[Discontinuities appear throughout this tape]

Conversation No. 56-1

Date:  May 6, 1971
Time:  3:32 pm - 4:15 pm
Location:  Cabinet Room

The President met with Reed O. Hunt, Atherton Bean, Morris D. Crawford, Jr., Morgan C. Earnest, James H. Edgerton, Richard G. Gilbert, William D. Grant, Alan Greenspan, Walter S. Holmes, Jr., [Joseph] Lane Kirkland, Donald S. MacNaughton, Edward H. Malone, Rex J. Morthland, William H. Morton, Ellmore C. Patterson, K. A. Randall, Ralph S. Regula, Dr. Raymond J. Saulnier, Ezra Solomon, Robert H. Stewart III, Allen R. Rule, James Lynch, Lucille Mayne, Bertwing Mah, Dr. Donald Jacobs, Dr. Almarin Phillips, Dr. Samuel Chase, Clarence Scruggs, Henry Shine, Jr., Neil Murphy, Charls E. Walker, and Peter M. Flanigan; the White House photographer was present at the beginning of the meeting
[Discontinuities appear in the original recording]

	[General conversation/Unintelligible]

	Introduction

	Photograph

The White House photographer left at an unknown time before 4:15 pm

	Commission on Financial Structure and Regulation
		-Background
		-Reports
		-Staff
		-International finance
		-Financing program
		-Work
		-Financial studies
		-Timetable
			-July, August
			-October meeting

	National economy
		-End of 1971 review
		-Banks and savings and loans
			-Commission studies
			-1970
				-Bank of America
		-Interest rates
			-Walker
			-Congress
				-Wright Patman
				-Gerald R. Ford [?]
			-Public opinion
		-Financial institutions

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	International economy

[To listen to the segment (45s) declassified on 02/28/2002, please refer to RC# E-519.]

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	National economy
		-Financial institutions
			-Size
		-Commission members
			-Work
		-John B. Connally [?]
		-Walker

	An unknown man [Edgerton?]
		-Support for President in 1946 campaign

	National economy
		-Banks and Savings and Loans
		-Wall Street
		-Public opinion
			-Stability
				-Commission study
			-Compared with reorganization and revenue sharing
				-Congress
		-Status quo compared with change
			-Commission members
		-Insurance companies
			-Size
		-A financial study
		-Commission
			-Schedule
			-Report
				-Importance
		-Future
			-US competitive position
			-Steel industry
				-Connally and steel negotiations
				-History
				-Japanese production
				-Possible quotas, tariffs
		-Inflation
			-US compared with Germany and Japan

	President=s schedule
		-Commission
		-A previous meeting
		-Peter G. Peterson [?]

	Peterson=s [?] forthcoming testimony
		-Date
		-Group on trade
			-Concerns

	Commission members
		-Business Council
		-Schedule
			-Kansas City
				-Peterson=s [?] appearance

	National economy
		-US competitive position
			-Productivity council
		-Flow of capital
		-A briefing on the economy
			-Administration staff
			-Congress
			-Commission members
		-Lockheed bailout
			-Walker=s briefing
			-Administration action
				-Reasons
					-Employment
					-Banks
					-Subcontractors
						-Number

	Hunt
		-Commission chairman
		-Work on commission

	Economic questions

	Commission work

	Hunt [?]

	Commission work

The President conferred with an unknown person at an unknown time between 3:32 and 4:15 pm

	Henry A. Kissinger [?]

[End of conferral]

		-Importance for national economy
		-Discussions
			-Monetary policy
			-Role of Federal Reserve Board
				-Bankers=, insurance executives=, and government officials= position
				-Establishment
			-Financial system
				-Federal Reserve
			-Monetary policy
				-Institutional structure
					-Banking system changes

	Presidential gifts
		-Cost
		-Cufflinks
		-Golf balls
			-Wilson Sporting Goods
			-Vice President Spiro T. Agnew

	President=s schedule
		-Future meeting with Commission
		-Cabinet meeting

	Attorney General

	[General conversation/Unintelligible]

The President, et al. left at 4:15 pm

Conversation No. 56-2

Date:  Unknown between May 6 and May 7, 1971
Time:  Unknown between 4:15 pm, May 6 and 11:48 am, May 7, 1971
Location:  Cabinet Room

Unknown people [cleaning crew?] entered

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BEGIN WITHDRAWN ITEM NO. 1
[Non-historical]
[Duration:  11m 7s  ]

END WITHDRAWN ITEM NO. 1

******************************************************************************

Recording was cut off at an unknown time before 11:48 am, May 7, 1971

Conversation No. 56-3

Date:  May 7, 1971
Time:  11:48 am - unknown before 11:56 am
Location:  Cabinet Room

The President met with Robert J. Dole, Jack R. Miller, Herman E. Talmadge, Ancher Nelsen, Alvin E. O=Konski, William R. Poage, Robert D. Price, Garner Shriver, Vernon W. Thomson, Clifford M. Hardin, J. Philip Campbell, Thomas K. Cowden, William E. Galbraith, David A. Hamil, Everett C. Weitzell, James R. Wright, Harold C. Ebaugh, Warren B. French, Jr., Admiral William C. Mott, David C. Fullarton, Ross Heller, Eldon M. Snowden, Harold G. Payne, A. Harold Peterson, Hyde Murray, John C. Whitaker, Richard K. Cook, and Max L. Friedersdorf; photographers were present during the meeting

	[General conversation/Unintelligible]

	Telephone Bank Bill [S. 70, Rural Telephone Bank]

	[General conversation/Unintelligible]

	Telephone Bank Bill

	[General conversation/Unintelligible]

	Dole

	Agriculture Day

	Presentation of gifts

	President=s schedule
		-May 7, 1971 dinner
			-Wine

	[General conversation/Unintelligible]

Recoridng was cut off at an unknown time before 11:56 am

Conversation No. 56-4

Date:  May 11, 1971
Time:  8:02 am - unknown before 9:45 am
Location:  Cabinet Room

The President met with Vice President Spiro T. Agnew, William P. Rogers, John B. Connally, John H. Chafee, John N. Mitchell, Winton M. (ARed@) Blount, Rogers C. B. Morton, Clifford M. Hardin, Maurice H. Stans, James D. Hodgson, Elliot L. Richardson, George W. Romney, John A. Volpe, David M. Kennedy, George P. Shultz, Robert H. Finch, Donald H. Rumsfeld, George H. W. Bush, John D. Ehrlichman, Clark MacGregor, Peter M. Flanigan, Peter G. Peterson, Dr. Edward E. David, Jr., Raymond K. Price, Jr., Alexander P. Butterfield, Ronald L. Ziegler, Robert J. Brown, and Arthur J. Sohmer
[Recording begins while the conversation is in progress; discontinuities appear in the original recording]

	Meeting agenda
		-Reports on trips
		-President=s schedule

The President left at 8:06 am

******************************************************************************

	Rogers’ travels

[To listen to the segment (34m4s) declassified on 02/28/2002, please refer to RC# E-519.]

******************************************************************************

	Rogers= travels
		-Press coverage
			-Washington, DC demonstrations
		-Anwar el-Sadat

	Desalinization
		-Report by Dr. David
			-Additional attendees

******************************************************************************

	Rogers’ travels

[To listen to the segment (52s) declassified on 02/28/2002, please refer to RC# E-519.]

******************************************************************************

Glenn T. Seaborg, Dr. William D. McElroy, Donald B. Rice, James R. Smith, William S. Butcher, John W. O=Meara, John C. Whitaker, and Frank R. Pagnotta entered at an unknown time after 8:06 am; photographers were present at the beginning of the meeting

	[Unintelligible]

	Desalinization
		-Technology
		-Thomas Jefferson=s 1791 report
		-Office of Saline Water [OSW] [of the Interior Department]
			-Establishment
			-Purpose
			-Progress
			-Cost
				-Industrial and government
			-Activities
		-Water supply
		-Waste water
			-Re-use
			-Use
				-Irrigation
		-City usage
		-Salt content
		-Energy supply
		-Future use
			-Southern California
			-Brownsville, Texas
			-Urban, arid, and coastal areas
		-Available brackish water
			-Plains, Texas
			-Clinton, Oklahoma
		-Use of sewage water
		-Industrial needs
		-Distillation plants
			-Rosarito, Mexico
				-Output
				-Energy supply
				-Cost
			-Key West, Florida
				-Cost
			-Orange County, California
				-Future output
				-Future costs
					-Federal government, Orange County
				-Future use
			-Technology
			-Possible future plant at Diablo Canyon, California
				-Pacific Gas and Electric Company [PG&E] nuclear power plant
			-Possible costs
			-Orange County

The President entered at 8:42 am

				-Feasibility
				-Nuclear power

	Nuclear power
		-Breeder reactor
			-Advantages
			-Tie with desalinization
			-Fusion
				-Effect on costs, manufacturing processes
			-Timetable and funding

	Desalinization
		-Distillation plants
			-Costs
		-Hempstead, New York
			-Uses of water
		-Multi-purpose plants
			-Solid waste disposal
				-Environmental Protection Agency [EPA]
			-Costs for energy and water

	Nuclear plants
		-Heat generated
		-A plant in [Name unintelligible]
		-Costs

	Desalinization
		-Brackish water
			-Methods
				-Electrodialysis
				-Reverse osmosis
			-A plant in Florida
				-Output, costs
			-Reverse osmosis
				-Materials used
					-General Dynamics
					-DuPont
			-A plant in Greenfield, Iowa
				-Output
			-Reverse osmosis plants compare with distillation plants
		-Federal role
			-OSW
				-Cost
				-Private sector involvement
			-Atomic Energy Commission [AEC], National Science Foundation, and Department of Defense [DOD]
			-Cost
				-Interior Department

******************************************************************************

	World application

[To listen to the segment (1m24s) declassified on 02/28/2002, please refer to RC# E-519.]

******************************************************************************

		-Sources of technology
			-Jack O=Meara, acting director of OSW
			-Industry and university participation
				-University of Florida and University of California, Los Angeles [UCLA]
				-DuPont
		-World market
			-Middle East
			-Possible export
			-US competition with France, England, and Japan
			-Middle East
			-US industry=s prices
			-Government subsidies
			-British, Germans
				-Technology compared with US
				-Costs
					-Subsidies
		-Research and development
			-Needs
			-Prototype California plant
				-San Luis Obispo water district
			-Methods
			-OSW
		-OSW
			-Accomplishments
			-Possible effect of breeder reactor
			-Future plans
			-Possible effect of breeder

******************************************************************************

	Atomic energy study

[To listen to the segment (2m4s) declassified on 02/28/2002, please refer to RC# E-519.]

******************************************************************************

		-US position
			-Funding commitment
			-Compared with other countries
			-University of Florida, UCLA
			-Atomic Energy Commission
				-Breeder reactor
			-Public opinion
			-Costs
				-Seaborg
			-Government commitment
				-Department of Interior
			-Resources
			-Research
			-Application of technology
			-Cost-sharing
			-Industries and experience
		-Markets
			-Foreign markets
			-US markets
				-Cost factors
		-Needs
			-Prototype plant
				-Timetable
				-Diablo Canyon and Santa Barbara, California
			-Funding
			-Prototype plant
		-Rogers= Middle East trip
			-Jordan River
				-Gordon Canal
				-Sea of Galilee
				-Gordon Canal
				-Compared to Imperial Valley of California
		-Compared to the space program
		-US position
			-Japan, Union of Soviet Socialist Republics [USSR]
			-Prototype plant
			-OSW
				-Goal
					-Private sector
			-Compared with Supersonic Transport [SST]
			-Compared with Sputnik
			-USSR, Britain, France, and Japan comparison
			-Cost-sharing
		-Other countries
		-Application of technology
			-Cost-sharing
		-Government involvement
			-Domestic Council
			-Department of Interior
			-Scientists
			-Compared with other countries
		-Uses
			-Texas, Southern California
			-Foreign policy
			-Non-arable lands

******************************************************************************

	India and Pakistan

[To listen to the segment (36s) declassified on 02/28/2002, please refer to RC# E-519.]

******************************************************************************

	Nuclear power
		-Breeder reactor
			-Public opinion
			-Connection with desalinization

	President=s wartime experiences
		-Green Islands

	Nuclear power
		-Breeder reactor
			-Application of technology
				-Cost-sharing

	Desalinization
		-Costs
		-Compared with dam building
		-Coastal cities= needs
		-Ocean water, inland water
		-Effects
		-Lake Mead
		-Texas
			-High Plains
				-Ogalala Reservoir
			-Effects
		-Current situation
			-A possible new plant in Clinton, Oklahoma
				-Timetable
			-Midwest
			-Opportunities
		-Funding

Seaborg, et al. left at an unknown time before 9:45 pm

******************************************************************************

	[Unintelligible]

	International monetary situation

The President left at 9:45 am

[To listen to the segment (9m53s) declassified on 02/28/2002, please refer to RC# E-520.]

******************************************************************************

Agnew, et al. left at an unknown time before 9:45 am

Conversation No. 56-5

Date:  Unknown between May 11 and May 12, 1971
Time:  Unknown between 9:45 am, May 11 and 11:59 pm, May 12, 1971
Location:  Cabinet Room

Unknown people entered

	[Unintelligible]

The unknown people left at an unknown time before 11:59 pm, May 12, 1971

Conversation No. 56-6

Date:  Unknown between May 11 and May 12, 1971
Time:  Unknown between 9:45 am, May 11 and 11:59 pm, May 12, 1971
Location:  Cabinet Room

Unknown people entered

******************************************************************************

BEGIN WITHDRAWN ITEM NO. 1
[Non-historical]
[Duration:  3m 22s  ]

END WITHDRAWN ITEM NO. 1

******************************************************************************

The unknown people left at an unknown time before 11:59 pm, May 12, 1971