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Shortly before Christmas, 1940, President Roosevelt disclosed at a press conference his plan "to eliminate the dollar sign" from our aid to those fighting against Hitler. The idea was elaborated still further by the President when he appeared before the new Congress on January 8, 1941, to deliver his message on The State of the Union. Meanwhile, work had begun on drafting legislation to put the plan into action. A draft prepared by Oscar S. Cox, then an assistant to the general counsel of the Treasury, was used as a basis for soliciting advice and suggestions from many people.
On January 10, the bill was introduced simultaneously in the Senate and House by Senator Alben W. Barkley and Representative John W. McCormack, the majority leaders. In the House the symbolic number, H.R. 1776, was attached to what finally became, on March 11, the Lend-Lease Act.