Excerpt from International Monetary Reform
The subcommittees met. pursuant to notice, at 10:10 a.m.. in room 2050. Rayburn House Office Building, Hon. Henry B. Gonzalez [chairman of (he subcommittee] presiding.
Present: Representatives Gonzalez, Reuss, Rees. Hanna, Stark, johnson, Stanton, Frenzel, Burgener, and Senator Javits.
Also present: Representative Widnall.
Mr. Goxzales. The joint subcommittees will come to order, and let me say at the outset that for the sake of economy energy on the part of our administrators, who oftentimes find them having to come to about a half a dozen different legislative panels, we thought at this time on the eve of the House subcommittee going into the question of the International Development Association that it would be well to come back to our pre-August situation on international monetary problems. and since the Joint Economic Subcommittee was interested in the same thing, happily Chairman Reuss broached the idea of a joint meeting and we all agreed with it to be a very good one. The Joint Economic Committee and the House Subcommittee on International Finance have a joint interest, and I think properly so, on rise stability of the world monetary system.
We arc therefore particularly pleased that we are able to conduct this hearing as a joint effort. This is the first, time, as far as I know that this is done.
I want to welcome this morning all of our distinguished friends, welcome the witnesses, and particularly Under Secretary Paul A. Yolckerand Freeman II. Huntington.
I would like to offer a few comments. As I sec it, the problem of monetary reform has two facets. The problem of so-called dollar stability, and the problem which everybody tells us is interrelated, general stability. The dollar seems to be stronger this week than it has been in months.
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