In 1923, Dawes was appointed by the Allied Reparations Commission to plan a solution for the problem of Germany's inability to pay reparations for their presumed liability for World War I. Dawes presided over a committee of experts that submitted a plan (1924) providing for a reorganization of German finances with the assistance of loans from U.S. investors. This "Dawes Plan" saved Europe from economic collapse for a few years, but it proved to be only a partial solution for the dilemma of world economic disorganization.
Dawes was vice president under Pres. Calvin Coolidge (1925-29), and from 1929 to 1932 he was U.S. ambassador to Great Britain. During the Depression he returned to the U.S. (1932) to direct the Reconstruction Finance Corporation. He resigned the same year and reentered the banking business.
Dawes was the author of several works including A Journal of the Great
War (1921), Notes as Vice President (1935), and A Journal of Reparations
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