302. Letter From the Deputy Secretary of State (Robinson) to the President’s Assistant for Economic Affairs (Seidman)1
I promised during my recent outline of the International Resource Bank to the EPB that we would be submitting a memorandum to the President on this proposed U.S. initiative. The absence of Secretary Kissinger and the resulting compression of time in which to resolve funding issues with OMB led to direct discussions with Jim Lynn, culminating in a discussion of this issue at the NSC meeting today.2 The President, as you know, decided to authorize the Secretary to make this proposal at the UNCTAD meeting,3 without specifying the amount or timing of U.S. financial participation.
The plan was developed in close cooperation with Treasury. All are agreed that we should present at UNCTAD only a general outline of the IRB concept and leave the fleshing out of details to a lengthy process of negotiation in the CIEC commissions and in the IBRD policy bodies. The attached paper outlines our present concept, going into greater detail than we would table at the UNCTAD meeting.
- Source: Ford Library, L. William Seidman Papers, Box 73, Economic Policy Board Subject File, International Resource Bank. Confidential.↩
- Minutes were not prepared for this NSC meeting.↩
- UNCTAD convened for its fourth session in Nairobi, Kenya, May 5–31. UNCTAD convened for its fourth session in Nairobi, Kenya, May 5–31. In his May 6 address before the meeting, Kissinger proposed the creation of an International Resources Bank. For the text of his speech, see Department of State Bulletin, May 31, 1976, pp. 657–672. Excerpts were printed in The New York Times, May 7, 1976, p. 12.↩
- Robinson signed "Chuck" above his typed signature.↩
- Limited Official Use.↩