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Message to the Senate Transmitting a Report on Foreign Loan Flotations.

June 20, 1930

To the Senate:

I transmit herewith a report by the Secretary of State in response to Senate Resolution 293 of June 16, 1930, requesting him to inform the Senate "upon what authorization of law, constitutional or statutory, expressed or implied, does the State Department base its right either to approve or disapprove investment securities offered for sale in the money markets of the United States by foreign governments, corporations, or individuals," and "by what sanction of law, constitutional or statutory, does the State Department assume the right to direct the action of the Federal Reserve Board or banks with respect to their lawful powers concerning the business of banking in foreign countries or the investments of these banks in foreign securities offered in the money markets of the United States."

HERBERT HOOVER

The White House,

June 20, 1930.

Note: The report, entitled "A Report by the Secretary of State Relative to the Sale of Securities by Foreign Governments in the United States," is printed in Senate Document 183 (71st Cong., 2d sess.).

Herbert Hoover, Message to the Senate Transmitting a Report on Foreign Loan Flotations. Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/210735

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