Foreign Relations of the United States, 1958–1960, Foreign Economic Policy, Volume IV

204. Letter From Secretary of the Treasury Anderson to Secretary of State Herter⁰

August 2, 1960.

Dear Mr. Secretary: As you know, Public Law 565, 86th Congress, approved on June 30, 1960,¹ authorized the President to accept membership for the United States in the International Development Association. On July 14, 1960, legislation providing the necessary appropriation² was approved.

Accordingly, acceptance of membership by the United States is now in order. Although the Articles of Agreement provide that the institution may not come into being before September 15, 1960, in my opinion an early signature by the United States would be helpful in encouraging prompt acceptance of membership by the other countries.

The Agreement establishing the Association provides that membership shall be accepted by signing the Agreement and depositing with the International Bank for Reconstruction and Development an instrument setting forth that the United States has accepted the Agreement in accordance with its own laws and has taken the steps necessary to enable it to fulfill all of its obligations under the Agreement.

I believe it would be appropriate for me to represent the United States in carrying out these steps. This would follow the precedent under which the Secretary of the Treasury has signed on behalf of the United States the Articles of Agreement of the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, and the Inter-American Development Bank.

If you concur, I request an Instrument of Acceptance and a document according me full powers to sign the Agreement and to deposit the Instrument of Acceptance on behalf of the United States be prepared for submission to the President for his approval and signature. A draft Instrument of Acceptance and a draft document according me full powers similar to those used for other international financial institutions are enclosed.³ I hope the full powers and the Instrument of Acceptance in final form can be made available as soon as possible.⁴

Sincerely yours,

R.B. Anderson⁵

0. Source: National Archives and Records Administration, RG 56, Records of the Office of the Secretary of the Treasury, Robert B. Anderson, Subject Files, International Development Association. No classification marking. Drafted by Leve and Picknell on July 22.
1. The International Development Association Act; 74 Stat. 293.
2. P.L. 86–651, the Supplemental Appropriation Act, 1960; 74 Stat. 509.
3. Neither printed.
4. Anderson signed the Articles of Agreement and deposited the U.S. Instrument of Acceptance August 9. The Articles of Agreement entered into force September 24.
5. Printed from a copy that bears this stamped signature.