110. Editorial Note
On December 13, 1966, Secretary Fowler held a press conference to announce the administration’s 1967 Balance of Payments Program. This program, in large part, included the continuation of the Department of Commerce’s Voluntary Cooperation Program for U.S. business corporations and financial institutions. The Commerce program, Fowler announced, would remain voluntary, but would “call upon the participating corporations to increase their 1967 contributions on the major selected transactions by at least $2 billion above the 1966 level.” (Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1967, pages 326–327)
During the press conference, Secretary Fowler supplemented his briefing by liberally quoting from President Johnson’s December 12, 1966, letter to him in which the President approved the recommendations of the Cabinet Committee on Balance of Payments to continue the Voluntary Cooperation Program. This letter is printed in American Foreign Policy: Current Documents, 1966, pages 981–982.