87–1

Conversation No. 87-1

Date: January 3, 1972
Time: 3:40 pm - 4:44 pm
Location: Cabinet Room

The President met with William P. Rogers, Paul A. Volcker, George P. Shultz, Peter M.
Flanigan, Clark MacGregor, Peter G. Peterson, Richard V. (“Dick”) Allen, Deane R. Hinton,
William D. Eberle, and Stephen B. Bull
[Recording begins while the conversation is in progress]

Congress

John B. Connally
-Schedule and role

Political decisions

The President’s January 5, 1972 speech in California

The US economy
-Gold crisis
-Volcker
-Congress
-Beginning of new session
-The President’s State of the Union address on January 20, 1972
-Time factor
-Bill to be submitted to Congress
-Russell B. Long
-International negotiations
-The price of gold
-Trade
-Quotas
-Price of gold
-Congress’ understanding of the issue
-Congressional hearings
-Gold, trade linkage or separation as issues
-Legislative bill
-Negotiations
-Delays
-Grain prices
-Markets in Europe
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NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-The President’s expectations
-Trade bill
-Introduction in Congress
-Latter part of January, early February
-Congress
-Complexity of bill
-Price of gold
-Introduction after convening of Congress
-Congressional leadership
-Meeting with European leaders week of January 10
-Briefing by administration official
-Strategy
-Congress
-Congressional staff
-Complications regarding introduction
-First week in February
-Effect on financial markets
-Newspaper stories
-Wall Street
-Introduction of trade bill
-Middle of February
-Grain and wheat
-Tobacco
-Negotiations
-February
-Stockpiling
-Re-valuation
-Trade bill
-Midwest
-Reaction to trade action
-Grain, wheat
-$4 billion in subsidies


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Trade bill

[To listen to the segment (7m10s) declassified on 02/28/2002, please refer to RC# E-573.]

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 3

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)




-US trade bill
-Reaction of Congress
-Submission to Congress
-Revenue sharing
-Health legislation
-Wilbur D. Mills
-Ways and Means Committee
-Congressional recesses
-US trade bill
-Congressional deliberations
-Meeting scheduled for January 4, 1972 with Volcker, Rogers, and others


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Latin America

[To listen to the segment (41s) declassified on 02/28/2002, please refer to RC# E-573.]

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-Congress
-Ways and Means Committee
-House of Representatives
-Senate
-US trade bill
-Japanese
-Criticism
-Mills
-Forthcoming meeting
-Administration’s handling of legislation
-Meeting with Volcker, Peterson, Connally
-US trade bill
-Cost of Living Council
-Comprehensive nature
-Vance Hartke labor legislation
-Export promotion
-Jobs
-Technological development
-American competition
 4

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)



-Hartke labor bill
-David M. Kennedy round of trade negotiations
-International trade
-Long-term goals
-Short-term goals
-Politics
-Money markets
-The President’s State of the Union message
-Economic statement
-Protectionism
-The business community
-In America
-In Japan
-Connally
-Sources of raw materials
-”New Economic Policy”
-Jobs, international monetary situation
-Inflation
-Wage-price freeze
-Shultz
-Budget
-US economic policy
-Short-term goals
-Role for Connally
-Domestic expansion
-Exports
-Jobs
-1973
-Trade
-Japanese
-Items
-Volcker and Peterson
-Informing Connally of issues and politics discussed
-Trade negotiations
-Announcement
-Gerald L. Warren
-Eberle’s report on negotiations with Europeans

[General conversation/Unintelligible]

The President left at 4:44 pm
 5

NIXON PRESIDENTIAL MATERIALS STAFF

Tape Subject Log
(rev. 10/08)