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In 1938-40,  Director of the Division of Monetary Research [[Harry Dexter White]], worked on a proposal for loans to Latin America and participated in plans for an Inter-American Bank, which did not materialize. The plan for an Inter-American Bank, however, inspired White’s first draft of the subsequent plans for the [[International Monetary Fund]] and the [[World Bank]] that White prepared in 1941 at [[Secretary of the Treasury|Secretary of the U.S. Treasury]] [[Henry Morgenthau]]’s direction.

In 1938-40,  Director of the Division of Monetary Research [[Harry Dexter White]], worked on a proposal for loans to Latin America and participated in plans for an Inter-American Bank, which did not materialize. The plan for an Inter-American Bank, however, inspired White’s first draft of the subsequent plans for the [[International Monetary Fund]] and the [[World Bank]] that White prepared in 1941 at [[Secretary of the Treasury|Secretary of the U.S. Treasury]] [[Henry Morgenthau]]’s direction.

The selection of countries to which the ESF extended loans was obviously a political decision, made by the Treasury. Harry White’s memoranda supporting loans to various countries included [[Kuomintang|Nationalist China]], Mexico, other Latin American countries, and Russia.

The selection of countries to which the ESF extended loans was obviously a political decision, made by the Treasury. Harry White’s memorandum supporting loans to various countries included [[Kuomintang|Nationalist China]], Mexico, other Latin American countries, and Russia.

== External links ==

== External links ==