In 1929 the Dawes Plan was replaced by the Young Plan, with which he had no direct part, and this aimed at a final settlement of reparations.
In addition to Young, the United States was represented by J. P. Morgan, Jr., the prominent banker, and his partner, Thomas W. Lamont.
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Because of his contribution, Dawes was also asked to work as assistant to Owen D. Young, who developed the succeeding Young Plan in 1929.