The United States Congress authorized the creation of a World War Foreign Debts Commission under Secretary of the Treasury Andrew Mellon to negotiate repayment agreements with Great Britain and France. The Commission placed the Allied debt principal to the United States at $11 billion; payments were to be made in graduated 62 annual installments; however, the accrued interest on these payments over a period of 62 years would have increased the debt to approximately $22 billion, although the U.S. did agree to lowered interest rates. Great Britain’s debt was reduced 19.7% to $4.6 billion with the interest rate reduced from 5% to 3% for the 1st 10 years of payment to be raised to 3½% thereafter. France’s debt was reduced by 52.8% to $4 billion, without any interest for the 1st 5 years of payment. It was then to be increased gradually to 3½%.