Nixon White House Tapes › Tape 1 › Conversation 001-063

Nixon, Burns & Peterson on International Economic Policy and Antitrust Law

Friday, April 9, 1971 · 1:47 PM–1:54 PM ET · White House Telephone · 6 min

ParticipantsNixon, Richard M. (President); Burns, Arthur F.; Peterson, Peter G.Conversation001-063 on Tape 1 (tape position 02:08:20–02:14:35)StartFriday, April 9, 1971 at 1:47 PMEndFriday, April 9, 1971 at 1:54 PMRecording deviceWhite House TelephoneSourceNixon Library record for 001-063 ↗

AI Summary

President Nixon consulted with Federal Reserve Chairman Arthur F. Burns regarding a recent cabinet briefing on international economic policy delivered by Peter G. Peterson. Nixon tasked Burns with reviewing the briefing materials and requested an independent analysis of how antiquated U.S. antitrust laws affect the competitiveness of domestic industries, particularly the struggling aviation sector, against state-subsidized foreign entities. Following the discussion, Peterson joined the call to coordinate a time for Burns to review the presentation materials and further discuss these economic strategies.

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Transcript (AI-generated)

This transcript was generated automatically by AI (WhisperX) and has not been reviewed for accuracy. Names and numbers are often wrong; speakers are not identified. Do not cite it as authoritative — verify against the audio and the finding aid.

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Hello?
Mr. President, I have Dr. Arthur Burns.
Oh, yeah.
All right.
Hello, Arthur?
Hope I didn't disturb you at lunch.
I told him I could wait.
How are you?
I'm just fine, thank you.
I'm just fine.
I had two things that are not urgent, but I would like for you to, if you could, that you might want to consider.
We had an excellent briefing at the cabinet, I mean at the cabinet, but you know we set up this new committee on international economic policy, you know, which I know you favored setting up and we've got it and Pete Peterson had it and he
It was an hour and a half briefing, actually.
It raised a lot of profound problems.
Not a great deal in the, I mean, looking over, looking toward the future, about the future of the American economy and the balance of payments and a lot of other things and so forth and so on.
Not much in the field of international monetary policy and the rest, naturally.
But what I thought would be a very great
and you can do it if you like or not.
I think the staff of the Fed ought to see it.
I think it'd be interesting for you to see it.
I'd like for you people to know the kind of things that we're looking at, and what would you think of the idea?
Well, I like the idea.
And I, as a matter of fact, when the briefing started, I thought we could have had you this, but then we'd get into that independent deal.
But I can tell Pete Peterson to call you
and arrange it.
Now, it's what I am doing.
I thought so much of it myself that I am having it given to the rest of the cabinet and to the whole White House staff.
Now, the second point, the reason that I'm calling you is that, and I'd like for you, if you were to, I don't know whether your staff will undertake this or not, to put on your other hat.
I don't mean, it has nothing to do with money.
One of the things that this briefing really raises, a very fundamental point, Arthur, is the question of our antitrust laws and how we can continue to compete with, for example, in airlines and so many other areas, with foreign governments, with foreign concerns that are subsidized by the governments and so forth and so on, and we move in other directions.
You know what I mean?
Yeah.
Now, I wondered if...
your staff i've had i might be mccracken's to make a study of this and also mitchell's and the rest and harlequin i wonder if independently of that you've got a lot of bright guys your staff and if if you could spend some time after you hear this thing
to give me your views on it, because I, you know, there hasn't been any real change in the antitrust law since the Sherman Act.
Well, the country's changed a lot, and I don't think that you and I have ever talked about it, but after you've had a chance to think about it, I wondered if you'd come in, because I don't, I just have a feeling we've made some mistakes here.
I think we're, I don't mean by that that we don't, but I think that for the future we're all for cartelization and all that sort of thing, but I also know
that we cannot just apply the rules that were appropriate 50 years ago to the problems of today.
Mr. President, in that connection, I have meant to write you a memorandum.
I've talked to several highly placed men in the aviation industry.
Right, right.
That's one of our sick ones, the one that we're worried about.
You know, unless we get some merges arranged rather promptly, we can have mass failures there.
Well, let me tell you that if you could... What really concerns me is if you could look at this briefing, and then also...
Give me a strong memorandum on that.
And then when we come in, I'd like for you, I think it'd be worth an hour and a half of your time to see the briefing, too.
It's done with charts, and he's gone over the whole...
situation as to what has happened to the american position in the world and it's a fascinating briefing really a fascinating briefing much of it will be old hat to you but the members of your staff like it and i'm uh our people all around here just sat there and said my god we we've got to see you again see so so two points if you on the aviation thing i'm working on that oh i'm so glad and second uh but i'd like but i need for you for my for purposes of
getting the heat on this damn Justice Department.
I understand Mitchell's all right, but it's the people down below.
I could use an MRN from you, and I'll just keep it to myself.
Third, would you give consideration to the whole problem of antitrust in your staff?
Because you've probably got some experts over there that kick this around, don't you?
Yeah, yeah.
And it would not be inconsistent with what you do otherwise.
Not in the slightest.
And it's a look at everything, banks, everything else.
I'm not so sure.
The other thing is that if...
If then on this international situation, after you look at it, since it is so closely related to the whole question of balance of payments and international monetary thing, then if you independently, I mean, I'm really interested in what you think, not just what you're studying.
If you could then either come in and give me your views about it, it would be very helpful.
Could you do that?
You bet.
Okay.
Yeah, of course I will.
Incidentally, Pete Peterson just walked in the office.
Can I put him on the phone and we set the date for you now?
Yeah, fine.
Fine.
Hello.
Hello.
Yes, I've just been talking to the president.
Yes, sir.
What a wonderful briefing you gave to the cabinet.
That'll surprise you, Arthur, I'm sure.
The president would like to have some members of the Fed's staff see this, and I'd like to see it.
All right.
And the president wants me to arrange a date with you.
All right.
Well, the minute I get back to office, I'll call you and we'll set up the time.
We'll set up the time.
Great, Arthur.
Very good.
Fine.
Bye-bye.
Bye.

NARA Description

On April 9, 1971, President Richard M. Nixon, Arthur F. Burns, and Peter G. Peterson talked on the telephone from 1:47 pm to 1:54 pm. The White House Telephone taping system captured this recording, which is known as Conversation 001-063 of the White House Tapes.

Nixon Library Finding Aid

Conversation No. 1-63

Date: April 9, 1971
Time: 1:47 pm - 1:54 pm
Location: White House Telephone

The President talked with Arthur F. Burns.

[See Conversation No. 476-25]

     Council on International Economic Policy
         -Cabinet Room briefing
               -Peter G. Peterson
         -Future of US economy
         -International monetary policy
         -Briefing
               -Review by staff of Federal Reserve System and Burns
               -Peterson's meeting with Burns
               -Distribution
                     -White House staff
               -Anti-trust laws
                     -Air transportation
                     -Foreign governments
                     -Paul W. McCracken
                     -John N. Mitchell
                     -John D. Ehrlichman
                     -Burns’ views
                     -Sherman Anti-Trust Act
                     -Administration's position
                     -Aviation industry
                           -Mergers
                     -Report from Burns
               -Charts
               -US position in world
               -Aviation industry
               -Justice Department
                     -Mitchell
               -Memorandum form Burns

     Anti-trust
           -Study by Burns’ staff
                -Banks

     International monetary policy
           -Balance of payments
           -Burns’ meeting with President

     Peterson
           -Arrival
          -Meeting with Burns

Peterson talked with Burns at an unknown time between 1:50 pm and 1:54 pm.

[Conversation No. 1-63A]

[See also Conversation No. 476-25A]

     Cabinet briefing
          -Review by Federal Reserve System staff and by Burns
          -Meeting with the President
                -Arrangements

[End of telephone conversation]

Also recorded on April 9, 1971

  • 001-060 1:35 PM · 3 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 1:35 pm and 1:47 pm.
  • 001-061 1:35 PM · 16 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 1:35 pm and 1:47 pm.
  • 001-062 1:35 PM · 7 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 1:35 pm and 1:47 pm.
  • 476-017 1:35 PM · 22 sec — President Richard M. Nixon and Manolo Sanchez met in the Oval Office of the White House at an unknown time between 1:35 pm and 1:47 pm.
  • 476-018 1:35 PM · 7 sec — President Richard M. Nixon and the White House operator met in the Oval Office of the White House at an unknown time between 1:35 pm and 1:47 pm.
  • 476-019 1:35 PM · 18 sec — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at an unknown time between 1:35 pm and 1:47 pm.
  • 476-020 1:35 PM · 17 sec — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at an unknown time between 1:35 pm and 1:47 pm.
  • 476-025 1:47 PM · 48 min — President Richard M. Nixon, Arthur F. Burns, Henry A. Kissinger, Peter G. Peterson, Stephen B. Bull, and Phil Watts met in the Oval Office of the White House from 1:47 pm to 2:37 pm.

All 42 conversations from April 9, 1971 →

Cite this conversation

Conversation 001-063, April 9, 1971. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/001-063 (accessed October 12, 2026).