Seventy-seven years ago today, on April 16, 1948 (March 8, 1948), Truman approved the Foreign Aid Act. On April 16, 1948, Western European countries were accelerating the use of the funds promised to them by President Truman to restore their devastated economies. Truman signed the bill, approving the "European Recovery Plan". This plan was originally proposed by Secretary of State George Marshall. Today Europeans signed the agreement to establish a cooperative organization, the European Economic Cooperation Organization. Truman has ordered that 1 billion diversity be provided to European countries immediately. Large amounts are provided to the British, French, Italian, Belgian, Dutch, Lutheran Union and Germany; small amounts are provided to Greece, Turkey, China, Trieste and the United Nations. The Truman administration hoped that Europe's economic revival would benefit the United States. But administration officials also acknowledged that the aid program would harm the American economy. Paul Hoffman, chairperson of Steebeck and administrator of the program, said: "The maintenance of a strong and prosperous America is the first priority. America's resources are not inexhaustible, and of course this program will bring inflationary pressure to the United States." The program also faced diplomatic pressure abroad because it did not include the Soviet Union and most European countries. Joseph Stalin strongly opposed this approach.