56–1

Conversation No. 56-1

Date: May 6, 1971
Time: 3:32 pm - 4:15 pm
Location: Cabinet Room

The President met with Reed O. Hunt, Atherton Bean, Morris D. Crawford, Jr., Morgan C.
Earnest, James H. Edgerton, Richard G. Gilbert, William D. Grant, Alan Greenspan, Walter S.
Holmes, Jr., [Joseph] Lane Kirkland, Donald S. MacNaughton, Edward H. Malone, Rex J.
Morthland, William H. Morton, Ellmore C. Patterson, K. A. Randall, Ralph S. Regula, Dr.
Raymond J. Saulnier, Ezra Solomon, Robert H. Stewart III, Allen R. Rule, James Lynch, Lucille
Mayne, Bertwing Mah, Dr. Donald Jacobs, Dr. Almarin Phillips, Dr. Samuel Chase, Clarence
Scruggs, Henry Shine, Jr., Neil Murphy, Charls E. Walker, and Peter M. Flanigan; the White
House photographer was present at the beginning of the meeting
[Discontinuities appear in the original recording]

[General conversation/Unintelligible]

Introduction

Photograph

The White House photographer left at an unknown time before 4:15 pm

Commission on Financial Structure and Regulation
-Background
-Reports
-Staff
-International finance
-Financing program
-Work
-Financial studies
-Timetable
-July, August
-October meeting

National economy
-End of 1971 review
-Banks and savings and loans
-Commission studies
 2

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-1970
-Bank of America
-Interest rates
-Walker
-Congress
-Wright Patman
-Gerald R. Ford [?]
-Public opinion
-Financial institutions


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International economy

[To listen to the segment (45s) declassified on 02/28/2002, please refer to RC# E-519.]


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National economy
-Financial institutions
-Size
-Commission members
-Work
-John B. Connally [?]
-Walker

An unknown man [Edgerton?]
-Support for President in 1946 campaign

National economy
-Banks and Savings and Loans
-Wall Street
-Public opinion
-Stability
-Commission study
-Compared with reorganization and revenue sharing
-Congress
-Status quo compared with change
-Commission members
 3

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Insurance companies
-Size
-A financial study
-Commission
-Schedule
-Report
-Importance
-Future
-US competitive position
-Steel industry
-Connally and steel negotiations
-History
-Japanese production
-Possible quotas, tariffs
-Inflation
-US compared with Germany and Japan

President’s schedule
-Commission
-A previous meeting
-Peter G. Peterson [?]

Peterson’s [?] forthcoming testimony
-Date
-Group on trade
-Concerns

Commission members
-Business Council
-Schedule
-Kansas City
-Peterson’s [?] appearance

National economy
-US competitive position
-Productivity council
-Flow of capital
-A briefing on the economy
-Administration staff
-Congress
-Commission members
-Lockheed bailout
 4

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Walker’s briefing
-Administration action
-Reasons
-Employment
-Banks
-Subcontractors
-Number

Hunt
-Commission chairman
-Work on commission

Economic questions

Commission work

Hunt [?]

Commission work

The President conferred with an unknown person at an unknown time between 3:32 and 4:15 pm

Henry A. Kissinger [?]

[End of conferral]

-Importance for national economy
-Discussions
-Monetary policy
-Role of Federal Reserve Board
-Bankers’, insurance executives’, and government officials’ position
-Establishment
-Financial system
-Federal Reserve
-Monetary policy
-Institutional structure
-Banking system changes

Presidential gifts
-Cost
-Cufflinks
-Golf balls
 5

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Wilson Sporting Goods
-Vice President Spiro T. Agnew

President’s schedule
-Future meeting with Commission
-Cabinet meeting

Attorney General

[General conversation/Unintelligible]

The President, et al. left at 4:15 pm