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Volume 1
(of 2 Volumes)

FEBRUARY 7, 1968

Printed for the use of the Committee on Finance

U.S. GOVERNMENT PRINTING OFFICE

87-822

WASHINGTON : 1968

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C. 20402 - Price $1.25

COMMITTEE ON FINANCE

RUSSELL B. LONG, Louisiana, Chairman

GEORGE A. SMATHERS, Florida

JOHN J. WILLIAMS, Delaware CLINTON P. ANDERSON, New Mexico FRANK CARLSON, Kansas ALBERT GORE, Tennessee

WALLACE F. BENNETT, Utah HERMAN E. TALMADGE, Georgia

CARL T. CURTIS, Nebraska EUGENE J. MCCARTHY, Minnesota

THRUSTON B. MORTON, Kentucky VANCE HARTKE, Indiana

EVERETT MCKINLEY DIRKSEN, Illinois
J. W. FULBRIGHT, Arkansas
ABRAHAM RIBICOFF, Connecticut
LEE METCALF, Montana
FRED R. HARRIS, Oklahoma

Tom Vail, Chief Counsel
EVELYN R. THOMPSON, A88istant Chief Clerk

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FOREWORD

On March 3, 1967, the Honorable Russell B. Long, Chairman of the Committee on Finance, announced that the committee would hold legislative oversight hearings on U.S. foreign trade policies and practices. This announcement was in keeping with observations he made to the Economic Club of New York, that: “* * * our trade policies need a thorough new look, and some hardheaded American businessmen are needed to devote a great deal of independent thought and study to the overall program.” 2

The significance of such a study was quickly recognized. The Honorable Everett McKinley Dirksen, minority leader of the Senate and a member of the Committee on Finance, published a memorandum outlining and describing the areas he felt were worthy of study by the committee.3

On March 24, 1967, the Honorable Lyndon B. Johnson, President of the United States, announced that the Special Trade Representative, the Honorable William M. Roth was to: ** * * begin preparation for a long-range study of our foreign trade policy." +

The Kennedy round authorized by Congress in the Trade Expansion Ict of 1962, is now history. This compendium of papers initiates the necessary study of the important questions associated with the formulation of a new trade policy for the future. It is appropriate that it be published at this time so that those who participate in the development of trade policies—both in and out of Government-may begin now to draw on the thoughts expressed in the views here collected. They will form the nucleus of a growing body of information marking the way to a commercial policy for this Nation under which the Yankee trader once again will become the equal of any in the world.

The papers that are published in this compendium are divided into three parts. Part I consists of those papers which concentrate on individual items mentioned by the chairman in the September 27 press release. Part II of the compendium consists of papers from organizations and individuals which cover a variety of the topics mentioned in the committee press release. Part III deals with specific industry problems. Part I of the table of contents is cross-referenced, enabling the reader to locate more readily those subjects covered in the papers included in parts II and III which deal with the individual items listed in the September 27 press release.

? For text of press releases relating to these hearings, see pp. 1-2. * Address of the Honorable Russell B. Long, Chairman, Committee on Finance, U.S. Senate. before the Economic Club of New York, Jan. 18, 1967. For the text of the address, see Congressional Record, Feb. 23, 1967, p. $2549. * For the text of Senator Dirksen's memorandum, see p. 911.

For the text of President Johnson's statement and other documents relating to this study, see pp. 920-927.

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