ABSTRACT
During the first eight months of 1945 the Union of Soviet Socialist Republics made two formal requests to the United States for large-scale credits for postwar reconstruction. The first—for $6 billion—was made early in January in Moscow. The second—for $1 billion—was proposed late in August in Washington. Harry S. Truman's reaction at the time is not known, and in fact he later denied knowledge of the Russian request; but he has recorded in his Memoirs his support for the use of the Export-Import Bank, and possibly the International Bank, as a better means to assist the reconstruction of Europe than an extended lend-lease program. Administration leaders knew that in committee testimony the senators and representatives would want an indication of who was being considered for loans in the large expansion being requested. There were also many persuasive arguments in favor of using American economic power to achieve political objectives vis-a-vis the Soviet Union, The Russians evidently wanted a postwar loan.
