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Conversation: 576-008

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Start Date: 20-Sep-1971 9:52 AM

End Date: 20-Sep-1971 11:27 AM

Participants:

Nixon, Richard M. (President)Haldeman, H. R. ("Bob")Bull, Stephen B.Connally, John B.Sanchez, ManoloWhite House operatorPetty, John R.Banuelos, Romana A.Ziegler, Ronald L.

Recording Device: Oval Office

Full Tape Conversation Start Time: 04:08:00

Full Tape Conversation End Time: 05:41:39

576a.mp3

576b.mp3

576c.mp3

576d.mp3

NARA Description:

On September 20, 1971, President Richard M. Nixon, H. R. ("Bob") Haldeman, Stephen B. Bull, John B. Connally, Manolo Sanchez, White House operator, John R. Petty, Romana A. Banuelos, and Ronald L. Ziegler met in the Oval Office of the White House from 9:52 am to 11:27 am. The Oval Office taping system captured this recording, which is known as Conversation 576-008 of the White House Tapes.

Nixon Library Finding Aid:

Conversation No. 576-8

Date: September 20, 1971
Time: 9:52 am - 11:27 am
Location: Oval Office

The President met with H. R. (“Bob”) Haldeman.

     Schedule

     Vice Presidency
          -Spiro T. Agnew
                -Handling
                     -Staff
                           -John D. Ehrlichman
          -John B. Connally
                -John N. Mitchell
                -Bryce N. Harlow
                                                45

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)



     News stories
         -Attica prison riots
         -Connally's negotiations in Europe
               -Trade balance
         -Look magazine
               -Cover and excerpt
                     -Allan S. Drury's book [Courage and Hesitation]
         -The President's news conference
               -Magazine coverage
                     -US News and World Report

          Bowling photograph

Stephen B. Bull entered at an unknown time after 9:52 am.

     Connally

Bull left at an unknown time before 10:03 am.

     News stories
         -Bowling photograph
               -Effect of the President's bowling alley visit with champions
         -Phase II and economic focus
               -Press conference report

     Flies in Oval Office

     The President's schedule
          -Forthcoming meeting with White House Fellows
          -Fellows
                -Identity

     Connally
         -The President’s recent conversation
         -Press

Connally entered at 10:03 am.

     Oval Office
          -Flies
                -Open door
                                             46

                             NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                          Conv. No. 576-8 (cont.)



Haldeman left at 10:04 am.

Manolo Sanchez entered at an unknown time after 10:03 am

     Flyswatter

Sanchez left an unknown time before 11:27 am.

     Oval Office
          -Flies
                -Enclosed spaces
                     -Airplanes, offices, bedrooms

     Phase II
          -Cost of Living Council [COLC]
          -Projected October announcement
          -Handling
                -Possible press conference by the President
                -Possible press conference by Connally
          -Timing
          -Announcement
                -US-Soviet Union summit
                     -Comparison with US-People's Republic of China [PRC] summit
          -Announcement
                -Timing
                     -Deadline of weekly news magazines
                -Wage and -Price Board
                -Industries
                     -Guidelines
                     -Coordination with Herbert Stein, Paul W. McCracken, George P. Shultz
          -Follow-up
          -The President's trip to Alaska
                -Time of return
          -Announcement
                -Deadline

     International economy
           -Connally's trip abroad
           -The President's appearance before the Detroit Economic Club
                -Forthcoming paper
                                   47

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                        Conv. No. 576-8 (cont.)


-US stance vis-a-vis rest of the world
      -Trade
      -International Monetary Fund [IMF]
      -Surcharge
-Import surcharge
      -Import restrictions by other nations
            -Import restrictions by other nations
                  -Removal of capital controls
            -Currency exchange
                  -France, Belgium
                  -Marketplace
                        -Dollar
                              -Japanese yen
                              -German mark
                              -British pound
            -Controls
            -European views
                  -Viewpoints of the US
                  -US response
                        -Financial leaders
                              -David Rockefeller
-IMF meeting
      -Soviet Union, PRC
      -Monetary policy
      -European allies trade
            -Fidel Castro
            -Soviet Union, Eastern European countries
                  -Romania, Czechoslovakia
                  -Amount
                        -Compared to US
-Structure of IMF
      -Possible strategy
            -Exchange rates
                  -Price of gold
            -Import surcharges
                  -Duration
                  -Sharing of defense burden
                  -Linkage
                  -Two tier controls
                        -Belgium, France
            -US past action
                                   48

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                             Conv. No. 576-8 (cont.)


                 -US rehabilitation of countries
                       -Political and economic standpoints
          -Structure of IMF
                 -Effects on US
     -The President's attendance
                 -Number of nations and representatives attending
                       -Reception
                 -The President's view
     -Schedule
     -Importance of the President's appearance
                 -Finance ministers
                 -Central bankers
     -Meeting
          -Those attending
          -White House reception
                 -Arthur F. Burns
                       -Central bankers
                 -Connally, Idanell (“Nellie”) Connally, Thelma C. (“Pat’) Nixon
          -The President's role
                 -The President's schedule
                       -Possibilities
                             -The President's speech
                             -Reception schedule
                                   -Haldeman
                             -Paul A. Volcker, Peter G. Peterson, Shultz
-Trade
     -Domestic and international issues
          -Surcharges
                 -Canada, Mexico
                       -Quotas
                             -General Agreement on Tariffs and Trade [GATT]
                 -Japan
                 -Germans
                 -Japan
                       -Possible quotas
                             -Automobiles
                             -Textiles
                             -Electronics
                 -Mexico, Canada
     -Press initiative
-European views
                                   49

               NIXON PRESIDENTIAL MATERIALS STAFF

                           Tape Subject Log
                             (rev. 10/06)
                                                             Conv. No. 576-8 (cont.)


      -US solutions to problems
            -Handling of import surcharge
                  -Negotiation on gold price
                  -IMF view
                        -Connally's statement
                        -Political considerations
                  -Reasons for imposition of surcharge
                  -US balance of payments
                  -1964 imposition of surcharge by Great Britain
                  -Import and export taxes
                        -Gold
                        -The President's august 15 speech announcing wage and price
                               action
                              -Congress
                        -Solution of issue
                        -Speeches
-International economic stability and world trade
      -US action
      -Protectionism
      -Resources expended
            -Economic
            -Military
      -Negotiations
      -Burns
            -Views
            -US interests
            -Karl Klasen, Oliver B. Wormser
      -Organization for Economic Cooperation and Development [OECD]
            -Balancing of payments problem
                  -Figure
-Burns
      -Rockefeller
      -Possible meeting with the President
            -The President's Detroit economic club appearance
            -Current situation
                  -Brazil
                        -Soviet Union
                        -PRC
                        -Belgium
                        -Holland
                        -Switzerland
                                         50

                     NIXON PRESIDENTIAL MATERIALS STAFF

                                Tape Subject Log
                                  (rev. 10/06)
                                                               Conv. No. 576-8 (cont.)


          -Troika meeting
                -Federal Reserve Board [FRB], Treasury Department
                -Schedule
                     -National Security Council [NSC] meeting
     -Conversation with Connally
          -State Department
                -Nathaniel Samuels
     -Reception for IMF
          -President’s remarks
          -Size
                -White House
          -Finance Minister, bank governors
                -Handling
                -Speech
                -Connally's role
                -The President’s forthcoming trip to Detroit

The President's schedule
     -IMF meeting
          -Phase II action
          -Decisionmaking
                 -October 1

Robert S. McNamara
    -Term as World Bank President
           -Barry M. Goldwater’s views
           -The President’s view
           -Handling
                -Connally's possible action
                -Henry A. Kissinger
                -Political opposition
                      -Pentagon Papers
                      -Kissinger
                      -Quid pro quo
                            -Pakistan
                                             51

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                    Tape Subject Log
                                      (rev. 10/06)
                                                                     Conv. No. 576-8 (cont.)


     Armand Hammer
         -Support for the President
         -Offer of financial contribution
         -Hammer's father
         -Hammer's actions in the Soviet Union
              -Wheat shipment into the Soviet Union
              -Money for medical school
                     -Pharmaceutical business
                     -Wheat shipments
                     -Hospitals
                          -Soviet trade
                                -Vladimir I. Lenin
                                -1923-1925
                     -Investments
                          -Education
              -Pencil manufacturing
                     -Germans
              -Anastas Mikoyan, Lenin, Nikita S. Khrushchev
              -Art collection
         -Los Angeles Music Center
         -Hammer Galleries

     The President’s schedule
          -IMF reception
               -Planning
                      -Haldeman
                      -Treasury Department
                           -John R. Petty

Connally talked with the White House operator at an unknown time between 10:03 am and 10:50
am.

[Conversation No. 576-8A]

[See Conversation No. 9-88]

[End of telephone conversation]

     Connally's appearance

Haldeman entered at 10:50 am.
                                             52

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                       (rev. 10/06)
                                                                     Conv. No. 576-8 (cont.)



     The Administration’s economic program
          -Critics

     President’s schedule
          -October 1971
                -Florida
          -IMF program
                -The President's speech
                -Reception

Connally talked with the White House operator at an unknown time between 10:50 am and 11:23
am.

[Conversation No. 576-8B]

[See Conversation No. 9-89]


[End of telephone conversation]

     Schedule

Connally talked with Petty at an unknown time between 10:03 am and 11:23 am.

[Conversation No. 576-8C]

[See Conversation No. 9-90]

[End of telephone conversation]

     IMF reception
          -Location
               -Smithsonian Institution

The White House operator talked with Connally at an unknown time between 10:50 am and
11:23 am.

[Conversation No. 576-8D]

[See Conversation No. 9-91]
                                               53

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                           Conv. No. 576-8 (cont.)



[End of telephone conversation]

     Schedule
          -IMF reception
               -The President's speech
               -Guests list
               -Itinerary

     The President's schedule
          -Petty
          -IMF reception
          -Burns
                -NSC meeting
          -Quadriad meeting
          -Reception
                -The President's possible speech
          -Quadriad
                -Burns
                -Shultz
                -Peter M. Flanigan
          -The President's briefing of the press during trip to the West
                -Connally's schedule
                      -Appointments
                           -Japanese
                           -Anthony Barber
                      -Shultz

     Connally's schedule
         -Senate Finance Committee
                -Russell B. Long's views
                -Burns's role
         -J. William Fulbright's committee
                -Views of Congressmen and Senators
                     -Jacob K. Javits
         -Armand Hammer
                -Offer of financial contribution
                     -Haldeman
                     -Herbert W. Kalmbach
                     -Possible motivation
                            -State dinner
                                                54

                          NIXON PRESIDENTIAL MATERIALS STAFF

                                       Tape Subject Log
                                         (rev. 10/06)
                                                                     Conv. No. 576-8 (cont.)


                           -Job for Sam Yorty
                           -Overseas problems

Bull entered at an unknown time after 10:50 am.

     The President's schedule
          -Romana Acosta Banuelos
               -Entrance
               -Press

Bull left at an unknown time before 11:08 am.

     Economy
         -Public opinion
              -Foreign aid reduction
              -Surcharge

Haldeman left and Romana Acosta Banuelos and Stephen B. Bull entered at 11:08 am.

     Introductions
           -Connally

     Romana's Mexican Food Products, Inc.
         -California
         -Mrs. Banuelos's roles
               -Chairman of bank board
                     -Pan American Bank National Bank of East Los Angeles

     Press picture

     Banuelos
         -Offices
         -Treasury Department building

     Mary T. Brooks
         -Director of the Mint
         -California
         -Marriage to C. Wayland Brooks
               -Death of C. Brooks
         -Involvement in Republican politics
                                                55

                           NIXON PRESIDENTIAL MATERIALS STAFF

                                      Tape Subject Log
                                        (rev. 10/06)
                                                                        Conv. No. 576-8 (cont.)


     Banuelos's background

     Press
             -Photographs
                  -Arrangements

Bull left at an unknown time before 11:15 am.

     Banuelos's family
         -Daughter
                -Move to Washington
         -Sons

Ronald L. Ziegler entered at an unknown time after 11:08 am.

     Photograph
          -Arrangements

     Dollar bill
          -Banuelos’s signature
                 -Secret Service

Members of the press entered at 11:15 am.

     [Photographs]
          -[General conversation]

Members of the press left and Alexander Banuelos entered at 11:18 am.

     Pen
             -Community State Bank of Texas

     Banuelos's daughter

     [Photographs]

     Banuelos's children
         -Presidential gifts

     Banuelos
         -As Treasurer-designate of the US
                                                 56

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                        Tape Subject Log
                                          (rev. 10/06)
                                                                        Conv. No. 576-8 (cont.)


                -Reasons for selection
                     -Qualifications
           -Background
                -Hispanic ethnicity
                     -California
                           -The President's experiences in Whittier, Yorba Linda
                     -Philip V. Sanchez
                           -Office of Economic Opportunity [OEO]

Connally, the Banuelos, Bull, et al. left at 11:23 am.

     Supreme Court appointment
          -Women's National Caucus
               -Use of phrase best man
               -Ziegler's talk with the Attorney General in response
               -Choices
               -Women as candidates
          -Previous statement about appointment of only people sitting on the bench
               -Carroll Kilpatrick's report
               -Criteria
                     -Legal philosophy
                           -Strict constructionism
                     -Qualifications
               -Felix Frankfurter
                     -Professional background
               -John M. Harlan
                     -Background as lawyer
               -Outstanding lawyers from the Bar
          -Candidates
               -Number
          -Possible questions for Ziegler about Harlan
               -Resignation

     Other news
          -Banuelos

     Vietnam
          -Demonstrations
          -Period after November 15
                -The President's action
                                            57

                            NIXON PRESIDENTIAL MATERIALS STAFF

                                     Tape Subject Log
                                       (rev. 10/06)
                                                                     Conv. No. 576-8 (cont.)


Ziegler left at 11:27 am.