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BOARD OF GOVERNORS
OF THE

FEDERAL RESERVE SYSTEM

Office Correspondence
Tn

Chairman Eccles

p a te November 2,194$._
Subject:

From Mr. Knapp

Attached is a copy of Arthur Krock's column in
today's TIMES in which he presents the case for requiring
that American exports purchased with the proceeds of our
foreign loans be insured with American companies.

The

marine insurance representatives argue that they are entitled to the same protection as American shipping which
by Congressional resolution is supposed to handle all exports
financed by U. S. Government agencies.
Upon inquiry at the State Department I have found
that this matter is shortly to be referred to the Foreign
Investment Subcommittee of the Executive Committee on Economic Foreign Policy. We are not members of the Executive
Committee, but Walter Gardner is our representative on the
subcommittee mentioned. The State Department is opposed to
any policy of favoritism on behalf of American insurance companies and is equally opposed to the policy on shipping laid
down by Congress. I think you will agree that we should support the State Department in this view.

Attachment




This article is protected by copyright and has been removed.
The citation for the original is:
Krock, Arthur. “In the Nation: Foreign Loans and Certain Domestic Industry.” New York Times,
November 2, 1945.