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A Foreign Economic Policy for the 1970's

A Foreign Economic Policy for the 1970's

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Excerpt from A Foreign Economic Policy for the 1970's: Hearings Before the Subcommittee on Foreign Economic Policy of the Joint Economic Committee Congress of the United States Ninety-First Congress First Session

The Subcommittee on Foreign Economic Policy met, pursuant to notice, at 10 a.m., in room S-407, the Capitol, Hon. Hale Boggs (chairman of the subcommittee) presiding.

Present: Representatives Boggs, Reuss, Widnall, and Conablc.

Also present: John R. Stark, executive director; John R. Karlik, economist; Myer Rashish, consultant; and George D. Krumbhaar, economist for the minority.

Chairman Boggs. This is the first of a series of hearings on "A Foreign Economic Policy for the 1970's" which will be conducted by the Subcommittee on Foreign Economic Policy of the Joint Economic Committee.

The 3 days of hearings this week represent the beginning of an extensive program of studies and hearings devoted to exploring our international economic policy and to offer guidance for the decade ahead. The new administration faces the task of formulating a course for the future. The President has appointed a committee to advise him on economic development policy. He has also indicated the intention to appoint a commission on international trade and investment as well. Meanwhile, the administration has submitted a trade bill to the Congress that is admittedly an interim measure pending the development of a longer term approach. The time, is therefore, ripe for reexamination of our foreign economic policy, and I am confident that the work of our subcommittee will make a significant contribution to this end.

A word about the subcommittee's program. In addition to the hearings which we are having this week, we plan four additional sets of hearings at roughly 2-month intervals. The hearings this week begin our study; therefore, we have invited the participants to address themselves quite generally to the subject of U.S. foreign economic policy. Wo seek their advice on what issues we should study intensively and have invited their perspectives of these issues. Our subsequent hearings will be more detailed and will cover specific topics. Toward the end of 1970 we will file a report on the activities of the subcommittee.

We are quite fortunate in having a distinguished group of witnesses for these 3 days of hearings.

First before us today we have Mr. Arthur K. Watson, chairman of the board of the IBM World Trade Corp. and former president of the International Chamber of Commerce.

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