ADMINISTRATION'S BALANCE-OF-PAYMENTS

PROPOSALS

HEARINGS

BEFORE THE

COMMITTEE ON WAYS AND MEANS

HOUSE OF REPRESENTATIVES

NINETIETH CONGRESS

SECOND SESSION

ON

ADMINISTRATION'S BALANCE-OF-PAYMENTS PROPOSALS
(INTERNATIONAL TICKET TAX, TRAVEL EXPENDITURE
TAX, REDUCTION OF DUTY-FREE EXEMPTION FOR
RETURNING TOURISTS)

FEBRUARY 5 AND 6, 1968

ᏢᎪᎡᎢ 1

Printed for the use of the Committee on Ways and Means

CONTENTS

1968:

Monday, February 5..

Tuesday, February 6..

Press release dated Friday, January 19, 1968, announcing public hearings

on administration balance-of-payments proposals.

Press release dated Tuesday, February 6, 1968, announcing guidelines rel-

ative to testimony from the general public on the President's balance-of-

payments proposals..

Excerpt from President's message of January 1, 1968.

STATEMENTS OF GOVERNMENT OFFICIALS

Commerce, Department of, Hon. Joseph W. Bartlett, Acting Director of

the Office of Foreign Direct Investment and General Counsel.

Trade Negotiations, Special Representative for, Ambassador William M.

Roth...

Treasury, Department of:

Fowler, Hon. Henry H., Secretary.

Barr, Hon. Joseph W., Under Secretary_

Marks, Hon. Matthew J., Acting Assistant Secretary-

Surrey, Hon. Stanley S., Assistant Secretary-

MATERIAL SUBMITTED FOR THE RECORD

Page

1

285

1

422

416

3, 285

3, 225, 285

3, 285

3, 285

285

3, 285

Bartlett, Hon. Joseph W., Acting Director of the Office of Foreign Direct

Investment and General Counsel, Department of Commerce:

Attorney General's views as to the legal authority for the foreign

direct investment program, letter dated February 3, 1968, to Hon.

Alexander B. Trowbridge, Secretary of Commerce..

Canada-United States automotive parts balance of payments.

Petroleum and petroleum products, modification in Presidential Proc-

lamation adjusting imports of --

389

248

342

Secretaries of Interior and Commerce announce decisions on imports of

petrochemical feedstocks-

341

Table I.-Direct investment capital transactions by major industry

group, 1964 to estimated 1967..

Table II.-Direct investment capital transactions of selected manu-

facturing industries, 1964 to estimated 1967----

Table III.-Performance under the voluntary program target for di-

rect investment capital transactions with developed countries.--

Table IV.-Direct investment transactions adjusted to exclude items

not included in the foreign direct investment program base and com-

parison with voluntary program transactions...

Fowler, Hon. Henry H., Secretary, Treasury Department:

Balance of payments, statement by the President outlining a program

of action-January 1, 1968---

Cost of enforcing travel tax and customs proposals..

Effectiveness of Federal Reserve program to restrain foreign lending

by financial institutions_

Expenditures abroad for travel by U.S. resident, 1964–67.

Foreign assets and investments in the United States..

Foreign travel allowances granted to residents of major industrialized

countries..

Government grants and capital entering the balance of payments,

January-September 1967 at annual rate....

1968-65--