"That is more power than any President should ask for or want the responsibility for."
Congressman Leon H. Gavin (Republican, Pennsylvania) pointed out that we already have 5 or 6 lending agencies in this field: The International Co-operation Administration; the Export-Import Bank; the International Bank; the International Monetary Fund; the International Development Corporation; and the World Bank. Why, then, do we need this new one, the Development Loan Fund?
Congressman Walter H. Judd (Republican, Minnesota) had already answered that question, explaining that Development Loan Fund money would go to foreigners who could not qualify for loans from other agencies.
Congressman Gross said that all foreign nations which will borrow from this Fund could get all the American private capital they need if they had political systems which made lending to them sensible or feasible.
In short, the Development Loan Fund (which the Committee for Economic Development boasts paternity of) is a scheme for giving American tax money to foreigners who have proven themselves such poor credit risks that they cannot obtain loans even from other governmental and UN agencies–and who will use the money to line their own pockets and to build socialistic enterprises which will eliminate possibilities of freedom in their own land, and will compete in world markets with American enterprise.
In its 1957 annual report, the CED also boasted about the work of its Area Development Committee. At that time, the two leading members of this particular committee of the CED (who were also members of the Council on Foreign Relations) were Mr. Stanley Marcus, President of Neiman-Marcus Co., in Dallas; and the late Dr. Beardsley Ruml, widely known New Deal socialist "economist." Mr. Jervis J. Babb, Chairman of the CED's Area Development Committee (President of Lever Brothers Company) said:
"The new area development program, approved by the Trustees [of CED] at their May [1957] meeting in Chicago is underway.... Already, close relationships have been established with organizations, both public and private, that are conducting research and administering programs relating to area development....
"Five of CED's College-Community Research Centers ... have been selected as a starting point of CED's area development pilot projects. The five centers are: Boston, Utica, Alabama, Arkansas, and Oklahoma."
The CED's Area Development work has brought CED personnel into close cooperation with the collection of tax-exempt "municipal planning" organizations housed in a Rockefeller-financed center at 1313 East 60th Street, Chicago, which has become national headquarters for the production and placement of experts–who fabricate "progressive" legislation for government at all levels; who rewrite our "archaic" state constitutions; and who take over as city managers, or county managers, or metropolitan managers, or regional managers whenever people in any locality have progressed to the point of accepting government by imported experts as a substitute for government by elected local citizens.
In other words, through the Area Development activities of the Committee for Economic Development, the invisible government of America–the Council on Foreign Relations–has a hand in the powerful drive for Metropolitan Government. Metropolitan Government, as conceived by socialist planners, would destroy the whole fabric of government and social organization in the United States.