Political Quotes

“Mr. President, the Foreign Operations Appropriations bill before us addresses a matter of the utmost urgency: the need to replenish the resources of the International Monetary Fund. Title VI of the bill provides $14.5 billion--the amount of the United States' quota increase--which will augment the general funds available to the IMF. The need for this measure is undeniable: the Fund's resources have been seriously depleted as a result of the Asian financial crisis--specifically, the $36.1 billion in assistance committed to Indonesia, Thailand, and Korea--and now nearly drained by ominous developments in Russia. Not to mention the potential 'contagion' effect. The bill also approves the United States' $3.36 billion contribution to the New Arrangements to Borrow--a new fund that will provide additional resources to respond to financial crises of such consequence that they threaten the stability of the international monetary system. Unfortunately, we have entered a period in which crises of such magnitude are upon us. Action on the IMF funding request is surely overdue.”