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COPY TREASURY DEPARTMENT WASHINGTON FEB 6 1945 Dear Mr* Vest: In connection with the discussion on the Bretton Woods legislation -which we had in Mr* Iccles1 office on January 30, 1945, I am enclosing a copy of S*J* Res, 18, introduced by Senator Kilgore on January 18* You will note that the resolution calls for the establishment of a Foreign Economic Commission; that the functions of the Commission include the study and investigation of opportunities for and means of foreign economic collaboration in the field of monetary stabilization and international investment, as well as in other fields; and that the Commission shall be composed of thirty-two or thirty-three members selected from the Congress, the Administration and the public* I know that we are in agreement as to the difficulties which would be encountered if a board or council similar to the Commission proposed by Senator Kilgore were created* I am calling this to your attention merely to point out that there is a serious possibility that a proposal for a more limited type of council might ultimately result in a completely unwieldly body* Very truly yours, (Signed) Ansel F. Luxford Ansel F. Luxford Assistant to the Secretary* Mr. George B* Vest Board of Governors Federal Reserve Board Washington, D. C* Enclosure 79TH CONGKESS ISTSBSSXOK O I D17C 1Q IN THE SENATE OF THE UNITED STATES 18,1945 Mr. KILGORE (for himself and Mr. THOMAS of Utah) introduced the following joint resolution; which was read twice and referred to the Committee on Foreign Relations JANUARY JOINT RESOLUTION On international economic collaboration. 1 Besolved by the Senate and House of Representatives 2 of the United States of America in Congress assembled, 3 That economic collaboration among the United Nations has 4 demonstrated its effectiveness in mobilizing the resources of 5 member nation^ for the prosecution of the war. 6 SEC. 2. Continued economic collaboration among mem- 7 ber nations, promoting the fullest and most effective use of 8 their resources is essential not only to the winning of the war 9 but equally to the establishment and maintenance of an 10 enduring peace. 1 SEC. 3. Such economic collaboration requires an in- 2 creasing expansion of the trade of the United States with 3 friendly nations and is a recognized need of American busi- 4 ness, labor, and agriculture to the end of maintaining full 5 production and employment. 6 SEC. 4. The Congress advises that the President of the 7 United States take the initiative in calling a meeting of 8 representatives of the United Nations for the purpose of con- 9 sidering the joint measures and the international organization 10 by which the resources of member nations can be most 11 effectively developed in friendly collaboration with one 12 another. 13 SEC. 5. A Foreign Economic Commission (hereinafter 14 referred to as the Commission) be established to provide 15 the President and the Congress with information and recom16 mendations respecting the opportunities for, and means of, 17 continued participation of the United States in international 18 economic collaboration. 19 of: (a) A Chairman who will be designated by the Presi- 20 dent of the United States; (b) the following members of The Commission shall be composed 21 the Senate: The President, majority leader and minority 22 leader of the Senate, and the chairman and the ranking 23 minority member of the Senate Committee on Foreign Eela24 tions; (c) the following Members of the House of Kepre- 25 sentatives: The Bpeaker, majority leader and minority leader o O 1 of the House, and the chairman and the ranking minority 2 member of the Foreign Affairs Committee of the House; 3 (d) the Secretary of State, the Secretary of the Treasury, the 4 Attorney General, the Secretary of the Interior, the Secre5 tary of Agriculture, the Secretary of Commerce, the Secre- 6 tary of Labor, the Chairman of the United States Tariff 7 Commission, the Chairman of the Federal Trade Commis- 8 sion, and the Administrator of the Foreign Economic 9 Administration; (e) and twelve public members to be 10 appointed by the President, three of whom shall be ap11 pointed as representatives of agriculture, three as representa12 tives of labor, three as representatives of industry, and three 13 as representatives of the consuming public: Provided, That 14 each of the members under (d) and (e) above may 15 designate an alternate to sit and act for him on the Commis16 sion in his absence; 17 SEC. 6. It shall be the duty of the Commission to make 18 a full and complete study and investigation of the oppor19 tunities for and the means of foreign economic collaboration 20 in relation to the maximum use of the economic resources 21 of the United States, through expanded foreign trade, std22 bilization of monetary systems, removal of trade barrier, 23 interchange of economic and technical data, joint develoji24 ment and use of facilities and resources, and through other 25 means. 4 1 SEC. 7. For the purpose of this resolution, the Com- 2 mission is authorized to hold such hearings, to sit and act 3 at such times and places during the sessions, recesses, and 4 adjourned periods of the Seventy-ninth Congress and en5 suing Congresses, to require by subpena or otherwise the 6 attendance of such witnesses and the production of such 7 correspondence, books, papers, and documents, to adminis8 ter such oaths, and to take such testimony as it deems 9 advisable, 10 SEC. 8. The Commission shall have the power to employ 11 and fix the compensation of such officers, experts, and em12 ployees as it deems necessary for the performance of its 13 duties. The heads of the executive agencies shall detail 14 and/or engage personnel temporarily to assist the Commis15 sion upon the request of the Chairman. The Commission 16 may utilize such voluntary and uncompensated services as 17 it may deem necessary. The Commission may utilize the 18 services, information, and facilities of the departments and 19 agencies of the Government. 20 SEC. 9. The Commission shall, at intervals not exceed- 21 ing three months, transmit to the President and to the 22 Congress reports of the studies and investigations carried 23 on by it, together with the findings and recommendations 24 of the Commission. 25 SEC. 10. The Commission shall, by a majority vote 5 1 of its members, determine its rules of procedure, and the 2 powers conferred upon the Commission by this joint resolu3 tion miay be exercised by a majority vote. 4 SEC. 11. There is hereby authorized to be appropriated, 5 out of any money in the Treasury not otherwise appro6 priated, the sum of $100,000. The Commission may make £ such expenditures as it deems advisable, within the limits 8 herein authorized. 79TH CONGRESS 1ST SESSION S. J. RES. 18 JOINT RESOLUTION On international economic collaboration. By Mr. KILGOKE and Mr. THOMAS of Utah JANUARY 18,1945 Read twice and referred to the Committee on Foreign Relations February 7, 1945. Br. tout! f, , Assistant to tine Bee. ©tary, Treasury D»|MM!ltat» slash ing t o n , T.:. C» Dear Mr, loxfordi This w i l l acknowledge receipt of your l e t t e r of February 6» 1945 ( ©nclos ag a oopy of B.J. RMt 18, i n t r o duced by Senator KiXfOS* 08 Janaar;/ 18 m4 prorldla^ for the t b i i k t of i Foreign 1 ccmoiaio Conjmissioxx. Very t r u l y yours, (Signed) George B, Vast ge h. Vest, Aaaiatant General Attorney
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