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New Fulbright Bill Seen As Possible $70,000,000 Boon to Israel

Israel may have an opportunity to benefit from United States-owned Israeli currency under legislation introduced yesterday by Sen. J.W. Fulbright, Arakansas Democrat. The Fulbright bill provides that $1,000,000,000 in surplus U.S.-owned foreign currencies be made available for bi-national educational foundations.

Israel, where an estimated $70,400,000 U.S.-owned Israeli currency is on deposit, has been considered a country where the accumulation is in excess of foreseeable United States needs. The proposal envisages creation of foundations similar to the Carnegie, Ford and Rockefeller Foundations in the United States. They would be organized to make “comparable contributions to the internal intellectual and cultural growth” of the countries where they would be set up.