(1929), second renegotiation of Germany's World War I reparation payments. A new committee, chaired by the American Owen D. Young (Young, Owen D.), met in Paris on Feb. 11, 1929, to revise the Dawes Plan of 1924. Its report (June 7, 1929), accepted with minor changes, went into effect on Sept. 1, 1930. It reduced the amount due from Germany to 121,000,000,000 Reichsmarks in 59 annuities, set up the Bank for International Settlements (International Settlements, Bank for) to handle the transfer of funds, and ended foreign controls on German economic life. However, hardly had the Young Plan started operation than the world depression of the 1930s began, and Germany's ability to pay dwindled to the vanishing point. In 1932 the Lausanne Conference proposed to reduce reparations to the token sum of 3,000,000,000 marks, but the proposal was never ratified. Adolf Hitler (Hitler, Adolf) came to power in 1933, and within a few years all important obligations under the Treaty of Versailles—political as well as economic—were repudiated.