armaments both atomic weapons and all other major weapons adaptable to mass destruction; and establish effective safeguards, by way of inspection and other means, to protect complying States against the hazards of violations and evasions The plan clearly announced that the United States would maintain its nuclear weapons monopoly until every aspect of the proposal was in effect. The Soviets subsequently rejected the Baruch Plan, and the United States then rejected a Soviet counter-proposal for a ban on all nuclear weapons. In 1953, the U.S. proposed its Atoms for Peace plan. In a speech to the UN General Assembly in New York City on December 8, 1953, U.S. President Dwight D. Eisenhower called on the United States with the Soviet Union "to make joint contributions from their stockpiles of normal uranium and fissionable materials to an international Atomic Energy Agency" that would then "devise methods whereby this fissionable material would be allocated to serve the peaceful pursuits of mankind." The plan also proposed a new International Atomic Energy Agency and “uranium bank” as simple steps to establish international trust and start a cooperative arms control dialogue. On July 29, 1957, the International Atomic Energy Agency (IAEA) was established. However, the concept that the IAEA would serve as a bank of nuclear materials, drawing down US and Soviet stocks below the level where either could launch a knock-out blow against the other, languished. During this period the U.S. Congress preferred to supply nuclear material directly to foreign partners in bilateral agreements, thus bypassing the IAEA and applying U.S. safeguards to the transaction instead. It became clear that having the IAEA serve as a nuclear material bank had not succeeded in the Cold War. 1970–1989 Through the 1970s and 1980s, further options were examined for developing a "proliferation-resistant" fuel cycle. The managerial aspects of the nuclear fuel cycle were also explored during this time and a number of unsuccessful proposals were advanced. Some of the proposals included initiatives on: Technical or physical modification of the fuel cycle to restrict access to sensitive nuclear materials Multilateral fuel cycle centers for a small number of States to pool their resources in to a single centre Multinational spent fuel centers as a way to handle separated plutonium; An international nuclear fuel authority to guarantee nuclear fuel to Non-Nuclear Weapon States which renounced national reprocessing or enrichment plants International plutonium storage to help implement Article XII.