HEARINGS 2.5. Congress Hour BEFORE THE HOUSE OF REPRESENTATIVES SEVENTY-NINTH CONGRESS FIRST SESSION ON H. R. 2211 A BILL TO PROVIDE FOR THE PARTICIPATION OF 70205 VOLUME 1 MARCH 7, 8, 9, 12, 13, 14, 15, 16, 19, 20, 21, 22, and 23, 1945 Printed for the use of the Committee on Banking and Currency UNITED STATES WASHINGTON: 1945 CONTENTS Statement of- Acheson, Hon. Dean, Assistant Secretary of State... Page 32, 217, 249, 287 Bernstein, E. M., technical adviser and executive secretary of the 109, 135 Brown, Edward E., chairman of the board, First National Bank of Burgess, W. Randolph, president, American Bankers Association.... Fraser, Leon, president, First National Bank of New York. 183 345 257 405 475 Luxford, Ansel F., chief legal adviser of the delegation__. Morgenthau, Hon. Henry, Jr., Secretary of the Treasury. Taylor, Hon. Wayne C., Under Secretary of Commerce__ Vinson, Hon. Fred M., Federal Loan Administrator.. White, Hon. Harry D., Assistant Secretary of the United States Exhibits, statements, letters, etc., submitted for the record by― List of United States Government agencies making purchases or expenditures abroad during the war period___. Preliminary agreement between the United States of America and the Provisional Government of France entitled "Principles Ap- plying to Mutual Aid in the Prosecution of the War Against Bishop G. Bromley, Oxman Bishop of the Methodist Church, New Bristol-Myers and subsidiary companies, staff bulletin entitled "The 503 209 496 1 Crawford, Hon. Fred L., correspondence with Hon. Wayne C. Taylor, 510 Doherty, Rumble, Butler, Sullivan & Mitchell, attorneys at law, letter Gray, W. Latimer, vice president, First National Bank of Boston, state- 500 Independent Bankers Association, Sauk Center, Minn., letter and 506 Johnston, Oscar, president, National Cotton Council, statement__ Mallon, A. E., vice president and treasurer, Pillsbury Mills, Inc., and president, Flour Millers' Export Association, statement__ National Congress of Parents and Teachers, Chicago, Ill., letter___ National Federation of Business and Professional Women's Clubs, Press release issued by Congressman Spence, dated March 26, 1945, re letter and resolution of American Farm Bureau Federation____ 32 Press release issued by Senator Wagner and Congressman Spence, dated March 4, 1945, re report of executive council of Independent Articles from Foreign Commerce Weekly entitled "Bretton Woods Proposals A Statement to Foreign Traders from the Bureau of Foreign and Domestic Commerce". Excerpts from address entitled "International Trade and Invest- ment" before the Members' Council of the New Orleans Asso- ciation of Commerce at New Orleans on November 30, 1944___. Tabulation showing reported gold and exchange holdings, Latin Statement entitled "Currency and Exchange Practices of Latin- American and Other Countries Affecting United States Trade in Raw Cotton and Cotton Textiles During the Interwar Period”. Statement entitled "Exchange Controls, Clearing Agreements, and Payments Agreements as 'Specific Weapons of Economic War- fare' Used by European Countries"-- Statement entitled “Foreign Investment Experience of the United Statement entitled "Share of the United States in the Supply of The Pennsylvania Co., letter from William Fulton Kurtz, president, 337 BRETTON WOODS AGREEMENTS ACT WEDNESDAY, MARCH 7, 1945 HOUSE OF REPRESENTATIVES, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The Committee on Banking and Currency met, pursuant to notice, at 10 a. m., Hon. Brent Spence (chairman) presiding. The CHAIRMAN. The committee will be in order. I wish to state at the opening of the hearings that at the conclusion of each day's testimony, there will be a conference with the experts on any points that we may wish to have cleared up. We are met to consider H. R. 2211, a bill to provide for the participation of the United States in the international monetary fund and the international bank for reconstruction and development. (The bill is as follows:) [H. R. 2211, 79th Cong., 1st sess.] A BILL To provide for the participation of the United States in the International Monetary Fund and the International Bank for Reconstruction and Development Be it enacted by the Senate and House of Representatives of the United States of America in Cogress assembled, SHORT TITLE SECTION 1. This Act may be cited as the “Bretton Woods Agreements Act.” ACCEPTANCE OF MEMBERSHIP SEC. 2. The President is hereby authorized to accept membership for the United States in the International Monetary Fund (hereinafter referred to as the "Fund"), and in the International Bank for Reconstruction and Development (hereinafter referred to as the "Bank"), provided for by the Articles of Agreement of the Fund and the Articles of Agreement of the Bank as set forth in the Final Act of the United Nations Monetary and Financial Conference dated July 22, 1944, and deposited in the archives of the Department of State. APPOINTMENT OF GOVERNORS AND EXECUTIVE DIRECTORS SEC. 3. The President, by and with the advice and consent of the Senate, shall appoint a governor of the Fund and an alternate, and a governor of the Bank and an alternate. The term of office of each shall be five years. The President, by and with the advice and consent of the Senate, shall appoint an executive director of the Fund and an executive director of the Bank, who shall also serve as provisional executive directors for the purposes of the respective Articles of Agreement. The term of office of each shall be two years, but they shall continue in office until their successors are appointed. Each executive director shall, 1 |