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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence Chairman Eccles Walter R. Gardner ^ Q / ^ Date—June 6 > 1 9 4 6 — Subject: State Department strategy on Export-Import Bank funds Mr, Gerschenkron of the International Section, who has been assisting the State Department in Russian matters, has brought back some interesting information with regard to the State Departments attitude on the request to Congress for an additional #l-l/4 billion for the Export-Import Bank. He reports that at a top policy meeting attended by Secretary Byrnes, Dean Acheson, Will Clayton, and Willard Thorpe, prior to the NAC meeting on Tuesday, the decision was taken to press for submission of the request to Congress immediately, but at the same time to reach an understanding with the Congressional leaders that the bill should be kept on the shelf until Secretary Byrnes gives the ago* signal. This strategy is designed to take care of two sitiaations. Immediate action is called for to fulfill Dean Achesonfs recent assurance to the Russian Ambassador that steps were being taken to obtain from Gongress the necessary funds to make a Russian loan. In view of the forthcoming negotiations with the Russians at the Paris conference, however, Secretary Byrnes wishes to avoid stimulating discussion in Congress of Russian issues, and this purpose will be served by keeping the bill on the shelf until Mr. Byrnes is satisfied that discussion of it will not embarrass the Paris negotiations. If you have occasion to use this information with other members of the NAC I trust that Mr. Gerschenkron1 s nsjie will not be brought into it since that might embarrass his relations with the State Department people•
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