|
 A $1 trillion proposed spending bill for the federal government on
Monday did not include funding for the IMF, according to a
Republican summary.
For nearly a year, the Obama administration has been pushing
Congress to approve a shift of some $63 billion from an IMF crisis
fund to its general accounts in order to maintain Washington's power
at the global lender, and to make good on an international
commitment made in 2010.
Congress must sign off on the IMF funding to complete 2010 reforms
that would make China the IMF's third-largest member and revamp the
Fund's board to reduce the dominance of Western Europe. The changes
would also give greater say to nations such as Brazil and India to
reflect their growing economic heft.
The reform of the voting shares, known as quotas, cannot proceed
without the United States, which holds the only controlling share of
IMF votes.
After putting off the request in 2012 because of the U.S.
presidential election, the U.S. Treasury has sought to tuck the
provision into several bills since March.
The administration's requests, however, have been met with
skepticism from some Republicans, who see them as tantamount to
approving fresh funding in a tight budget environment.
Some lawmakers have also raised concerns about how well the IMF was
helping struggling economies in Europe and the risks attached to IMF
loans, suggesting Congress was in no hurry to approve any changes.
Republican Hal Rogers, the chair of the House Appropriations
Committee, said no new funding for the IMF was an example of program
cuts that "ensure the responsible use of taxpayer dollars,"
according to a statement.
[to top of second column] |
The U.S. Treasury has consistently defended the safety of
contributions to the IMF and argued U.S. funding to the lender helps
preserve U.S. business interests by pushing for a level playing
field abroad.
"We are disappointed that Congress failed to include the 2010 quota
and governance reforms in the current legislation," a U.S. Treasury
spokeswoman said on Monday.
"The United States remains committed to implementing the 2010 quota
and governance reforms, and we are examining options to do so as
soon as possible."
(Reporting by Anna Yukhananov; additional reporting by David Lawder;
editing by Lisa Shumaker)
[© 2014 Thomson Reuters. All rights
reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
 |
