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    "ocrText": "FOR IMMEDIATE RELEASE\nJANUARY 19, 1971\nOffice of the White House Press Secretary\nTHE WHITE HOUSE\nThe President today established the Council on International Economic Policy,\nand announced the appointment of Peter G. Peterson as Executive Director of\nthe Council and Assistant to the President for International Economic Affairs.\nThe Council includes as members the Secretaries of State, Treasury,\nAgriculture, Commerce, Labor, the Director of OMB, Chairman of the\nCouncil of Economic Advisers, the Assistant to the President for National\nSecurity Affairs, the Executive Director of the Domestic Council, and the\nSpecial Representative for Trade Negotiations. The President will be\nChairman of the Council.\nThe Council is being formed to provide a clear, top-level focus on\ninternational economic issues and to achieve consistency between international\nand domestic economic policy. Peterson will be responsible for developing the\nagenda for the Council, and for assuring timely consideration of international\neconomic policies.\nPeterson, 46, is currently Chairman of the Board and chief executive officer\nof Bell and Howell Company. He joined the company in 1958 as executive\nvice president, became president in 1961, and chairman in 1968. He is a\ngraduate of Northwestern University (1947, B.S., summa cum laude) and\nthe University of Chicago (1951, M.B.A. with honors). Peterson is a\ndirector of the First National Bank of Chicago and the Illinois Bell Telephone\nCompany, a trustee of the Brookings Institute, the University of Chicago,\nand National Educational Television.\nIn the Executive Office of the President, the Council of Economic Advisers,\nthe National Security Council, and the Office of Management and Budget are\ninvolved in various aspects of foreign economic affairs. More than sixty\nother units and coordinating bodies throughout the Executive Branch have\nresponsibility for certain limited portions of foreign economic affairs.\nPresently, no single high-level body holds the responsibility for the development\nof international economic policy and its relations to domestic economic policy.\nThe Council will have this responsibility.\nThe Executive Director of the Council will report directly to the President,\nand will be responsible, in collaboration with the members of the Council,\nfor development of the overall direction of the Council's work. Where the\nCouncil's responsibility overlaps with that of the National Security Council,\nas in the case of foreign aid, which has implications for both national security\npolicy and economic policy, the Council on International Economic Policy\nwill operate within the general framework of national security policy developed\nby the NSC.\nPeterson presently resides with his wife, four sons and a daughter in\nWinnetka, Illinois, He was born in Kearney, Nebraska.\n#\n#\n#"
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