44. Editorial Note
On February 18, 1965, President Johnson met with U.S. leaders in international business and banking to discuss their voluntary cooperation in a program to reduce the balance-of-payments deficit. The President [Page 115] addressed the leaders in the East Room of the White House at 1:40 p.m. For text of his remarks, see Public Papers of the Presidents of the United States: Lyndon B. Johnson, 1965, Book I, pages 206–208.
Beginning at 5:45 p.m. on February 18, Secretary of Commerce John T. Connor held a press conference to answer questions concerning President Johnson’s meeting with business and banking leaders. At this press conference, Secretary Connor announced his intention to establish a balance-of-payments advisory committee of the Department of Commerce whose membership would consist primarily of leading business and banking leaders. In addition, Secretary Connor discussed the Department of Commerce’s 1965 Voluntary Cooperation Program (see Document 45). A transcript of the press conference is in the Washington National Records Center, RG 40, Records of the Office of Franklin D. Roosevelt, Jr., Under Secretary of Commerce, 1963–June 1965: FRC 68 A 5947, Correspondence: The President, 1965.
On February 24, Secretary Connor issued a press release naming nine prominent business executives to advise him on the voluntary cooperation program to reduce the U.S. balance-of-payments deficit. The Balance of Payments Advisory Committee of the Department of Commerce was composed of the following: Albert L. Nickerson, Chairman of the Board, Socony Mobil Oil Company (Chair); Carter L. Burgess, Chairman of the Board, American Machine & Foundry Company; Fred J. Borch, President, General Electric Company; Carl J. Gilbert, Chairman, The Gillette Company; Elisha Gray, II, Chairman, Whirlpool Corporation; J. Ward Keener, President, B.F. Goodrich Company; George S. Moore, President, First National City Bank; Stuart T. Saunders, Chairman, Pennsylvania Railroad Company; and Sidney J. Weinberg, General Partner, Goldman, Sachs & Company. (Department of Commerce Press Release G 65–29; Department of State, Central Files, FN 12 US)