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OCR Page 1 of 204Chenry
EXECUTIVE OFFICE OF THE PRESIDENT
BUREAU OF THE BUDGET
WASHINGTON, 25, D.C.
JUL 28 1945
My dear Mr. Latta:
The Congress has enacted H. R. 3314, "To provide for the partici-
pation of the United States in the International Monetary Fund and the
International Bank for Reconstruction and Development."
Briefly summarized, it is the purpose of the bill:
1. To authorize the President to accept membership for the United
States in the Fund and the Bank;
2. To authorize the President to appoint a governor for both the
Fund and the Bank, and executive directors for the Fund and the Bank; and
also to appoint alternates for these officers;
3. To establish a National Advisory Council consisting of the
Secretary of the Treasury (Chairman), the Secretary of State, the Sec-
retary of Commerce, Chairman of the Board of Governors of the Federal
Reserve System and the Chairman of the Board of Trustees of the Export-
Import Bank. The Council will be responsible for United States policy
with respect to the Fund and the Bank, and will also coordinate the
policies and operations of all agencies of the United States Government
which engage in foreign loans or other financial transactions;
4. To provide that Congressional approval be required for any
change in Uni ted States subscription to the Fund or the Bank; for any
change in the par value of the dollar; for any amendment to the Articles
of Agreement of the Fund or the Bank; for any loan by the United States
to the Fund or the Bank;
5. To authorize the Secretary of the Treasury to use $1,800,000,000
of the existing stabilization fund as part of the United States subscrip-
tion to the Fund, and to issue United States securities to provide the
balance of the funds required for the Uni ted States subscription to the
Fund and the Bank;
FRUMA
NARA
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