Political Quotes

“I offer an amendment to direct the Department of Treasury to report to Congress on the IMF and World Bank's international advocacy of privatization, deregulation, and trade liberalization. Policies such as privatizing government services, reforming bank laws, and reforming labor standards are debated here in the United States, in Congress, and in State legislatures. There is no consensus on whether and in what measure these policies are good for the U.S. economy. Good arguments can be made on both sides. I believe that the evidence shows that rapid privatization, deregulation, and trade liberalization when applied to poor countries, have worsened short-term poverty, aggravate economic instability and increased indebtedness. At the appropriate time, I would like to submit for the Record reports by the Development Group for Alternative Policies, Friends of the Earth and the Preamble Center which make this point. Mr. Chairman, but one does not have to agree with me to want the report that I propose. There is no question that the IMF and World Bank are important institutions that have considerable influence, particularly among developing countries.”