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SMITHSONIAN INSTITUTION
PROCEEDINGS OF THE BOARD OF REGENTS
September 16, 1985

[[underlined]] SUMMARY OF PROCEEDINGS [[/underlined]]

[[underlined]] Welcome to New Regent: Renomination of Regents [[/underlined]]

After welcoming Mr. McHenry to his first meeting as a Regent, the Chancellor pointed out that the first terms of Messrs. Humelsine and Bowen were due to expire on March 13, 1986. Having been assured by both Regents of their willingness to serve an additional term, the Board of Regents acted to renominate them with the following resolution:

VOTED that the Board of Regents renominates Carlisle H. Humelsine and William G. Bowen to serve additional terms for the statutory period of six years from the expiration of their current terms and requests that the Congressional members of the Board introduce and support legislation to that effect.

[[underlined]] Report of the Executive Committee [[/underlined]]

Mr. Humelsine asked that it be laid upon the record that the Regents had responded unanimously in favor of the following resolution which had been suggested through the mails prior to this meeting:

VOTED that the Board of Regents presents the Henry Medal to Daniel Patrick Moynihan in grateful recognition of his outstanding service to the Smithsonian Institution and the Nation as the founding Chairman of the Board of Trustees of the Hirschhorn Museum and Sculpture Garden.

He also discussed with the Regents a letter received from Congresswoman Cardiss Collins.

Mr. Humelsine reported that the Executive Committee met on August 27, 1985 to discuss and approve the proposed agenda for the September 16 Regents' meeting. The Executive Committee discussed the Investment Policy Committee's recommendations (see below) in considerable detail and agreed that the Board of Regents ought to continue an orderly approach to the question of investments in South Africa.

The Secretary had informed the Committee about a variety of matters he intended to discuss again with the Board of Regents (see below, Secretary's Report). Summarizing the Financial Report, Miss Leven pointed out that several major expenditures or fund transfers for significant collections acquisitions (discussed below in the agenda) are likely to reduce the general unrestricted fund balances in fiscal years 1986 and 1987. Recognizing these difficulties, the Committee took special note of the important strides that have been or are being taken to strengthen the national collections in areas of weakness. With the