Anglo-French Financial Commission

The Commission, led by Lord Reading, secured the single largest loan from private US banks prior to American entry into World War I in 1917.

In addition to the financial support, it was hoped that a large investment by Americans in the Allied war effort would encourage Woodrow Wilson's administration to abandon neutrality.

The loan was issued on five-year, 5 per cent joint British and French bonds, and was entirely controlled by banking corporations for private gain.

[4] On 18 September The Spectator reported that the Germans were attempting to influence American depositors and the directors of major banks, and were trying to arrange a counter-loan of $100,000,000 to Germany to embarrass the negotiations.

[5] The US government, under pressure from Spring Rice and still officially neutral, stated that it regarded the loan as an ordinary financial transaction and that it would not interfere in the process.