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McHenry Statement on Treasury Consideration of IMF Giveaway to China, Russia, and State Sponsors of Terrorism
Washington,
February 25, 2021 -
Today, Congressman Patrick McHenry (NC-10), the top Republican on the House Financial Services Committee, released the following statement on Treasury Secretary Janet Yellen’s letter to G20 colleagues. Today’s letter raises the possibility of a Special Drawing Rights (SDR) allocation by the International Monetary Fund (IMF).
“The Treasury Department has better tools to fight COVID-19 abroad than an SDR allocation that sends billions of dollars to Beijing, Moscow, and Tehran. While parents wait for schools to reopen and restaurant workers worry about how they’ll make rent, the Biden Administration shouldn’t offer no-strings-attached liquidity to the worst dictatorships in the world.
“Under the IMF’s rules and U.S. law, SDR allocations are supposed to supplement the world’s long-term reserves. An allocation that finances emergency spending is inconsistent with this fact. The IMF and other international financial institutions have other financing options to help those in need in a more transparent, accountable, and effective manner.”
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