The crisis of 20–22 May 1938 made the franc come under immense financial pressure since many investors did not wish to hold French assets or debts if France went to war. Jacques Rueff, the director of "direction générale du mouvement des fonds" and special adviser to Finance Minister, Paul Marchandeau, stated in a report that the government must cut defense spending or find more sources of short-term loans, as the French government was running out of money. Marchandeau stated that ordinary charges upon the treasury in 1938 would "exceed" 42 billion francs, and Rueff warned that France would go bankrupt once the legal limits upon short-term loans from the Bank of France was reached. Marchandeau, in testimony before the Senate Finance Committee, stated that the government had only 30 million francs in its account and 230 million francs available from the Bank of France.