On June 5, 1947, Secretary of State George C. Marshall delivered a speech proposing the European Recovery Program, later known as the Marshall Plan. He argued that economic stability in Europe was essential to global peace. The United States would provide financial aid to help rebuild economies devastated by World War II. Congress later approved billions of dollars in assistance. The plan strengthened U.S. alliances and countered Soviet influence. It remains one of the most celebrated foreign policy initiatives in American history.
