President Roosevelt assigned to him the effectuation of freezing control of foreignowned assets in this country. Under his direction. control of assets amounting eventually to eight and a half billion dollars was established by a Treasury agency. the Foreign Funds Control. The freezing control became an instrument of economic warfare of great value to us and our allies. In one of the wars few humanitarian undertakings. Secretary Morgenthau served as a member of the war refugee board. Important agencies of law enforcement operate under the supervision of the Secretary of the Treasury. Under Secretary Morgenthau they have operated in peace and in war with an efficiency never before attained.