The Budget for 1969: Hearings, Ninetieth Congress, Second Session

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U.S. Government Printing Office, 1968 - Budget - 221 pages
 

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Page 203 - Department of Health, Education and Welfare Department of Housing and Urban Development Department of the Interior Department of Justice Department of Labor Department of State Department of Transportation Department of the Treasury Energy Research and Development Administration Environmental Protection Agency General Services Administration National Aeronautics and Space Administration Veterans...
Page 193 - Budget to find ways of reducing the numbers of American civilians working overseas. Third, I have instructed the Secretary of Defense to find ways to reduce further the foreign exchange impact of personal spending by US Forces and their dependents in Europe.
Page 109 - ... (C) manage and liquidate the existing mortgage portfolio of the Federal National Mortgage Association in an orderly manner, with a minimum of adverse effect upon the home mortgage market and minimum loss to the Federal Government. "CREATION OF ASSOCIATION "Sec. 302. (a) There is hereby created a body corporate to be known as the 'Federal National Mortgage Association' (hereinafter referred to as the •Association'), which shall be a constituent agency of the Housing and Home Finance Agency.
Page 134 - To reduce the balance of payments deficit by at least another $500 million, I have requested and authorized the Federal Reserve Board to tighten its program restraining foreign lending by banks and other financial institutions. Chairman Martin has assured me that this reduction can be achieved: — Without harming the financing of our exports; — Primarily out of credits to developed countries without jeopardizing the availability of funds to the rest of the world. Chairman Martin believes that...
Page 135 - ... world. Chairman Martin believes that this objective can be met through continued cooperation by the financial community. At the request of the Chairman, however, I have given the Federal Reserve Board standby authority to invoke mandatory controls, should such controls become desirable or necessary. 3. Travel abroad Our travel deficit this year will exceed $2 billion. To reduce this deficit by $500 million : / am asking the American people to defer for the next two years all nonessential travel...
Page 196 - IN THE APPENDIX Three proposals for simplification of the budget presentation were discussed with the House and Senate Committees on Appropriations early in the fall. The proposals were directed toward producing a more effective tool for committee use, and we have proceeded to make changes in accordance with those discussions.
Page 134 - To reduce our balance-of-payments deficit by at least $1 billion in 1968 from the estimated 1967 level, I am invoking my authority under the banking laws to establish a mandatory program that will restrain direct investment abroad. This program will be effective immediately. It will insure success and guarantee fairness among American business firms with overseas investments. The program will be administered by the Department of Commerce, and will operate as follows : As in the voluntary program,...
Page 134 - New net investments in the developing countries will be limited to 110% of the 1965-66 average. .This program also requires businesses to continue to bring back foreign earnings to the United States in line with their own 1964-66 practices. In addition, I have directed the Secretary of the Treasury to explore with the Chairmen of the House Ways and Means Committee and Senate Finance Committee legislative proposals to induce or encourage the repatriation of accumulated earnings by US-owned foreign...
Page 132 - The time has now come for decisive action designed to bring our balance of payments to — or close to — equilibrium in the year ahead. The need for action is a national and international responsibility of the highest priority.
Page 135 - First, I have directed the Secretary of State to initiate prompt negotiations with our NATO allies to minimize the foreign exchange costs of keeping our troops in Europe.

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