Document YjydNJmvDgxMx5Xx0g3o8Ekn0

MINUTES OF JOINT MEETING MCA EXECUTIVE COMMITTEE AND FINANCE COMMITTEE Washington, D. C. April 9, 1962 There were present: Robert B. Semple, Chairman, Executive Committee Kerby H. Fisk, Chairman, Finance Committee Howard S. Bunn Harry B. Marshall David H. Dawson H. E. Martin William B. Graham R. C. McCurdy John A. Hill Warren H. Moyer John E. Hull Charles S, MunBon Kenneth H. Klipstein Thomas S, Nichols M. F. Crass, Jr. General Counsel: Marx Leva JLloyd Symington Present by Invitation ) F. H. Carman, MCA during Portions of ) William E. Chace, MCA the Meeting: ) W. M. Horne, Jr., Chairman, MCA Tax Policy Committee ) J. F. King, MCA ) Allan E. Settle, MCA Following luncheon at 1:00 p.m., the meeting was called to order by Mr. Semple in the Conference Room of the Association headquarters offices. Preceding luncheon, Association Officers and members of the Executive Com mittee met with President Kennedy at the White House for a period of approximately 25 minutes. During the conversation with the President, several Executive Committee members reiterated in general the Association's objections to H.R. 9900. Mr. Myer Feldman, Presidential staff member, sat in on the discussion; and it was indicated that he would be available for future contacts with respect to this and other legislative matters of concern to the chemical industry. 1. Budget and Financing. On March 30, the Treasurer distributed to members of both Committees copies of a memorandum consisting of a staffrecommended budget for fiscal 1962-63 totaling $1, 011,43 5 and a financing plan designed to balance such budget by raising funds approximating $1, 015, 000. After introductory remarks of explanation by the Treasurer, during which it was pointed out that the outlined financing could be accomplished by retaining the current fee classification schedule but eliminating the 5% reduction factor, the proposed budget was discussed in detail, both as to departments and totals. During this discussion, various staff members were requested to supply information r lating to specific items. CMA061349 2- - Folio-wing discussion, ON MOTION duly made and seconded, it was VOTED: That the proposed budget and method of financing be approved, as submitted, for presentation to the Board of Directors for final consideration and approval.at the May 8, 1962, meeting. Meanwhile, the Public Relations Department will re-examine its departmental budget to determine whether funds may be transferred from earmarked projects in order to put more emphasis on media relations. A memorandum from the Legal Advisory Committee, prepared by General Counsel, contained suggestions which would lead to an expanded MCA treatment of legislative matters. Inasmuch as a modus operandi for accomplishing this was not included, those present directed the staff to submit a detailed pro posal for later consideration. With respect to the Physical Properties Research Project, it was suggested that the Chairman of the Research Advisory Committee be invited to the May 8 Executive Committee meeting in order to furnish additional supporting data and answer questions. 2. Foreign Trade Policy. Mr. Semple briefly discussed his appearance before the House Ways and Means Committee on April 2. Copies of his testimony had been sent to Executive Contacts of member firms on March 30. Because of the large number of witnesses, Mr. Semple's testimony was delayed and, when heard, was limited to ten minutes. Accordingly, it was agreed to recommend to the Board of Directors that a summary statement of the MCA position should be sent to the Chairman of the Ways and Means Committee, with copy of letter and statement to Ways and Means Committee members. Further, to apprise the membership of the steps taken, it was agreed that copy of Mr. Semple's letter, copy of th statement, and a covering letter from General Hull should be dispatched to the Executive Contacts of member firms. Mr. Semple then stated that, following out the suggestion of the President, he would arrange to meet with Mr. Feldman on the following day. 3* Tax legislation. William M. Horne, Jr., Chairman, MCA Tax Policy Committee, briefly discussed his appearance before the Senate Finance Committee which has been scheduled for April 24. He recommended that authorization be granted for retaining special counsel to prepare documentary material relating to the treatment of foreign income for filing with his statement. ON MOTION duly made and seconded, it was VOTED: That authorization be granted for retaining special counsel and that the expenditure of funds from surplus in an amount not to exc d $5, 000 be authorized to d fray necessary expenses. CMA 061350 -3Following conclusion of the meeting at 5:00 p.m., those present proceeded to the Army & Navy Club in downtown Washington to attend a reception for Govern ment officials, sponsored by MCA in behalf of the Board of Directors. M. F. Crass, Jr. Secretary CMA061351