I have the honor to transmit to you the annual report on the state of the finances of the United States Government for the fiscal year ended June 30, 1975. This submission is in accordance with 31 U.S.C. 1027.

Sincerely yours,

Well E. Simon

William E. Simon

President of the Senate

Speaker of the House of Representatives

The statistical tables to this Annual Report will be published in a separate

STATISTICAL APPENDIX.

Tax Policy-

Trade, Energy, and Financial Resources Policy Coordination_

International Affairs..

4. Department Circular, Public Debt Series No. 1-63, January 10, 1963,

Amendment, regulations governing United States retirement plan

bonds...

5. Department Circular No. 653, Ninth Revision, March 18, 1974, First
Supplement, offering of United States savings bonds, Series E..

6. Department Circular, Public Debt Series No. 1-75, January 1, 1975,

regulations governing United States individual retirement bonds...

253

253

259

V

Page

7. Federal Financing Bank Circular No. 1-74, July 10, 1974, offering

of Federal Financing Bank bills...

265

8. An act to increase the temporary debt limitation and to extend such

temporary limitation until June 30, 1975...

267

267

9. An act to provide for a temporary increase in the public debt limit__.

Federal Debt Management

10. Remarks by Under Secretary_Schmults, January 27, 1975, before the

National Savings and Loan League, Washington, D.C., on the Finan-

cial Institutions Act__.

11. Statement of Secretary Simon, February 10, 1975, before the Senate

Finance Committee, on the public debt limit.

12. Statement of Deputy Secretary Gardner, May 14, 1975, before the

Subcommittee on Financial Institutions of the Senate Committee on

Banking, Housing, and Urban Affairs, on S. 1267, the proposed

Financial Institutions Act of 1975___

13. Statement of Secretary Simon, June 25, 1975, before the Senate Finance

Committee, on extension of the debt limit.....

14. Other Treasury testimony in hearings before congressional committees -

Domestic Economic Policy

15. Statement by Secretary Simon, August 2, 1974, before the Joint

Economic Committee, giving a midyear review of the economy-

16. Summary of the Financial Conference on Inflation, September 20,

1974, Statler Hilton Hotel, Washington, D.C.-

17. Remarks of Assistant Secretary Fiedler, October 26, 1974, before the

Inaugural Meetings of the Eastern Economic Association, Albany,

N. Y., on causes of and cures for inflation___

18. Address by Secretary Simon, February 28, 1975, before the Common-

wealth Club, San Francisco, Calif., concerning the growth of govern-

ment, the weakening of the free enterprise system, and inflation___

19. Address by Secretary Simon, April 7, 1975, before the American

Newspaper Publishers Association, New Orleans, La., on reporting

economics in the Nation's press-

20. Statement by Secretary Simon, May 7, 1975, before the Senate Fi-

nance Committee, on capital investment needs for the future. - -.

21. Other Treasury testimony published in hearings before congressional

committees__.

Enforcement, Operations, and Tariff Affairs

22. An act to authorize the Secretary of the Treasury to change the

alloy and weight of the one-cent piece and to amend the Bank

Holding Company Act Amendments of 1970 to authorize grants to

Eisenhower College, Seneca Falls, N. Y...

23. Address by Assistant Secretary Macdonald, September 10, 1974,

before the American Importers Association, New York, N.Y., on

modernization of Customs entry and clearance procedures..

24. Press release, January 9, 1975, announcing a notice listing complaints

received under the countervailing duty law___

25. Report of investigation of effect of petroleum imports and petroleum

products on the national security pursuant to section 232 of the

Trade Expansion Act, as amended--

26. Address by Assistant Secretary Macdonald, January 31, 1975, before

the ABA National Institute on Customs, Tariffs and Trade, San

Juan, P.R., on the "Future of the Countervailing Duty and Anti-

dumping Laws".

27. Address by Deputy Assistant Secretary Suchman, March 11, 1975,

before the International Trade Committee of the Federal Bar

Association, Washington, D.C., on "The U.S. Antidumping Law:

After the Trade Reform Act".

28. Statement by Assistant Secretary Macdonald, April 23, 1975, before

the Subcommittee to Investigate Juvenile Delinquency of the Senate

Judiciary Committee, on proposed firearms legislation__

267

270

283

287

301

301

308

311

314

319

324

339

340

341

344

345

353

358

360

Tax Policy

29. Statement of Secretary Simon, January 22, 1975, before the House

Ways and Means Committee, on the administration's tax proposals

and their impact on the economy,

30. Statement of Assistant Secretary Hickman, February 20, 1975, before

the Senate Select Committee on Small Business, on Federal taxation

of small businesses..

31. Statement of Secretary Simon, March 3, 1975, before the House Ways

and Means Committee, concerning the administration's energy tax

program.

Page

368

388

399

Trade and Raw Materials Policy

32. Executive order, March 27, 1975, on administration of the trade

agreements program...

33. Statement by Secretary Simon, April 10, 1975, at the Fifth Session

of the U.S.-U.S.S.R. Commercial Commission, Moscow (not a

verbatim transcript)--.

34. Press release at conclusion of Fifth Session of the U.S.-U.S.S.R. Com-

mercial Commission, April 10-11, 1975..

35. Letter from Secretary Simon to the Chairman of the Subcommittee on

Foreign Trade of the House Ways and Means Committee, May 8,

1975, on the U.S.-Romania Trade Agreement---

36. Speech by Assistant Secretary Parsky, June 20, 1975, before the Los

Angeles World Affairs Council, Los Angeles, Calif., on "The Chal-

lenge of an Interdependent World: Isolation, Confrontation, or

Cooperation".

Energy Policy

37. Remarks of Secretary Simon, September 23, 1974, before the 1974

World Energy Conference Special Event, Detroit, Mich...

38. Address by Secretary Simon, November 18, 1974, before the 61st

National Foreign Trade Convention, sponsored by the National

Foreign Trade Council, Inc., New York, N. Y., on the establishment

of a supplementary loan facility..

410

413

415

416

417

424

427

436

39. Letter from Secretary Simon to Senator Mike Gravel, May 23, 1975,

updating testimony given to the Subcommittee on Energy in 1974...

40. Other Treasury testimony in hearings before congressional com-

mittees...

438

Financial Resources Policy Coordination

41. Remarks by Assistant Secretary Parsky, January 14, 1975, before the

Investment Association of New York, New York, N. Y., on recycling

of oil revenues and the role of U.S. capital markets.

42. Statement by Assistant Secretary Parsky, March 18, 1975, before the

Subcommittee on Multinational Corporations of the Senate Foreign

Relations Committee, on foreign investment in the United States.

43. Statement by Secretary Simon, June 26, 1975, before the Subcommittee

on Commerce, Consumer, and Monetary Affairs of the House

Committee on Government Operations, on New York City's

financial crisis..

Middle East Policy

44. Statement by Secretary Simon, August 14, 1974, before the Subcom-

mittee on International Finance and Resources of the Senate

Finance Committee, on a recently completed round of talks with

leaders in the Middle East and Europe-

438

442

449

457

464

45. Joint Communique on the First Session of the United States-Saudi

Arabian Joint Commission on Economic Cooperation, February 27,

1975, Washington, D.C..........

46. Remarks by Assistant Secretary Parsky, March 12, 1975, before the

Mid-America Arab Chamber of Commerce, Chicago, Ill., on economic

potential in the Middle East..

467

47. Joint Statement of United States-Israel Joint Committee for Invest-

ment and Trade, May 13, 1975, Washington, D.C.--

471