Date
Timeline Description

President McCloy testifies that the ERP, or the Marshall Plan as it became better known, is essential to the future of Europe.

Detail Description

The European Recovery Program (ERP), more commonly known as the Marshall Plan, was designed to help restore the European economy through aid provided by the United States. The goal was for the participating countries to become independent through an increase in industrial production and agriculture. World Bank President John McCloy recognized that the ERP had similiar objectives as the World Bank and that the plan was essential for the future of Europe. On January 16, 1948, President McCloy appears before the United States Senate Committee on Foreign Relations regarding the proposed ERP. McCloy testifies in favor of the program, even though this had the potential of putting the Bank out of business. At the 1948 Annual Meetings, McCloy will articulate the impact the Marshall Plan will have on World Bank operations, saying that, with the passing of the ERP in April, 1948, "the Bank can now, as I see it, come much closer to playing the role originally designed for it, namely to finance within its resources the creation and maintenance of the sort of productive and bankable enterprises or projects for which, for the time being at least, no sufficient amount of private capital is available."

Image Timeline
President McCloy (30084208; Credit: The World Bank); President McCloy's statement before the Senate Committee on Foreign Relations (1780059).
Image Timeline Caption

President McCloy (30084208); President McCloy's statement before the Senate Committee on Foreign Relations (1780059).

Resource
Image
President McCloy
Title
President McCloy
Description
1948
President McCloy was the Bank's second president, serving from 1947 to 1949 (30084208; Credit: The World Bank).
Event
59
Title
Correspondence from President McCloy to U.S. Senator Vandenberg
Image
Correspondence from President McCloy to U.S. Senator Vandenberg
Description

Jan. 27, 1948
President McCloy's letter to the Chairman of the Foreign Relations Committee responds to a request for information on the amount of assistance required for European recovery (1580828).

Event
59
Title
Secretary's memo re: President McCloy's statement to Congress
Image
Secretary's memo re: President McCloy's statement to Congress
Description

Jan. 20, 1948
The memo contains President McCloy's statement before the Senate Committee on Foreign Relations on Jan. 16, 1948 (1780059).

Event
59
Title
Interview with Richard Demuth
Image
Interview with Richard Demuth
Description
Interview date: August 10, 1961
On pages 12-13 of the transcript, Demuth discusses President McCloy's testimony to the US Congress on European reconstruction.
Event
59
Title
Interview with Robert Garner
Image
Interview with Robert Garner
Description
Interview date: July 19, 1961
On page 51 of the transcript, Garner discusses President McCloy's recognition of the importance of European reconstruction.
Event
59
Title
Current Developments in the European Recovery Program
Image
Current Developments in the European Recovery Program
Description
Document date: May 7, 1948
The report looks at the organization and financing of the European Recovery Program.
Event
59
Title
The Foreign Assistance Act of 1948
Image
The Foreign Assistance Act of 1948
Description
Document date: April 8, 1948
The report contains Bank analysis of the European Recovery Program as passed by the U.S. Congress.
Event
59
Title
Transcript of 116th Regular and Informal Meeting of the IBRD Executive Directors
Image
Transcript of 116th Regular and Informal Meeting of the IBRD Executive Directors
Description
Document date: Jan. 7, 1948
Beginning on page 602, the transcript contains discussion by the Board on the request for the World Bank president to appear before Congress.
Event
59
Image
President John J. McCloy
Title
President John J. McCloy
Description
2nd World Bank President: 1947-1949
Event
59
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