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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