Political Quotes

“Mr. Chairman, I rise today in strong support of H.R. 3326, the World Bank Accountability Act. I would like to thank the chairman of the Subcommittee on Monetary Policy and Trade, Mr. Andy Barr, for his hard work on this piece of legislation and for his leadership on this important issue. H.R. 3326 passed through the Financial Services Committee unanimously, with an overwhelmingly bipartisan vote of 60-0. Mr. Chair, right now, the World Bank's International Development Association, IDA, is an irresponsible benefactor for the world's neediest nations. At the core of my concerns within the World Bank, I take great issue with the Bank's offering employee incentives for approving new loans. The Bank, itself, has even documented that they harvest a culture that encourages loan volume rather than approval based on merit and approval based on need. H.R. 3326 will help eliminate these illogical incentives at the World Bank that prioritize pushing money out the door rather than delivering authentic and helpful solutions. In addition to mass lending from the Bank, careless lending is equally disconcerting and has made it easier for corrupt regimes to abuse their citizens and exploit the money for terrorism-related efforts. To address this issue, H.R. 3326 ensures that the World Bank cannot approve funds for a country that has been classified by the United States as a state sponsor of terrorism, and it demands that the U.S.…”