811.24 Raw Materials/1184½

President Roosevelt to the Chairman of the Executive Committee on Commercial Policy ( Grady )

My Dear Mr. Grady: This is in reply to your letter of May 17 describing a proposal for dealing simultaneously with the problem of our agricultural surpluses and the problem of acquiring adequate supplies of strategic and critical materials. You stated that this proposal had been approved in principle by the Executive Committee on Commercial Policy.

You have probably noted that bills which substantially accomplish the objectives of the proposal you outlined have recently been favorably reported from committee in both Houses of Congress. These provisions are incorporated in the bills to amend the Reconstruction Finance Corporation Act. (H. R. 9958 and S. 3938).14


Franklin D. Roosevelt
[Page 261]

[On July 2, 1940, the President approved the May Act providing authority for the control of exports from the United States of munitions, materials, and machinery essential to national defense; 54 Stat. 712. For texts of proclamations issued during 1940 under this authority, see Department of State Bulletin, as follows: July 6, 1940, page 12; July 27, page 49; September 14, page 213; October 5, page 279; December 14, page 529; and December 21, page 559.]

  1. Act approved June 25, 1940; 54 Stat. 572.