177. Editorial Note
During floor action on fiscal year 1960 Mutual Security legislation, the Senate rejected Senator Fulbright’s proposals, contained in S. 1451, to provide the Development Loan Fund with multiyear financing by empowering it to borrow from the Department of the Treasury. The Senate instead voted on July 2 to authorize $750 million for the Fund in fiscal year 1960 and $1.25 billion in fiscal year 1961, to be available only in an appropriation bill. These provisions remained in the final version of the bill which the Senate passed July 8, H.R. 7500. See Document 245.
[Page 337]On July 7, Under Secretary of State Dillon testified before the House Ways and Means Committee on H.R. 5, the “Foreign Investment Incentive Tax Act of 1959.” For text of his statement, see Department of State Bulletin, July 27, 1959, pages 128–130. Although the House Ways and Means Committee subsequently approved the bill in principle, it was not reported out of Committee in either the House or the Senate before the first session of the 86th Congress adjourned early in the morning of September 15.