Political Quotes

“I strongly oppose this rule which would block any amendments to provide funding for the International Monetary Fund (IMF). The IMF is an indispensable organization formed in 1945 to assist its members with monetary issues and financial cooperation. It is no surprise that the IMF has grown from 29 member countries to 182 nations today. Mr. Speaker, the rule we have before us today would rob us of the opportunity to continue to assist nations heavily affected by the economic contagion which has spread from Asia to Russia to Latin America. The global economic structures demand that we consider a rule which would allow us to replenish the IMF's depleted reserves. The requisite $14.5 billion assists not only the economically troubled areas I have mentioned, but also the United States. Due to the nature of our interlinked world economies, it is not so difficult to comprehend that financial woes in South Korea and Russia will eventually reach our shores. For example, Asia purchases about 40% of American agricultural exports. American exports to Asia are expected to decrease by 3 to 6% this year alone due to reduction of demand in this region. The people of Guam, my constituents, have felt the effects of the Asian Financial Crisis since it commenced last year. With our tourist economy dependent on the investment of our Asian neighbors, we have witnessed dwindling tourism numbers effectively shutting down local businesses and leaving numerous individuals unemployed.”