Political Quotes

“I am pleased to offer this amendment today with the gentleman from Arkansas (Mr. Hill) as a cosponsor, who was here a minute ago. I am confident it will garner bipartisan support. My amendment would prohibit funds from this bill from being used to support a shareholding increase for China at the International Monetary Fund, the IMF. The IMF is the world's lender of last resort and plays a critical role in ensuring multilateral cooperation on a wide array of financial matters. As the IMF's largest shareholder, the U.S. is the only member to wield a veto over important decisions at the Fund. This includes decisions that change countries' shareholding weight at the institution. Across administrations, the U.S. has advocated for the IMF to support fiscal responsibility among borrowers, responsible governance of exchange rates, and transparency in sovereign lending. These principles support global financial stability, but they have now been put at risk by China's dictatorship. Put simply, the emergence of China as the world's largest official creditor has saddled countries around the world with opaque and onerous debt that the IMF has been called upon to resolve. None of this lending complies with international rules and norms like those established by the Paris Club and the Organization for Economic Cooperation and Development.…”