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Committee endorsed this new approach.  The Secretary also pointed out that the Institution had recently received requests from several prominent foreign institutions for loans of an astonishing array of precious objects from the National Collections.  He briefly described the difficulties inherent in loaning pieces that would be widely regarded as "national treasures" despite occasional, strongly pressed requests to do so, and agreed to draft a brief policy statement on this matter for the Regents' consideration (also presented below).

Miss Leven and Mr. Jameson reported on the status of trust and appropriated funds for fiscal years 1985-1987.  They noted that while the Institution has generally received favorable treatment in the recently enacted Continuing Resolution for fiscal year 1986 and the initial allowance from the Office of Management and Budget for fiscal year 1987, the status of federal funds continues to be uncertain for these and the out years because of unknown consequences of the Gramm-Rudman-Hollings initiative.  The Executive Committee endorsed the suggestion that the staff postpone the final version of the Five-Year Prospectus until it can be appropriately scaled back in the light of unfolding budget realities.

Miss Leven also reported that, as authorized by the Board of Regents on September 17, 1979, the Institution had established three new bank accounts requiring new banking relationships and had terminated one other account to facilitate several different Smithsonian programs in remote locations.

The meeting of the Executive Committee was adjourned at the conclusion of luncheon at approximately 2:15 p.m.