The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BOARD OF BDVERNDRS OF THE FEDERAL RESERVE SYSTEM Correspondence Tn Chairman Eccles Frntn Mr, Knapp Date January 14, 1946, Subject: The following is quoted from an article by John Crider in the New York Times for January 10. No more recent information is available. ^Congressional leaders still did not know today what form the legislation would take for Congressional consideration of the 13,750,000,000 Anglo - American credit. "It is understood that officials in the State and Treasury Departments have not yet decided what form they prefer; whether it should enlarge the authority of the Export-Import Bank so it could handle the line of credit, or grant special authority to the Treasury to make the credits available. lt lhile expansion of the lending authority of the ExportImport Bank is regarded as the most simple form of legislation, a principal objection to it is that the Administration does not wish this credit to be regarded in any sense as a precedent. It is argued, therefore, that to lump this line of credit into the operations of an established lending institution might give it the appearance of a precedent. "A decision on the form of legislation is expected soon since President Truman is scheduled to ask Congress in a message to approve the Anglo-American financial and trade agreement.11 JBK:mla
@FedFRASER