[Congressional Record Volume 140, Number 122 (Tuesday, August 23, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: August 23, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
          IMF, WORLD BANK, AND GATT CELEBRATE 50TH ANNIVERSARY

  Mr. SMITH. Mr. President, I would like to pay tribute today to the 
50th anniversary of the founding of the International Monetary Fund 
[IMF], the World Bank, and the General Agreement on Tariffs and Trade 
[GATT]. These institutions were established at the Bretton Woods 
Conference in New Hampshire in 1944.
  The 1944 Bretton Woods Conference had a significant international 
impact and served as a turning point in international economics. Among 
other achievements, the conference established a gold-based global 
monetary system. Gold now serves as civilization's primary form of 
money in almost every marketplace in the world.
  The Bretton Woods Conference created the IMF, World Bank, and GATT to 
promote global economic cooperation, enhance growth, increase trade and 
investment, and increase financial stability in the post-World War II 
era. They are considered among the world's key development 
organizations. When established, the main goals of the IMF and the 
World Bank were to manage the global economy and promote international 
economic development. GATT has been highly effective in reducing 
barriers to world trade.
  The ``Bretton Woods Revisited'' reunion, commemorating the 50th 
anniversary of the founding of IMF, the World Bank, and GATT, will be 
held October 15-17 at the Mount Washington Hotel in northern New 
Hampshire. It is sponsored by the Institute for Agriculture and Trade 
Policy. The reunion will serve as a time for the founders and new 
members of the organizations to discuss various issues dealing with the 
world's current and future economic challenges.
  Speakers such as Edward M. Bernstein, Harlan Cleveland, Paul H. 
Nitze, and Tran Van-Thinh are just a few of the 40 founders and 
original members that will be attending the conference in Bretton Woods 
this October. As a U.S. Senator representing New Hampshire, and a 
frequent visitor to Bretton Woods, I am proud to commend the Bretton 
Woods institutions and the distinguished participants who will be 
commemorating the 50th anniversary this fall. I hope this reunion in 
the Granite State is a great success.

                          ____________________