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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence To Chairman Eecles Date 23,1947 Subject: NAC Report to Congress From___MrJ_Knapp The Staff Committee gave farther consideration yesterday to the draft report by the N.A.C. to Congress which is scheduled for consideration by the Council at its meeting next Tuesday. We made a few minor changes throughout, but the important one was made in the last sentence of the report, which is the one that attracted your special attention. The new version does not state a firm conclusion that foreign countries may be forced to restrict essential imports; instead it is suggested that the Council state: "Despite the fact that the International Bank and the International Monetary Fund have begun operations, a number of countries may be forced to impose greater restrictions upon imports, particularly of United States goods and services, unless further financial assistance beyond the present powers of the United States Government lending agencies is made available. The National Advisory Council is giving detailed consideration to the extent to which essential imports may have to be restricted by foreign countries, the impact of increased foreign import restrictions on the world economy and the United States, and the extent to which it would be in the interest of the United States to provide additional financing for essential imports by foreign countries."
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