ered
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 metropo