Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise today in support of the legislation, H.R. 5932, which I introduced recently, and I was fortunate to have the Speaker's assistance on this, my friend from Missouri, Mr. Cleaver, in designing this legislation. It is just one issue that relates to a complex set of issues around China's access to the World Bank and China's engagement in the world as a creditor. But H.R. 5932, Ensuring Chinese Debt Transparency Act, would require the Secretary of the Treasury to instruct the U.S. executive director at each of the international financial institutions that it is U.S. policy to ensure greater transparency in Chinese Government lending to countries that are also beneficiaries of those international financial institutions. Specifically, this bill would require the Secretary to report annually to Congress on the progress in advancing this policy, and secondly, lending to foreign countries by entities owned or controlled by the Chinese Government. As we know, the international financial institutions include the International Monetary Fund, the IMF, the World Bank, and the regional development banks. The IMF lends to foreign countries in order to resolve balance-of-payments crises, while the development banks finance projects with the long-term aim of alleviating poverty.…”