74–1

Conversation No. 74-1

Date: September 13, 1971
Time: Unknown after 2:58 pm until 3:45 pm
Location: Cabinet Room

John B. Connally met with Maurice H. Stans, William P. Rogers, Peter M. Flanigan, Peter G.
Peterson, Richard V. (“Dick”) Allen, Albert L. Williams, Dr. Isaiah Frank, James H. Binger,
Fred J. Borch, Dr. Courtney C. Brown, Gaylord Freeman, Richard N. Gardner, Dr. Antonie T.
Knoppers, Dr. Stewart M. Lee, Edmund W. Littlefield, Charles F. Myers, Jr., Dr. Max Myers,
Kenneth N. Naden, Alfred C. Neal, William R. Pearce, Dr. Dan Throop Smith, Leroy D.
Stinebower, and George A. Stinson

[General conversation/Unintelligible]

The President entered at 3:07 pm

Williams Commission members
-Knoppers
-Lee
-Brown
-C. F. Myers
-Stinson
-Neal
-Littlefield
-Smith
-Freeman
-Gardner
-Binger
-M. Myers
-Stinebower

[General conversation/Unintelligible]

Economics
-Williams Commission on International Trade and Investment Policy
-General contributions
-Appreciation
-Freeze on wages
-Release of report
-Commission’s work
-Timing of report
 2

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Commission members
-The President’s 1969 speech
-World economic interdependence
-Investment
-Production
-Employment
-Trade
-Study conclusions
-Report recommendations
-Interdependence of factors
-Timing of study
-August 15, 1971 speech by the President
-Support for the President
-Congress
-US public
-Report
-Revision
-Import surcharge
-Export subsidy
-Representation of majority
-Labor members
-Events between May and August 15, 1971
-Monetary policy
-Moderation of inflation
-Productivity increase
-Exchange rate
-Economic conditions
-Exchange rates, monetary barriers, US inflation
-Public views
-Exchange rates
-Japanese yen, German mark, European currencies
-Inflationary spiral in the US
-US allies in post-World War II period
-Germans
-French
-British
-Asia
-Japan
-Steel production
-1950 and 1971 competition
-New conditions for US
-Revitalized Europe, Great Britain
 3

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Japan
-Quotas and surcharges
-World market conditions
-US focus in the future
-US production increase
-US export surplus in post-World War II period
-Recent world developments
-Western Europe
-1970s
-US need for new economic policies
-Interest and dividends on foreign investments
-International accounts
-Increasing world competitiveness
-US ability to compete long term
-Steel industry
-US competitive position
-Service and quality standards
-Dependence on foreign steel
-Technological superiority
-President’s reinstitution of investment credit
-Steel merger
-Re-establishment of US competitiveness
-Research
-Investment tax credit
-Sources for revenue
-Upgrading of US plant
-Capitol investments
-Research and development
-US long-term outlook
-Investment
-Other countries compared to US
-Department of Treasury’s role
-Congress
-Permanency
-Taxes
-Capital income versus other forms of income
-Surcharge
-General Agreement on Tariffs and Trade [GATT]
-Credit
-Tax depreciation
-Investment of credit
-Legislative processes
 4

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-William Proxmire’s views
-Welfare payments
-Social Security
-Profits and savings
-Tax action
-Aids to business
-Public view
-Automobile excise tax
-Investment tax credit
-Business
-Jobs and production
-Competitive prices
-Inflation
-Surtax
-Value-added tax [VAT]
-US competitive position in world
-Continuance of trade
-National Steel Company merger
-Legal opposition
-Commerce Department stance
-Antitrust laws
-Cartel approach
-Monopoly
-Concept of united Europe as unit
-Projected United Kingdom entry into the European Economic
Community [EEC]
-Competition with US
-Japanese people and government
-Government-run industries
-Trading company tradition
-Movement as unit
-Totalitarian countries
-US examination
-Antitrust policies
-Tax laws
-Labor policies
-US role in the world
-Movement ahead
-Compared with sports
-Unnamed man
-Track and field events
-Paavo Nurmi
 5

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Speed
-Lack of competition
-Running against the clock analogy
-Roger Bannister
-Quotation from former Senator Eugene D. Milliken
-Future competition
-United Europe
-Japan
-The People’s Republic of China [PRC], Latin America
-US reaction to challenge
-Exchange rate issue
-Concern with US
-Effect of competition


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Japan

[To listen to the segment (21s) declassified on 02/28/2002, please refer to RC# E-555.]

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US goals and attitude in the future

Secretary of State

Member of Commission

[General conversation/Unintelligible]

Recording was cut off at 3:45 pm