The memorandum attached to Mr. Miller’s memorandum to the Secretary of October 30, supra, was later recast by the IBRD into the form of a proposal of the IBRD to the NAC rather than an agreement between the IBRD and the State Department. The State and Treasury Departments jointly suggested this revision, in which the substance of the IBRD proposals regarding loan policy towards Brazil remained unchanged.
On November 17 the Export-Import Bank, to which the revised proposal had been passed for informal review, stated that the NAC, in confining Brazilian loans of the Export-Import Bank to two strictly limited categories, would renounce rights and responsibilities conferred upon United States agencies by law and restrict the foreign financial and diplomatic powers of the United States. The Bank further expressed the hope that the proposal would not formally be submitted to the NAC.[Page 781]
Documentation is contained in file 398.14 for November 1950 and in NAC Document No. 1078, December 12, 1950, Lot 60 D 137.