As early as 1941, U.S. Treasury Secretary Henry morgenthau instructed his assistant Harry Dexter White to draw up a plan for establishing the post-war international monetary system. In March, 1942, White drew up the "Draft Plan of the United Nations Stabilization Fund and the United Nations and the Union Countries' Reconstruction Bank" according to his own "Allied Currency and Banking Action Plan" for setting up wartime allied banking institutions and stabilization funds, and the plan of setting up an international stabilization fund only for countries in the Western Hemisphere. The part about the stabilization fund in this plan was officially announced by the US government on April 7, 1943, and it was named as the "United National Foreign Exchange Stabilization Fund" plan.