The Secretary of State to the Chairman of the Inter-American Financial and Economic Advisory Committee (Welles)
My Dear Mr. Chairman: I acknowledge receipt of your letter of February 16, 1940,2 transmitting for the consideration of my Government a resolution adopted by the Inter-American Financial and Economic Advisory Committee3 on February 7, 1940 recommending to the Governments of the American republics the establishment of an Inter-American Bank. You request that the Committee be informed, before March 15, 1940, whether the Government of the United States finds any fundamental objection which in its opinion would prevent it from signing the proposed Convention relating to the establishment of such institution, and state that the Committee will take into consideration any objections that may be presented and will take action with respect to them as soon as possible, so that on April 14, 1940 the definitive project may be deposited in the Pan American Union for signature by the Governments of the American republics.
I take pleasure in informing you that the Government of the United States, having studied the project in question and not finding any fundamental objection, is prepared to sign the proposed Convention on April 14, 1940, believing that the establishment of an Inter-American Bank would be a step of major importance in the development of inter-American financial and economic cooperation.
My Government has been enabled, because of the location in Washington of the Inter-American Committee, to follow the proceedings of the Committee and its Subcommittees in every detail and through its delegate to make frequent comments and suggestions during the [Page 347]course of the Committee’s deliberations. The United States delegate will, of course, remain free to make further comments and suggestions with regard to the Inter-American Bank proposal during the subsequent sessions of the Inter-American Committee and its Subcommittees which consider the drafting of the definitive project.