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COMMITTEE ON BANKING, CURRENCY AND HOUSING

HENRY S. REUSS, Wisconsin, Chairman

LEONOR K. (MRS. JOHN B.) SULLIVAN, ALBERT W. JOHNSON, Pennsylvania

Missouri

J. WILLIAM STANTON, Ohio

THOMAS L. ASHLEY, Ohio

GARRY BROWN, Michigan

WILLIAM S. MOORHEAD, Pennsylvania CHALMERS P. WYLIE, Ohio

ROBERT G. STEPHENS, Jr., Georgia JOHN H. ROUSSELOT, California

FERNAND J. ST GERMAIN, Rhode Island STEWART B. MCKINNEY, Connecticut

HENRY B. GONZALEZ, Texas

JOHN B. CONLAN, Arizona

JOSEPH G. MINISH, New Jersey

GEORGE HANSEN, Idaho

FRANK ANNUNZIO, Illinois

RICHARD T. SCHULZE, Pennsylvania

THOMAS M. REES, California

WILLIS D. GRADISON, JR., Ohio

JAMES M. HANLEY, New York

HENRY J. HYDE, Illinois

PARREN J. MITCHELL, Maryland

RICHARD KELLY, Florida

WALTER E. FAUNTROY,

CHARLES E. GRASSLEY, Iowa

District of Columbia

MILLICENT FENWICK, New Jersey

LINDY (MRS. HALE) BOGGS, Louisiana RON PAUL, Texas

STEPHEN L. NEAL, North Carolina

JERRY M. PATTERSON, California

JAMES J. BLANCHARD, Michigan

CARROLL HUBBARD, JR., Kentucky

JOHN J. LAFALCE, New York

GLADYS NOON SPELLMAN, Maryland

LES AUCOIN, Oregon

PAUL E. TSONGAS, Massachusetts

BUTLER DERRICK, South Carolina

PHILIP H. HAYES, Indiana

MARK W. HANNAFORD, California

DAVID W. EVANS, Indiana

CLIFFORD ALLEN, Tennessee

NORMAN E. D'AMOURS, New Hampshire

STANLEY N. LUNDINE, New York

PAUL NELSON, Clerk and Staff Director

WILLIAM P. Dixon, General Counsel

MICHAEL P. FLAHERTY, Counsel

GRASTY CREWS II, Counsel

ORMAN S. FINK, Minority Staff Director

GRAHAM T. NORTHUP, Deputy Minority Staff Director

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ADDITIONAL INFORMATION SUBMITTED FOR THE RECORD

American Soybean Association, statement presented by Seymour Johnson,

chairman of the board_-

de la Garza, Hon. E “Kika" :

Prepared statement

Statement submitted on behalf of Texas Citrus Exchange and Texas

Citrus Mutual ------

Gonzalez, Chairman Henry B.:

Asian Development Bank, lending to the fisheries sector.-----------

Inter-American Development Bank, lending in 1961–75 in the agricul-

tural sector, loans for fishing industry-

“USITC Recommends Adjustment Assistance for Shrimpers," news

release from U.S. International Trade Commission, dated May 11,

1976 -------

World Bank loans to :

Citrus production (table)------

Fishing industry:

Latin America -----

Worldwide, fiscal years 1974–75------

"IFI Lending for Palm Oil, 1965–75," information submitted by staff of

subcommittee upon request of Congressman Charles E. Grassley -
International Trade Commission, U.S., news release dated May 11, 1976--
Johnson, Seymour, prepared statement---------

Mathis, Hon. Dawson, prepared statement----------------------------

Attachments:

Letter from Hon. William E. Simon, Secretary of the Treasury,

dated August 10, 1976, regarding recent action taken by the Na-

tional Advisory Council (NAC) of IFI financing of palm oil

projects

"Palm Oil Projects Presently Being Prepared for Board Consid-

eration," list of "small pipeline loans"-------

“United States to Stop Funds for Palm Oil Development,” news

release from Department of Agriculture dated July 29, 1976--

Poage, Hon. W. R., prepared statement-------
Texas Citrus Exchange and Texas Citrus Mutual, statement presented on

behalf of by Congressman de la Garza-------
Treasury Department, letter dated August 10, 1976 from Secretary William

Simon to Congressman Dawson Mathis ---

World Bank information note, supplied upon request of Congressman

Charles E. Grassley ---

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09/92 53-005-00

85

APPENDIX

de la Garza, Hon. “Kika”, chairman, Subcommittee on Department Op-

erations, Investigations and Oversight, Committee on Agriculture, letter
dated July 21, 1976 to Hon. Robert S. McNamara, President, World
Bank, re study by staff of International Bank for Reconstruction and Page

Development on citrus-------

Erb, Richard D., Deputy Assistant Secretary for Developing Nations,

Treasury Department, letter dated September 28, 1976 to Chairman Gon-

zalez on behalf of Secretary Simon, with attached statement regarding

the Department's position on financing palm oil projects by international

development banks ---------

"Ivory's Coast's Output of Palm Oil Gains ; U.S. Gives Aid, Irking Soybean

Growers,” article from the Wall Street Journal of April 7, 1976--------

Lawson, W. D., III, president, National Cotton Council of America, state-

ment -------

McNamara, Hon. Robert S., President, World Bank, letter dated July 30,

1976, responding to Hon. de la Garza--------

----

National Cotton Council of America, statement of W. D. Lawson III, pres-

ident

Statements of Congressmen :

Hon. Mark Andrews.

74

Hon. Omar Burleson.-

Hon. Paul Findley---

75

Hon. Don Fuqua-----------

Hon. Bo Ginn-------------

Hon. Charles E. Grassley---

Hon. John W. Jenrette, Jr.-

Hon. Ed Jones ---

Hon. John W. McCollister..

Hon. Albert H. Quie-------

Treasury Department, letter dated September 28, 1976, from Richard D.

Erb, Deputy Assistant Secretary for Developing Nations, with attached

statement -------

“U.S. to Fight Aid Abroad for Palm-Oil Exports,” article from the Wall

Street Journal of July 30, 1976_-

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DEVELOPMENT INSTITUTION LENDING FOR PALM

OIL PRODUCTION

WEDNESDAY, SEPTEMBER 15, 1976

HOUSE OF REPRESENTATIVES,

SUBCOMMITTEE ON INTERNATIONAL

DEVELOPMENT INSTITUTIONS AND FINANCE
OF THE COMMITTEE ON BANKING, CURRENCY, AND HOUSING,

Washington, D.C. The subcommittee met, pursuant to notice, at 10 a.m., in room 2222, Rayburn House Office Building, Hon. Henry B. Gonzalez (chairman of the subcommittee) presiding.

Present: Representatives Gonzalez, Mrs. Boggs, Stephens, Johnson, Grassley, and Paul.

Also present: Representative Mark W. Hannaford of California.
Mr. GONZALEZ. The subcommittee will come to order.
I will proceed by reading my statement.

This is a hearing on four resolutions concerning loans by international development lending institutions for the development of palm oil production. Palm oil is an edible oil, and competes directly with edible oils produced here in the United States.

The resolutions we are considering are House resolution 1399, 1419, 1445, and 1451. Two of these are identical, so Members will find only two of the resolutions before them. All of the resolutions state that loans made by the development banks for palm oil production are causing serious harm to American farmers and processors, especially in the soybean market.

Our witnesses today will be sponsors of these resolutions. In addition to the six members we will hear, a number of statments that have been received from others of our colleagues who are concerned about this matter, and these statements will be entered into the record.

The administration has been invited to appear at these hearings, but I am told that the invitation has been declined. Representatives of the Treasury have said that the administration has to work on palm oil loans, and that it is trying to work with various banks to persuade them that no more loans should be made for these projects. According to them, no useful purpose would be served as public discussion at this time.

I find this attitude incredible and totally and wholly unacceptable.

The President's campaigners have said that there won't be any more palm oil loans. If that can be said on the campaign trail and in other public announcements, it can be said here, and for the record. If our Government has a policy, it can, and it should be, discussed. I cannot understand how an administration can proclaim a policy one day,

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