81. Memorandum From Secretary of the Treasury Fowler to President Johnson1
I attach a memorandum to you from the Cabinet Committee on Balance of Payments containing an appraisal of the balance of payments outlook for 1966 and recommending measures that should go far toward bringing an end to the deficits.2 The program recommended was approved by the following members of the Cabinet Committee on Balance of Payments, or their representatives, at a meeting on Wednesday, November 24:3
[Page 230]- Defense: Secretary McNamara
- Commerce: Secretary Connor
- State: Under Secretary Ball
- Agriculture: Under Secretary Schnittker
- AID: Mr. Bell
- Special Representative for Trade Negotiations: Mr. Roth
- CEA: Mr. Ackley
- White House: Mr. Bator
- Federal Reserve: Governor Robertson
Upon receiving your approval, we are prepared to move promptly to make the nature of the program known publicly and to follow through to assure its effectiveness.
- Source: Johnson Library, Bator Papers, Balance of Payments 1965 [3 of 4], Box 14. Secret. Three handwritten notations appear on the source text. The first in the upper left corner reads: “Recd Ranch 11–27–65 9:30 a.” The second in the bottom left corner reads: “fr bedroom 11–30–65 10:20a.” The third at the top reads: “L,” in presumably the President’s handwriting.↩
- Not attached; apparent reference to Document 82.↩
- See Document 80.↩