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The Bell Trade Act was enacted by the US Congress in April 1946 and implemented by an executive agreement between presidents Harry Truman and Manuel Roxas on July 4, 1946. Although presumably designed to meet the needs of the Philippine economy in the difficult transition period following the grant of independence, the Bell Trade Act effectively maintained the islands' economic dependence on US capital and markets. According to its terms, Philippine exports received preferential treatment in return for restrictions on Philippine currency management and export controls and "national treatment" for American businessmen, granting them the same right as Philippine nationals to exploit natural resources and to own and operate public utilities. A trade Agreement Revision Act of 1956 partly removed these restrictions on Philippine sovereignty.