Conversation: 056-001
Prev: 055-005 Next: 056-002Start Date: 6-May-1971 3:32 PM
End Date: 6-May-1971 4:15 PM
Participants:
Nixon, Richard M. (President); President's Commission on Financial Structure and Regulation; Hunt, Reed O.; Bean, Atherton; Crawford, Morris D., Jr.; Earnest, Morgan C.; Edgerton, James H.; Gilbert, Richard G.; Grant, William D.; Greenspan, Alan; Holmes, Walter S., Jr.; Kirkland, [Joseph] Lane; MacNaughton, Donald S.; Malone, Edward H.; Morthland, Rex J.; Morton, William H.; Patterson, Ellmore C.; Randall, K. A.; Regula, Ralph S.; Saulnier, Raymond J. (Dr.); Solomon, Ezra; Stewart, Robert H., III; Rule, Allen R.; Lynch, James; Mayne, Lucille; Mah, Bertwing; Jacobs, Donald (Dr.); Phillips, Almarin (Dr.); Chase, Samuel (Dr.); Scruggs, Clarence; Shine, Henry, Jr.; Murphy, Neil; Walker, Charls E.; Flanigan, Peter M.; White House photographer;Recording Device: Cabinet Room
NARA Description:
On May 6, 1971, President Richard M. Nixon and members of the President's Commission on Financial Structure and Regulation, including Reed O. Hunt, Atherton Bean, Morris D. Crawford, Jr., Morgan C. Earnest, James H. Edgerton, Richard G. Gilbert, William D. Grant, Alan Greenspan, Walter S. Holmes, Jr., [Joseph] Lane Kirkland, Donald S. MacNaughton, Edward H. Malone, Rex J. Morthland, William H. Morton, Ellmore C. Patterson, K. A. Randall, Ralph S. Regula, Dr. Raymond J. Saulnier, Ezra Solomon, Robert H. Stewart, III, Allen R. Rule, James Lynch, Lucille Mayne, Bertwing Mah, Dr. Donald Jacobs, Dr. Almarin Phillips, Dr. Samuel Chase, Clarence Scruggs, Henry Shine, Jr., Neil Murphy, Charls E. Walker, Peter M. Flanigan, and the White House photographer, met in the Cabinet Room of the White House from 3:32 pm to 4:15 pm. The Cabinet Room taping system captured this recording, which is known as Conversation 056-001 of the White House Tapes.
Nixon Library Finding Aid:
Conversation No. 56-1
Date: May 6, 1971
Time: 3:32 pm - 4:15 pm
Location: Cabinet Room
The President met with Reed O. Hunt, Atherton Bean, Morris D. Crawford, Jr., Morgan C.
Earnest, James H. Edgerton, Richard G. Gilbert, William D. Grant, Alan Greenspan, Walter S.
Holmes, Jr., [Joseph] Lane Kirkland, Donald S. MacNaughton, Edward H. Malone, Rex J.
Morthland, William H. Morton, Ellmore C. Patterson, K. A. Randall, Ralph S. Regula, Dr.
Raymond J. Saulnier, Ezra Solomon, Robert H. Stewart III, Allen R. Rule, James Lynch, Lucille
Mayne, Bertwing Mah, Dr. Donald Jacobs, Dr. Almarin Phillips, Dr. Samuel Chase, Clarence
Scruggs, Henry Shine, Jr., Neil Murphy, Charls E. Walker, and Peter M. Flanigan; the White
House photographer was present at the beginning of the meeting
[Discontinuities appear in the original recording]
[General conversation/Unintelligible]
Introduction
Photograph
The White House photographer left at an unknown time before 4:15 pm
Commission on Financial Structure and Regulation
-Background
-Reports
-Staff
-International finance
-Financing program
-Work
-Financial studies
-Timetable
-July, August
-October meeting
National economy
-End of 1971 review
-Banks and savings and loans
-Commission studies
2
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-1970
-Bank of America
-Interest rates
-Walker
-Congress
-Wright Patman
-Gerald R. Ford [?]
-Public opinion
-Financial institutions
******************************************************************************
International economy
[To listen to the segment (45s) declassified on 02/28/2002, please refer to RC# E-519.]
******************************************************************************
National economy
-Financial institutions
-Size
-Commission members
-Work
-John B. Connally [?]
-Walker
An unknown man [Edgerton?]
-Support for President in 1946 campaign
National economy
-Banks and Savings and Loans
-Wall Street
-Public opinion
-Stability
-Commission study
-Compared with reorganization and revenue sharing
-Congress
-Status quo compared with change
-Commission members
3
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Insurance companies
-Size
-A financial study
-Commission
-Schedule
-Report
-Importance
-Future
-US competitive position
-Steel industry
-Connally and steel negotiations
-History
-Japanese production
-Possible quotas, tariffs
-Inflation
-US compared with Germany and Japan
President’s schedule
-Commission
-A previous meeting
-Peter G. Peterson [?]
Peterson’s [?] forthcoming testimony
-Date
-Group on trade
-Concerns
Commission members
-Business Council
-Schedule
-Kansas City
-Peterson’s [?] appearance
National economy
-US competitive position
-Productivity council
-Flow of capital
-A briefing on the economy
-Administration staff
-Congress
-Commission members
-Lockheed bailout
4
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Walker’s briefing
-Administration action
-Reasons
-Employment
-Banks
-Subcontractors
-Number
Hunt
-Commission chairman
-Work on commission
Economic questions
Commission work
Hunt [?]
Commission work
The President conferred with an unknown person at an unknown time between 3:32 and 4:15 pm
Henry A. Kissinger [?]
[End of conferral]
-Importance for national economy
-Discussions
-Monetary policy
-Role of Federal Reserve Board
-Bankers’, insurance executives’, and government officials’ position
-Establishment
-Financial system
-Federal Reserve
-Monetary policy
-Institutional structure
-Banking system changes
Presidential gifts
-Cost
-Cufflinks
-Golf balls
5
NIXON PRESIDENTIAL MATERIALS STAFF
Tape Subject Log
(rev. 10/08)
-Wilson Sporting Goods
-Vice President Spiro T. Agnew
President’s schedule
-Future meeting with Commission
-Cabinet meeting
Attorney General
[General conversation/Unintelligible]
The President, et al. left at 4:15 pm