Images (45)
Document
| id |
id
506671695
|
|---|---|
| contentType |
contentType
document
|
| source |
source
import
|
Source image fields (6)
Extracted text
OCR Page 1 of 45MEMORANDUM
THE WHITE HOUSE
SECRET
INFORMATION
WASHINGTON
September 21, 1971
MEMORANDUM FOR THE PRESIDENT
FROM:
PETER G. PETERSON
OR
SUBJECT:
Progress Report -- Textiles
THE PRESIDENT HAS SEEN
At the August 15 Camp David meeting, you will recall deciding that if we
could not get a voluntary textile deal by October 15th, you would then im-
pose a settlement under the Emergency Banking Act Amendment of the
Trading with the Enemy Act. Accordingly, the preparatory Balance of
Payments Emergency Proclamation was made on August 16.
Since then the following steps have been taken:
1. Harry Dent and I have met several times with the industry and
without suggesting a specific solution, I've told them we will do
everything possible to get voluntary deals, but were confident
that we would get a "satisfactory answer" to the problem by mid-
October. The industry is extremely pleased with your interest
and your entire New Economic Program.
2. Per your instructions, I've had another very cordial meeting with
Wilbur Mills expressing your strong desire to work closely with
him on this problem. I also indicated that while your strong wish
was for a voluntary agreement, you felt that it may be necessary
to take unilateral action. Again, I did not specify what that action
might be, but he is so sophisticated in his knowledge of the field,
I can't believe he is not familiar with the options. He said you
would have no problem with him on whatever you decide to do.
3. Jurich is now in the Far East and my instructions to him are as
follows: (1) Present a voluntary package with higher growth rates
but still within the guidelines of acceptability to the industry;
(2) Present another package with much less growth and indicate
that if a unilateral decision must be made, it will be at this lower
growth level. He is to urge them to accept the voluntary deal.
DECLASSIFIED
SECRET
E.O. 12958, Sect. 3.6
By AG
NARA, Date 12/16/97
Relations
belongs_to