White House Press Release, Statement by President Harry S. Truman

#1184 234 IMMEDIATE RELEASE JUNE 22, 1947 STATEMENT BY THE PRESIDENT The impact upon our domestic economy of the assistance we are now furnishing or may furnish to foreign countries is a matter of grave concern to every American. I believe we are generally agreed that the recovery of production abroad is essential both to a vigorous democracy and to a peace founded on democracy and freedom. It is essential also to a world trade in which our businessmen, farmers and workers may benefit from substantial exports and in which their customers may be able to pay for these goods. On the other hand, the extent to which we should continue aiding such recovery is less easy to ascertain, and merits most careful study. Much attention has already been given to these questions by various agencies of the Government, as well as by a number of well- informed and public-spirited citizens. The results of current study and discussion have not, however, been brought together and objectively evaluated in a form suitable for guidance in the formulation of national policy. Accordingly, I am creating immediately three committees to study and report to me within the shortest possible time on the relation- ship between any further aid which may be extended to foreign countries and the interests of our domestic economy. Two of these studies will NARA be conducted within the Government; the third will be conducted by a non-partisan committee of distinguished citizens headed by the Secretary of Commerce, brao8 Of the two studies to be conducted within the Government, one will deal with the state of our national resources, and will be made by a committee of specialists under the direction of the Secretary of the Interior. The other governmental study will deal with the impact on our national economy of aid to other countries, and will be conducted by the Council of Economic Advisers. The non-partisan committee will be requested to determine the facts with respect to the character and quantities of United States resources available for economic assistance to foreign countries, and to advise me, in the light of these facts, on the limits within which the United States may safely and wisely plan to extend such assistance and on the relation between this assistance and our domestic economy. This committee will be drawn from representatives of American business, finance, labor, agriculture and educational and research institutions. In carrying out its work this committee will have the benefit of the studies which are to be made within the Government, as well as the materials already prepared by various Government agencies. The names of those being asked to serve on the committee are as follows: Hiland Batcheller, Pres., Paul G. Hoffman, Pres., Allegheny-Ludlum Steel Corp., The Studebaker Corp., Pittsburgh, Pennsylvania. South Bend, Indiana. Robert Earle Buchanan, Dean, Calvin B. Hoover, Dean, Graduate College, Graduate School; Iowa'State College, Duke University, Ames, Iowa. Durham, North Carolina. TV. Randolph Burgess, Vice-Chairman, Robert Koenig, Pres., National'City Bank of N. Y., Ayrshire Colliers'Co., New York, N. Y. Big Four Building, Indianapolis, Indiana.