately $1.1 billion and will be directly
applicable toward meeting the requirements of Section 812.
Since President Nixon's last report, the NATO Economic
Directorate has concluded a study showing the payments for
military-related items from the United States by allies
other than the Federal Republic of Germany should amount to
approximately $1 billion. When that amount is added to
the fiscal year 1974 portion of the offset agreement with
Germany, it becomes clear that the United States should be
able to offset the $2.1 billion military foreign exchange
expenditures resulting from the deployment of our forces in
NATO Europe during fiscal year 1974. Accordingly, I can
report to the Congress that the requirements of Section 812
should be met.
GERALD R. FORD
THE WHITE HOUSE,
August 20, 1974
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