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Committee agreed to reconvene in a month or two to interview several potential new managers recommended by Cambridge Associates and staff. 

The Committee turned to discuss the staff recommendations for the fiscal year 1990 total return payout. Miss Leven explained that the recommended increase to $10.20 per share for the Consolidated Endowment Fund translated to a 4% increase over fiscal year 1989, consistent with increases in the Consumer Price Index. A number of alternatives were studied. The recommended payout balances a number of factors: increased income for spending purposes; the guidelines for determining the payout rate; and a conservative posture allowing for a projected $1.8 million reinvestment of excess dividends and interest into principal. The Committee unanimously approved the recommendation and proposed the following motion to the full Board of Regents: 

VOTED that the Board of Regents approves a total return income payout rate of $10.20 per share of the Consolidated Endowment Fund for fiscal year 1990.

The Chairman thanked the members for their continued and valued assistance in the oversight of the Smithsonian Endowment funds, whereupon the meeting was adjourned at 12.30 p.m.

[[underlined]] THE SECRETARY'S REPORT [[\underlined]]

ENVIRONMENTAL INITIATIVES

Mr. Adams noted that the legislative initiative to create a National Center for Biodiversity, in which the Smithsonian would take a leading role, is unlikely to move in the current session of the Congress for technical reasons. At the same time, however, Senator Wirth has proposed another initiative by which the Smithsonian would be involved in operating an environmental clearinghouse where members of Congress and other interested public officials, as well as scholars more generally, could find up-to-date information on environmental issues or be directed to such information at government agencies or other institutions. Senator Wirth's idea has yet to take the form of a draft measure.

AIR & SPACE MAGAZINE

The Secretary noted that [[underlined]] Air & Space [[/underlined]] magazine, like the market generally, is experiencing a softening in its subscription renewals and