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SMITHSONIAN INSTITUTION
SUMMARY PROCEEDINGS OF THE BOARD OF REGENTS
SEPTEMBER 16, 1991

REPORT OF THE EXECUTIVE COMMITTEE

The Executive Committee met on September 9 to review the proposed agenda for the September 16, 1991 meeting of the Board. Mrs. Turner briefed the Committee on the most recent legislative hearings on the proposed Extension of the National Air and Space Museum and described the bill, H.R. 3281, introduced by Congressmen Skaggs and Cardin, which would establish a National Air and Space Museum Expansion Site Advisory Panel. The Committee was sympathetic to the view, said to be expressed by several members of the House, that H.R. 3281 would undermine the authority of the Board of the Regents to make programmatic decisions and therefore ought to be opposed.

The Committee specifically endorsed the Nominating Committee's proposed nomination of Hanna Gray as a citizen member of the Board of Regents. The Committee was enthusiastic about the prospect of her joining the Board next year upon the expiration of Dr. Bowen's second term. The Committee also noted the recent occurrence of another vacancy on the Board.

The Committee discussed the topics proposed for discussion and resolution within the agenda and approved the related resolutions.  The Committee was impressed by the thorough investigation of possible collections for the proposed African American Museum.

DESIGNATION OF MR. McHENRY AS A REGENT EMERITUS

VOTED that, in accordance with Section 2.08 of the Bylaws, the Board of Regents confers on Barnabas McHenry the title of Regent Emeritus of the Smithsonian Institution, with all the rights and responsibilities thereof.

REPORT OF THE AUDIT AND REVIEW COMMITTEE 

VOTED that the Board of Regents approves the appointment of R. James Woolsey to membership on the Audit and Review Committee.

REPORTS OF THE INVESTMENT POLICY COMMITTEE

The market value of the Smithsonian Consolidated Endowment Fund under outside management totaled just under $290 million for the quarter ended June 30, 1991.  This represented a slight decline from the previous quarter, paralleling the markets in general.

VOTED that the Board of Regents approves the appointment of Regent William G. Bowen as the Acting Chairman of the Investment Policy Committee.