Taxes & Spending

McMorris Rodgers stands by bill to revoke U.S. funding for IMF

Although the managing director of the International Monetary Fund publicly praised her and spoke of the Fund’s own responsibility to show efficiency in its financial dealings, Rep. Cathy McMorris Rodgers (R-Wash.) insisted she would stand by her legislation to rescind the $100 billion Congress voted to give the IMF in 2009.

“Director [Christine] LaGarde has taken the IMF in a better direction, and I appreciate her efforts to make the IMF more open and transparent to Congress and the American public,” said McMorris Rodgers, who met with the IMF chief in December to discuss problems lawmakers had with the financial titan.

But, the vice chairman of the House Republican Conference told Human Events, “I will continue to advocate for my bill because it’s not only in the best interest of American taxpayers, but it will help motivate our European allies to make the tough decisions to get their fiscal house in order.”

“There cannot be a true global economic recovery until spending and borrowing come down in Europe, America, and throughout the world. The IMF can best serve its members by helping them achieve fiscal discipline. The U.S. Congress can play a role too.”

McMorris Rodgers’s remarks came hours after LaGarde told Human Events that “no country has ever lost money on the IMF” and that it is important that “the leading economic power in the world has to have a leadership role” in the Fund during the current times of economic turmoil. Speaking to us at the regular IMF/World Bank meeting in Washington, LaGarde also agreed that “I don’t think the excellent, productive meeting I have had with Cathy McMorris Rodgers, who understands the issues very well, is sufficient to withdraw her proposed bill.”

Officially H.R. 2313, McMorris-Rodgers’s legislation so far has 93 co-sponsors in the U.S. House of Representatives.

McMorris Rodgers also said she looks forward “to continuing to work with Director LaGarde on how we can make the IMF and the Congress more effective in bolstering the global economy.”


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