On June 5, 1947 in a speech at Harvard University, he outlined the American proposal. The European Recovery Program, as it was formally known, became known as the Marshall Plan. Clark Clifford had suggested to Truman that the plan be called the Truman Plan, but Truman immediately dismissed that idea and insisted that it be called the Marshall Plan. The Marshall Plan would help Europe rebuild and modernize its economy along American lines, and open up new opportunities for international trade. Stalin ordered his satellites in Eastern Europe not to participate. Marshall was again named "Man of the Year: by "Time" in January 1948.