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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Office Correspondence Xo Chairman Eccles From Date October 29,1946 Subject: Mr> Knapp Tlie Executive Coxamittee on Economic foreign Policy, which was established -under authority of a letter from the President in 1944> consists of represent at ires from the State Department (Chairman) , Treasury, Commerce, Agriculture and Labor Departments, and the Tariff Commission. Mr* Clayton is nominally chairman, but his place is regularly taken by Willard Thorp, his Special Assistant• Most of the other agencies are represented by top level staff members, e.g. Harold Glasser from the Treasury, James McCamy, Deputy Director for Policy in the CoJHmerce Department, and Leslie Wheeler, Director of the Office of Foreign Agricultural Relations in the Agriculture Department. I think that we have been negligent in failing to keep in closer contact with this organization. I doubt if we have a valid claim to become a full member of the Committee, but certainly we should have a well-defined liaison arrangement as suggested in the attached letter.* Among the matters on which this Coaamittee has passed resolutions in recent months are (1) industrialization and economic development abroad; (2) guidance to the XJ. S. representative on the Inter-American Economic and Social Council (including guidance on trade policy with Latin America and problems of inflation and deflation arising therefroiifc (3) formulation of the full employment program with reference to foreign economic policy; (4) trade expansion proposals involving problems of financing (this resolution covered questions of financing American exporters through export credit insurance and otherwise). Of course the Committeefs resolutions constitute only recommendations, but in view of its official status these are bound to carry considerable weight with the agencies involved. * Such arrangements presently exist with other agencies, e.g. War, Navy, Interior, and the Export-Import Bank. Attachment
