On January 29, 1966, Governor-General Perry Jay announced his intention to abolish the National Financial Administration by the end of the decade. Jay explained that the agency had been of great use while the nation was expanding rapidly. "But today, when we have entered an age of large corporations and complex relations, the N.F.A. is no longer as necessary. The government will continue to aid new enterprises, but through a new, far more limited agency."
Governor-General Jay's announcement was reported the next day in the New York Herald.