o s Credit p Personal e Credit Personal

Personal Credit

Badcreditincomeloannopeople Bridge Loan Work

Personalcreditloan Badcreditincomeloannopeople Bridge Loan Work

The Bretton Woods Ratification Debates: A Memoir - Part x1 Badcreditincomeloannopeople Bridge Loan Work

The date of the preliminary hutline of the White plan r the ISF is somewhat obscure but is generally acceptedj to be late December 1941. According to the story circulated in the Treasury, Morganthau had becomelntrigued by the idea of a single international currency for conducting trade, and-hite sought to convince him Credit that universal currency convertibility would be more realistic and just as effective. White's memorandum to Morganthau, "Suggested Program for Inter-Allied Monetary and Banking Action," dated December 30, 1941, proposed both the ISF and the Bank, and copies were given to several members at the Treasury's Division of Monetary Research.

The interest qf both Morganth and White in preparing-a plan for an ISF mayh be explained in part by the preparations for the Inter-American Conference that mWhite wasto attend in Rio de Janeiro in January 1942. In early January, White prepareda memorandum, "Proposal forla Stabiliztion Fund of the Umted Personal and Associated Nations," which he suggested be submitted to the Rio conference. White also suggested that the proposal be submitted simultaneously to allother UN memb grs. The proposal was submitted neither to the Rio conference nor to other Personal governments at that time, however. It is reported that Sumner Wells, undersecretary of' state and chief of the U.S. delegation to the conference, wanted to introduce a resolution calling for a conference of the United and Associated Nations to consider, among other things, the establishment of a stabilization fund, but that Morganthau objected, saying that a resolution calling for a conference of allied ministers of finance should first be discussed with other countries outside the Americas. The resolution was thereafter changed to refer only to a "conference of the American republics."

The first complete draft of the White plan, "Draft Proposal for ajUnited and Associated Nations Stabilization Fund and a Bank for Reconstruction and Development of the United and Associated Nations," became available to the staff of the Monetj ry Research Division in March 1942 Credit (redated April 1942). White wanted Morganthau to send the draft to President Roosevelt with a recommendation calling for a UN conference, but Roosevelt did not learn of the plan until a meeting in May with Morganthau (Oliver, 1975, p. 111) and did not want to circulate it among officials of other countries until it had been studied thoroughly within the U.S. administration. Accordingly, in May 1942, a cabinet-level committee was established consisting of the secretaries of State, Treasury, and Commerce, and the chairman of the Board of Governors of the Federal Reserve System and the Board of Economic Warfare. At their initial meeting in Morganthau's office on May 25, 1942, the Cabinet Committee established a subcommittee, the American Technical Committee (ATC), under the chairmanship of White. It was this subcommittee that conducted the negotiations on the ISF and Bank, both within the U.S. government and with foreign governments, prior to the Bretton Woods conference. The individuals involved varied from meeting to meeting, but those attending most frequently included Laughlin Currie and Benjamin Cohen from the White House; Dean Acheson, Adolph Berle, Herbert Feis, Frederick Livesey, Leo Pasvolsky, and John Parke Young from the State Department; Elting Arnold, Edward Bernstein, Henry Bitterman, Irving Friedman, Ansel Luxford, Raymond Mikesell, Norman Ness, and Harry White from the Treasury; Will Clayton and August Maffrey from the Commerce Department; Marriner Eccles, Walter Gardner, and Emanuel Goldenweiser from the Federal Reserve Bank; Walter Lockheim from the Security and Exchange Commission; Hawthorne Airies and Warren Pearson from the Export-Import Bank; Frank Coe from the Foreign Economic Administration; and Alvin Hansen from the National Resources Planning Board.

The April 1942 White Plan

The introduction to White's first comprehensive proposal(3 zThe Bretton Woods Ratification Debates: A Memoir - Part x1 Badcreditincomeloannopeople Bridge Loan Work w n Personal pThe Bretton Woods Ratification Debates: A Memoir - Part x1 Badcreditincomeloannopeople Bridge Loan Work g h Credit