Connie Mack: “I rise to support the proposed amendment and urge my colleagues to vote against tabling it. The current world economic…”

“I rise to support the proposed amendment and urge my colleagues to vote against tabling it. The current world economic crises and the International Monetary Fund's request for financial replenishment offer us a chance to re-examine the United States' role in the world economy. If the U.S. is going to participate in institutions that influence economic policy around the world, then we must exert our influence in strong support of sound economic policies, not just rubber-stamp whatever plans international bureaucrats cook up. It does us no good to stand idly by and let the IMF squander our resources on ill-conceived rescue plans, such as the tax-hike package recently foisted on Russia. What should the IMF be promoting? The same policies that we support here in the United States. To name just a few, these include: a monetary policy dedicated to long-term price stability, a sensible tax system that encourages people to work, save and invest, free and open markets and sound banking systems that use consistent accounting methods, have transparent balance sheets and lend based on market forces, not political pressure. The best way to start down this path is to set strong conditions on the IMF. This amendment moves us in this direction. In particular, it would promote free trade, market-based lending and the fair treatment of international investors. I urge my colleagues to vote against tabling it.”