Congress May Kill Monetary Fund Threatens Bretton Woods Plan
Congress may strike the currency stabilization fund from the Bretton Woods agreement, risking the entire monetary plan as bankers fear loss of influence and nations push for independent currency deals. Supporters say removing the fund sinks the plan and fuels postwar competition, while observers warn it could undermine global cooperation and economic recovery.
MENTIONED IN THIS ARTICLE
Washington
U. S. Congress
Bretton Woods
International Monetary Fund
Peace Hinges On Pact
Report highlights Bretton Woods debate as key to lasting peace after WWII. References U S, Russian, and British forces advancing toward Berlin and UN talks in San Francisco to found a world security body. Readers await Congress decision on funding and terms.
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New York
Bretton Woods
World Security Organization
Berlin
United Nations
San Francisco
World Organization
Dumbarton Oaks
Washington
Congress
Theu. S
Forces Rally Behind Bretton Woods Plan Across Sectors
A broad coalition of business, banking and civic groups backs the Bretton Woods Plan against banker amendments. Allies include Independent Bankers Association with 2000 country banks, 11 Philadelphia banks heads, midwestern bankers led by Edward E. Brown, Federal Reserve Chair Marriner Eccles, Henry J. Kaiser group Americans United for World Organization, the League of Women Voters, and United Christian Council for Democracy.
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New York
Bretton Woods
Labor
Independent Bankers Association
Philadelphia
Edward E. Brown
First National Bank of Chicacs
Marriner S. Eccles
Federal Reserve Board
Americans United For World Organization
Henry J. Kaiser
League of Women Voters
United Christian Council For Democracy
International bankers oppose Bretton Woods plan with amendments
A small group of American bankers fights the Bretton Woods agreement by opposing the International Monetary Fund and pushing to shift its duties to the banks. They warn that rejecting the fund risks delaying or derailing global cooperation, while plans to control currency values are said to harm national sovereignty and profits.
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Amercia
Wall Street
U. S
International Monetary Fund
United Nations
Bretton Woods
American Bankers Association
International Bank For Reconstruction and Development
Currency Stabilization Fund
Congress
Tig
England
Bretton Woods Plan Outlined By World Conference Delegates
The Bretton Woods Conference produced the Bretton Woods Plan creating an International Monetary Fund and an International Bank for Reconstruction and Development. It aims to stabilize currency values, remove cross border payment barriers, and fund postwar reconstruction with a $8.8 billion IMF and a $9.1 billion bank, with the U S share totaling $2.75 billion and $3.175 billion respectively. Approval rests with all 44 nations. U S hearings proceed in Congress led by Spence, Wagner, and Tobey.
MENTIONED IN THIS ARTICLE
Bretton Woods
New Hampshire
United Nations Monetary and Financial Conference
International Monetary Fund
International Bank For Reconstruction and Development
U. S
United Nations
Brent Spenie
D., Ky
House
Robert F. Wagner
N.Y
Charles Tobey
N.H
Senate
House Banking and Currency Committee
Spence
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America
Federated Pictures
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Oldline
Federated Press
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