, I emphasized the need
for immediate authority to take distressed financial institutions into receivership in order to cut away the stockholder and bondholder obligations, while preserving the ongoing business, as well as its obligations to customers and counterparties:
That faith has truncated history to arrive at
an immediate authority justified as if by all history.
The Archives of the American Association for the Advancement of Science is hereby established by the Board of Directors of the Association and under
the immediate authority of the Executive Officer.