White House Unhappy with IMF Limits in US Spending Bill |
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July 8,2009
The Obama administration on Wednesday said it strongly opposed legislation in the U.S. Congress that would restrict its ability to respond to future financial crises through the International Monetary Fund.
The Obama administration on Wednesday said it strongly opposed legislation in the U.S. Congress that would restrict its ability to respond to future financial crises through the International Monetary Fund.
The U.S. House of Representatives is expected later this week to consider a $48.8 billion spending bill for the State Department and U.S. foreign operations that would impose several limits on U.S. participation at the IMF.
The IMF provisions are far from becoming law and could be either changed or stripped.
The measure would require the United States to end its participation in an emergency loan facility, known as the New Arrangements to Borrow, after five years.
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