Nixon White House Tapes › Tape 887 › Conversation 887-026
Nixon, Shultz & Ehrlichman on Economic Policy and Farm Subsidies
Thursday, March 22, 1973 · 4:05 PM–5:00 PM ET · Oval Office · 54 min
AI Summary
President Nixon met with George Shultz, John Ehrlichman, and others to discuss various administrative and economic policy challenges, including the status of an industrial commission and potential adjustments to farm subsidy programs. The conversation emphasized a desire for proactive political positioning on upcoming legislative issues rather than reactive policymaking. Additionally, the group reviewed personnel matters, specifically the resignation of Henry Kearns and the potential reappointment of Pierre-Paul Schweitzer at the IMF.
- Economic Policy
- Farm Subsidies
- Personnel Appointments
- Industrial Commission
- Political Strategy
- International Monetary Fund
Audio
Transcript (AI-generated)
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NARA Description
On March 22, 1973, President Richard M. Nixon, George P. Shultz, John D. Ehrlichman, unknown person(s), and Stephen B. Bull met in the Oval Office of the White House at an unknown time between 4:05 pm and 5:00 pm. The Oval Office taping system captured this recording, which is known as Conversation 887-026 of the White House Tapes.
Nixon Library Finding Aid
Conversation No. 887-26
Date: March 22, 1973
Time: Unknown between 4:05 pm and 5:00 pm
Location: Oval Office
The President met with George P. Shultz and John D. Ehrlichman.
US-Canada relations
-Shultz’s contact with John H. Turner
****************************************************************************
[Previous National Security (B) withdrawal reviewed under MDR guidelines case number
-35-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
LPRN-T-MDR-2014-038. Segment declassified on 06/05/2019. Archivist: DR]
[National Security]
[887-026-w001]
[Duration: 5s]
US-Canada relations
-The President’s telephone call to Pierre E. Trudeau
-Canadian participation in the International Commission of Control and
Supervision [ICCS]
****************************************************************************
US-Canada relations
-Trade
-Wilbur D. Mills speech
-Peter M. Flanigan
-Committee on International Economic Policy [CIEP]
-Annual report
-Shultz’s call to Turner
-Canada’s cabinet meeting
****************************************************************************
[Previous National Security (B) withdrawal reviewed under MDR guidelines case number
LPRN-T-MDR-2014-038. Segment declassified on 06/05/2019. Archivist: DR]
[National Security]
[887-026-w002]
[Duration: 28s]
US-Canada relations
-George P. Shultz’s telephone call to John H. Turner
-Canada’s cabinet meeting
-Possibility of Pierre E. Trudeau standing up to cabinet
-Participation in International Commission of Control and Supervision
[ICCS]
-Message to relay regarding the President
****************************************************************************
-36-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
US-Canada relations
-Turner’s attendance at Canada’s cabinet meeting
Economy
-Shultz’s trip to Union of Soviet Socialist Republics [USSR]
-Shultz’s impressions on USSR’s leadership
-Leonid I. Brezhnev
-Manner, personality
An unknown man entered at an unknown time after 4:05 pm.
Refreshment
The unknown man left and Steven B. Bull entered at an unknown time before 5:00 pm.
Arthur F. Burns
President's schedule
-Flight to Florida
-Delay
Bull left at an unknown time before 5:00 pm.
Wage and price controls
-Inflation problems
-Meeting of economic advisors
-Reports
-Herbert Stein, Burns
-John T. Dunlop
-Roy L. Ash
-Administrations plans
-Formulation
-Implementation
-Public concern
-Food prices
-Dunlop
-Stein
-Support for current policies
-37-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Ezra Solomon
-Support for price freeze
-William E. Simon
-Contracts with business
-Phase III
-Current problems
-Phase III compared with Phase II
-Food prices
-International scope
-Travel
-Perspective
-Shultz's opposition to controls
-Discussion at Camp David
-Problem of ending controls
-Meetings with President
-Economic advisors
-Scheduling
-California
-Current problems
-Solutions
-Partial freeze
-Controls
-Opposition
-Raw agricultural products
-Prices
-International scope
-Burns
-Support for Phase III
-Interest rates
-Work on budget
-Proposals
-Pre-notification of price increases
-90-day price freeze
-Return to Phase I
-August 1971 comparison
-Economic state
-Excess capacity
-Political advantages
-Price freeze
-Long-range problems
-38-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Consumer demand
-Inflation
-Belief in markets
-Political impact
-Food prices
-Significance
-Business community
-Raw agricultural products
-Labor-Management Advisory Committee
-Meeting
-President's presence
-Proposals
-Labor
-Opposition to Phase I
-Wage controls
-George Meany
-Attitude toward inflation
-President's meeting with labor leaders
-Timing
-Reaction to recent price rises
-Miami, Florida
-Wholesale price index
-Labor
-Meeting with President
-Scheduling
-Location
-Labor-Management Advisory Committee
-Commission on Industrial Peace [?]
-Dunlop
-Frank E. Fitzsimmons
-Transportation
-James D. Hodgson
-Shultz's attendance
-President’s role
-Charles W. Colson's attendance
-Problem
-Purpose
-Colson
-Work with labor leaders
-Conflict with Meany
-39-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Closeness to administration
Pennsylvania Central Railroad
-Congressional act
-Strike limitations
-Administration proposals on bankruptcy
-Study group
-Claude S. Brinegar, Simon, Kenneth W. Dam
-Proposals
-Federal government’s role
-Private solution
-Administration proposal
-Retention of efficient lines
-Identification and separation as new corporation
-Profitable operation
-Old claims
-Labor
-Source of cash
-Selling stock
-Report for President
-Federal government operation
-Study group
-Expertise
-Simon
-Uneconomical portions
-Sale
-Judge's decision on assets
-Responsibility
-Recommendations to Congress
-Big business
-Economic support
Congressional relations
-Shultz’s meeting with Mills
-Future cooperation
-Meet the Press appearance
-Transcript
-Tax reform
-Trade
-International monetary system
-40-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Shultz’s call
-Mills’s unpredictability
Economy
-Meany
-Shultz's call
-Fitzsimmons [?]
-President's opposition to wage controls
-Farmers
-Farm subsidies
-Administrative proposals
-Farmers’ Congress members
-Problems
-Budget vetoes
-Votes
-Trade
-Shultz's testimony on taxes and trade
-Briefing of Congress
-Work with Mills
-International monetary reform
-Shultz’s meeting with Anthony Barker
-Trade
-Energy
-Foreign leaders
-Valery Giscard d'Estaing
-Helmut H. W. Schmidt, Barber
-Political influence
-Meetings
-Location
-Treasury Department
-White House
-Camp David
-Timing
-Location
-White House
-Anatoliy F. Dobrynin
-Arrangements
-Lunch
-Entry to White House
-Privacy
-41-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-President's presence
-Location
-Tax credits for private education
-Refundability
-Shultz's support
-Ways and Means bill
-Opposition
-Constitutional question
-Tax deduction
-Political dimensions
-Burden on Congress
-Reaction of Catholics
-Equity issues
Eleanor Roosevelt
-Elliott Roosevelt
-Franklin D. Roosevelt
-Lucy Mercer, Missy Lee Hand
-Number of children
-Birth control
Economic issues
-Tax credits for private education
-Burden on Congress
-Political consideration
-Burden on Supreme Court
-Simon
-Shultz
-Areas of responsibility
-Taxes
-Wage and price controls
-Phase III
-Trade
-Labor Department
-Welfare
-Family Assistance Plan
-Negative income tax
-Herman Kahn
-Great Britain’s reforms
-Solutions
-42-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Great Britain’s reforms
-Pennsylvania Central Railroad
-Shultz
-Areas of responsibility
-Priorities
-Amount of work
-Taxes trade
-Phase III
-Commerce Department
-Frederick B. Dent
-Capabilities
-Golf
-Meeting with Meany
-Meeting with Fitzsimmons
-Assignments
-Shultz's administrative role
-Helmut (“Hal”) Sonnenfeldt
-Henry A. Kissinger's office
-Knowledge of Europe trade
-International monetary situation
-Knowledge of languages
-Russian
-German
-French
-Sonnenfeldt
-Work with Shultz
-Personality
-Conflicts with Kissinger
-Intelligence
-Natural gas deal with USSR
-Sonnenfeldt
-Kissinger
-Competence
-USSR summit
-Work with Kissinger
-Work with Shultz
-Simon
-Intelligence
Personnel appointments
-43-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Treasury Department
-General Counsel
-Edward C. Schmults
-Intelligence
-George D. Webster
-Possible appointment
-Shultz’s reaction
-Record with labor
-Internal Revenue Service [IRS]
-Meany
-Labor opposition
-H. R. (“Bob”) Haldeman
Henry Kearns
-Resignation from Export - Import Bank
-Replacement
-Kearn's recommendation
-[First name unknown] Larsen
-Background
-San Francisco law firm
-Ivy League
-Kearns's opinion
Pierre-Paul Schweitzer
-Reappointment to International Monetary Fund [IMF]
-Other candidates
-Shultz's recommendation
-Appointment length
-Other candidates
-Europeans
-Post
-Importance
-Relationship with president
-Kissinger
President's trip to Florida
-Return
-Demonstration
-Jewish Defense League
-Miami
-44-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
Economic policy
-Phase III
-Problems
-Shultz’s meetings with Stein, Dunlop and Burns
-Labor-Management Advisory Committee
-Proposals
-President's judgment
-Criteria
-Political implications
-Labor
-Congressional relations
-Stock market
-Editorials
-Finance and business people
-Public relations problems
-Shultz as spokesman
-Statements and controls
-Repetition on Phase II
-Lack of confidence in program
-Europe
-Great Britain
-Labor relations
-Strikes
-Spirit of confrontation
-Inflation
-Comparison with US
-Economy
-Avoidance of class warfare
-Political costs
-Labor settlements
-Food prices
-Complaints
-Problems
-Need for action
-Public relations considerations
-Food price freeze
-Next month's figures
-Firing of economists
-Food prices
-Kansas City
-45-
NIXON PRESIDENTIAL LIBRARY AND MUSEUM
Conversation No. 887-26 (cont’d)
-Increases in basic commodities
-Earl L. Butz
-Report to President
Shultz's trip
-Press briefing
-Call to Turner
-Talk with Mills
-Dollar
Shultz and Ehrlichman left at an unknown time before 5:00 pm.Also recorded on March 22, 1973
- 887-020 3:43 PM · 25 sec — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at an unknown time between 3:43 pm and 3:48 pm.
- 044-015 3:48 PM · 15 min — President Richard M. Nixon and Pierre E. Trudeau talked on the telephone at an unknown time between 3:48 pm and 4:01 pm.
- 887-022 3:48 PM · 1 min — President Richard M. Nixon and Pierre E. Trudeau met in the Oval Office of the White House at an unknown time between 3:48 pm and 4:01 pm.
- 044-016 4:01 PM · 9 sec — President Richard M. Nixon and the White House operator talked on the telephone at an unknown time between 4:01 pm and 4:02 pm.
- 887-023 4:01 PM · 10 sec — President Richard M. Nixon and the White House operator met in the Oval Office of the White House at 4:01 pm.
- 887-024 4:01 PM · 2 min — President Richard M. Nixon and Stephen B. Bull met in the Oval Office of the White House at 4:01 pm.
- 044-017 4:02 PM · 2 min — President Richard M. Nixon and William P. Rogers talked on the telephone at an unknown time between 4:02 pm and 4:05 pm.
- 887-025 4:02 PM · 36 sec — President Richard M. Nixon and William P. Rogers met in the Oval Office of the White House at an unknown time between 4:02 pm and 4:05 pm.
Cite this conversation
Conversation 887-026, March 22, 1973. White House Tapes, Richard Nixon Presidential Library and Museum, National Archives. Audio and AI transcript via Easy Nixon, https://www.easynixon.org/tapes/887-026 (accessed October 2, 2026).