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Conversation: 409-002

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Start Date: 1-Feb-1973 6:07 PM

End Date: 1-Feb-1973 6:41 PM

Participants:

Nixon, Richard M. (President)Shultz, George P.Bull, Stephen B.

Recording Device: Old Executive Office Building

409-002.mp3

NARA Description:

On February 1, 1973, President Richard M. Nixon, George P. Shultz, and Stephen B. Bull met in the President's office in the Old Executive Office Building from 6:07 pm to 6:41 pm. The Old Executive Office Building taping system captured this recording, which is known as Conversation 409-002 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 409-2

Date: February 1, 1973
Time: 6:07 pm - 6:41 pm
Location: Executive Office Building

The President met with George P. Shultz and Stephen B. Bull.

       President's schedule
              -Dinner for Edward R.G. Heath

Bull left at 6:08 pm.

       Trade and economic matters
              -The President’s knowledge
              -Arthur F. Burns
              -John D. Ehrlichman [?]
              -Shultz’s judgment
              -Agreement
              -International monetary situation
                      -New York market [?]
                      -European market
                      -The dollar and foreign currencies
                             -Germany
                             -Exchange rates
                      -Devaluation
                      -Edward R. G. Heath
                      -Trade bill
                             -Edward M. (“Ted”) Kennedy
                             -Congress
                          5

NIXON PRESIDENTIAL LIBRARY AND MUSEUM

                 Tape Subject Log
                   (rev. Aug.-09)
                                          Conversation No. 409-2 (cont’d)




         -The President's schedule
                  -California
          -Wilbur D. Mills, Russell B. Long
 -Cabinet meeting
         -Quadriad
 -Working relationship
         -Burns
         -Herbert Stein
 -Burns
         -Phase III
         -Stock market
 -Stock market
         -Reactions
         -Effect of Phase III
         -Internal Revenue Service [IRS]
 -Propose action
         -Congress
                 -Legislation
         -Salutary effect
                 -Market
         -Milton Friedman
                 -Newsweek column
                 -Germany
 -Trade imbalance
         -Problems for US dollar
                 -Convertibility
                         -Germany
                         -France
                                 -George J. R. Pompidou
                         -Helmut H. W. Schmidt
                                 -Closure of Germany borders
 -Monetary controls
 -Control of gold market
         -Burns
 -Press story on background of action
                                      6

           NIXON PRESIDENTIAL LIBRARY AND MUSEUM

                             Tape Subject Log
                               (rev. Aug.-09)
                                                      Conversation No. 409-2 (cont’d)




                   -Frank Dale
                   -Heath
      -Employment and labor
            -Trade [?]
            -Kennedy bill [?]
                   -Cost
                   -Unemployment
            -Unemployment compensation
                   -Federal standards of benefit levels
                   -Ways and Means Committee
                           -Republican opposition
                   -Frank E. Fitzsimmons
                   -Opposition
                           -Republicans
            -Pension bill
                   -Termination
            -Trade bill

Schedule
      -Shultz’s arrival
      -Ronald L. Ziegler

Trade and economic matters
       -Labor bill
              -Coordination with Ehrlichman, William E. Timmons
              -Congress
       -Unemployment compensation bill
              -Republican opposition
              -States’ rights
                      -Benefits standard
                              -Mississippi
                              -New York
                              -Schultz’s opinion
                              -Burns’s opinion
       -Phase III wage and price controls
                                 7

    NIXON PRESIDENTIAL LIBRARY AND MUSEUM

                        Tape Subject Log
                          (rev. Aug.-09)
                                                  Conversation No. 409-2 (cont’d)




-Agriculture
       -Farm prices, farm income
-President’s schedule
       -Future meeting with labor leaders
               -California
               -1972 election
                       -Labor’s relations with the President’s administration
                               -Paul Hall [?]
-Oil
       -President’s meeting with John B. Connally
               -Market
               -Tankers
                       -Control of methods of transportation
                               -US tanker fleet
               -Political benefit
               -Tankers
                       -Liquefied natural gas
       -Oil company reaction to proposed action
               -Opposition
                       -Texas
                       -John G. Tower
       -Canadian pipeline
       -Alaska pipeline
       -Tanker fleet
               -Arrangement of program
               -[Shah of Iran] Mohammed Reza Pahlaui
                       -Negotiations
                       -Access to US markets
                       -Companies
                       -Governments
                               -Japan
                               -Netherlands
                               -Great Britain
                       -Shah of Iran
                               -Oil imports
                                                   8

                    NIXON PRESIDENTIAL LIBRARY AND MUSEUM

                                          Tape Subject Log
                                            (rev. Aug.-09)
                                                                      Conversation No. 409-2 (cont’d)




                                        -Harvard University
                          -William E. Simon
                                 -Oil Policy Committee
                          -Congress
                                 -Senate
                                        -US oil production
                                        -Natural gas and oil prices
                                               -Connally [?]

       Shultz’s schedule
              -Call from Rose Mary Woods
                      -Dinner at White House
                             -Conflict with John J. Sparkman dinner
                                    -Chairman Banking Committee
                             -Meeting with Heath
              -Home
                      -Georgetown
                      -Arlington
                             -Prejudice

Shultz left at 6:41 pm.