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December 1, 1944
BOARD PROGRAM ON BKETTON WOODS
1. Board statement
The Board will publish a brief statement supporting the
Bretton Woods agreements and indicating the special interest of the
Federal Reserve System.
2. Federal Reserve Bank activities
The Board will raise with the Federal Reserve Banks, other
than New York, the question of what they can do to inform their
banking community with regard to the Bretton Woods plans, and offer
to send people from the Board to meet with their officers, directors,
and key member bankers if that would help*
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*

Enabling legislation
The Board desires to have three provisions embodied in the
enabling legislation•
Three-agency committee: The legislation should establish a
committee composed of the heads (or their alternates) of the State
Department, the Treasury Department, and the Board of Governors of the
Federal Reserve System. It should be specified in the legislation that
the United States Governors and Directors on the Fund and Bank must
keep the committee fully informed of developments in the two institutions and that they must consult the committee on all major policy
questions in connection with the Fund and Bank* The United States
Governors and Directors should be required to meet with the committee
at least once a month and make a report*
Form of United States subscription to Fund; A portion of the
2,750 million dollar United States subscription to the Fund may take
the form of securities as provided in Art. Ill, Sec. 5 of the Fund
Agreement* The legislation should provide that any portion of the
U.S* subscription which is not in that form should be provided so far
as possible from the 2 billion dollars now in the U.S. Stabilization
Fund and that the remainder should JGOWB out of the regular revenues of
the Government.
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"
Under present legislation the U*S* Stabilization Fund expires
June 30, 1945. Its life should be extended only until the United States
subscription to the International Monetary Fund becomes due, or until
June 30, 1947, if the Fund agreement is not adopted by this Government
before that date* Upon expiration of the U.S* Stabilization Fund any
of its net resources which have not already been employed in subscribing
to the International Monetary Fund should be earmarked for that purpose.




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Federal Reserve control of official foreign balances here? The
enabling legislation should give the Board of Governors of the Federal
Reserve System power to require the dollar balances of foreign central
banks and governments to be held on deposit with the Federal Reserve Banks•
Or, alternatively, the legislation should give the Board power
to require these official balances to be held on deposit with the Federal
Reserve or member banks and to require that the member banks hold 100 per
cent reserves against such deposits*
4. Procedure on Board18 proposals
The Chairman will invite Dean Acheson and his financial advisor,
Mr. Collado, to lunch with a few Board people for the purpose of discussing
the Boardfs proposals on the enabling legislation. This discussion may
lead to some modification of our ideas* The proposals will then be sent
to the Presidents of the twelve Federal Reserve Banks for discussion at
the December 12 meeting. Finally a memorandum embodying the proposals
will be sent to the Treasury.

h R. G.