A bill which would grant Israel up to $500,000,000 in economic aid and bring her under the provisions of the Economic Cooperation Act of 1948 was submitted in the House of Representatives today by Congressman John D. Dingell, Democrat of Michigan.
The Dingell Bill is described as intended “to assist the people of Israel in establishing a sound economy, to strengthen the ties between the peoples of the United States and those of Israel, and to help achieve the basic objective of the Charter of the United Nations.”
Israel would come under the provisions of the Economic Cooperation Act of 1948 whenever such provisions “are consistent with purposes of this title,” the bill provides. Amounts not to exceed 500 million dollars in the aggregate would be authorized to be appropriated from time to time for aid to Israel.
It is also specified that “notwithstanding the provisions of any other law until such time as an appropriation shall be made pursuant to Section 505, the Reconstruction Finance Corporation is authorized to make advances not to exceed in the aggregate $100,000,000 to carry out purposes of this title at such time and in such amounts as the administrator shall request and no interest shall be charged on advances made by the Treasury to the R.F.C. in implementation of this section.”
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