TESTIMONY OF TIMOTHY H. SMITH, DIRECTOR, INTERFAITH CENTER ON CORPORATE RESPONSIBILITY, BEFORE THE SUBCOMMITTEE ON AFRICAN AFFAIRS OF THE COMMITTEE ON FOREIGN RELATIONS, UNITED STATE SENATE

by Timothy H. Smith, Interfaith Center on Corporate Responsibility
New York, New York, United States
September 23, 1976
Publisher: Interfaith Center on Corporate Responsibility
14 pages
Testimony before the Subcommittee on African Affairs of the Committee on Foreign Relations, United States Senate. The testimony says church stockholders working through ICCR have used their leverage as stockholders to raise questions with dozens of companies doing business in Southern Africa. The testimony says in response to stockholder resolutions and other pressures requesting withdrawal from Namibia, Texaco, Standard Oil of California, Continental Oil, and Getty Oil withdrew from that illegally occupied territory. The testimony says ITT was urged to cease all sales to the South African police and military which it did in 1976. The testimony says opposition to bank loans to South Africa is international in scope; hundreds of millions of dollars of U.S. loans and $1.5 billion in investments create a major American vested interest in South Africa. The testimony says the State Department could be asked to develop a policy, similar to present U.S. policy on Namibia, discouraging any further loans to Namibia and South Africa including the Bantustans.; Congress should consider legislation that would discourage or prohibit future loans to South Africa. The testimony includes a newspaper article "Citibank Aided South Africa Loan Deal" by Nancy L. Ross. The testimony discusses Protestant denominations, Roman Catholic orders, apartheid, the World Council of Churches, Midland Bank, the European-American Banking Corporation (EABC), Franklin National Bank, Maryland National Bank, Merchants National Bank and Trust Company of Indianapolis, Wells Fargo Bank, Central National Bank (Chicago), First Pennsylvania Bank, the Electricity Supply Commission (ESCOM), and the Iron & Steel Corporation (ISCOR), Citibank, Manufacturers Hanover Trust, Morgan Guaranty Trust, Chase Manhattan Bank, Clements Kapuo, the Transkei, President Ford, Standard Bank, Chemical Bank, A.Q. Davies, the European Common Market, First National City Bank, the United Church of Christ, the South African Government, Don Bostwick, the House Subcommittee on Africa, Stephan Minikes, the House Subcommittee on International Resources, Henry Kissinger, Rhodesia, Vorster, the Shah of Iran, George J. Vojta, Senator Clark, Kennecott Copper, Dutch Churches, the Amsterdam-Rotterdam Bank, the Export-Import Bank (Ex-Im Bank), and NSSM 39. • The Rationale Against Loans to South Africa • Business as usual with South Africa • Economic Support • America's Vested Interest • NAMIBIA • Loans to Bantustans • The Banks' Position •More Mythmaking - by Chase Manhattan • Additional Banking Services • Export-Import Bank • Conclusion • Suggested Recommendations • Footnotes
Used by permission of the Interfaith Center on Corporate Responsibility.
Collection: Carol B. Thompson and Bud Day Papers on Southern Africa, Michigan State University Libraries Special Collections