White House Press Release, Message from President Harry S. Truman to the United States Congress
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OCR Page 1 of 11HOLD FOR RELEASE
HOLD FOR RELEASE
HOLD FOR RELEASE
February 28, 1946
CONFIDENTIAL: To be held in STRICT CONFIDENCE and no
portion, synopsis or intimation to be given out or
published until the READING of the President's Message
has begun in either the Senate or House of Representa-
tives. Extreme care must therefore be exercised to
avoid premature publication.
CHARLES G. ROSS
Secretary to the President
TO THE CONGRESS OF THE UNITED STATES:
On July 31, 1945, the Bretton Woods Agreements Act became
law. In that legislation the Congress established the National
Advisory Council on International Monetary and Financial Problems
"in order to coordinate the policies and operations of the re-
presentatives of the United States on the Fund and the Bank and
of all agencies of the Government which make or participate in
making foreign loans or which engage in foreign financial, ex-
change or monetary transactions." The Congress provided that the
membership of the Council should consist of the Secretary of the
Treasury, as Chairman, the Secretary of State, the Secretary of
Commerce, the Chairman of the Board of Governors of the Federal
Reserve System, and the Chairman of the Board of Directors of
the Export-Import Bank of Washington.
On August 9, 1945, the Secretary of the Treasury submitted
for my approval a proposal as to the manner in which the National
Advisory Council should proceed in performing the task assigned
it. The essence of this proposal is contained in the following
excerpt from the communication which the Secretary of the Treasury
sent to me:
"As you can see from the attached memorandum, the
United States Government is now extending financial
assistance to foreign governments through a large number
of programs, administered by different departments and
agencies, and with different procedures for inter-agency
consultation. In order for the Council to carry out
the functions assigned to it, it seems to me necessary
that the Council should have a picture of the over-all
program of financial transactions which it is proposed
to carry out in the next period. On such a basis, we
can make decisions in a rational way, strike the best
bargains with foreign countries, and save money for the
taxpayer."
On August 10, 1945, I expressed my complete approval
of the proposal and requested the Council to proceed along the
lines indicated. Promptly thereafter the Council completed
its organization and commenced to function without delay. Since
that time the Council has labored unremittingly in the performance
of its duties.
I have now received from the National Advisory Council a
document containing significant conclusions concerning the entire
problem of foreign lending. The Council in submitting the docu-
ment to me stated:
"At an early date the Council undertook to consider
proposals and applications for foreign loans, and to study
the problems and broad implications of foreign lending.
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