Chamber Opposes Amendment to Bar IMF Support

By Webmaster on June 28, 2011 2:57 PM
On June 23, the Chamber sent a letter to the Senate opposing an amendment offered to S.679, the "Presidential Appointment Efficiency and Streamlining Act of 2011," by Senator DeMint which would bar the United States from participating in the International Monetary Fund's New Arrangements to Borrow (NAB). The amendment was originally to be considered later that day but was deferred to June 28. The letter reads in part: "With leadership from the United States, the G20 committed during the global financial crisis to strengthen the IMF by creating the NAB, which is based on the principle that an ounce of prevention is worth a pound of cure. With other governments providing more than 80 percent of the new funding required, this U.S. commitment will ensure the IMF has adequate resources to mitigate international financial crises... Passage of this amendment would likely be viewed as a move by Washington to withdraw from the IMF itself... Without adequate IMF support, financial crises in foreign markets may negatively impact U.S. jobs and exports and undermine the U.S. economic recovery."

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