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Jones supports bill to prevent US taxpayer dollars from bailing out foreign nations
Story Date: 6/27/2011
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Source: PRESS RELEASE, 6/24/11
This week U.S. Congressman Walter B. Jones (NC-3) cosponsored H.R. 2313, the Anti-IMF Bailout Act. The bill was introduced by his colleague, Rep. Cathy McMorris Rodgers. The legislation calls for the U.S. to rescind enhanced funding provided to the International Monetary Fund (IMF), which is playing a central role – along with the European Union and the European Central Bank – in crafting a bailout of Greece. In 2009, at the urging of the Obama administration, the IMF was provided access to additional funding of up to $108 billion of U.S. taxpayer dollars. These funds are available to the IMF to bailout foreign countries, like Greece, as well as pay for expenses incurred by IMF.
“It makes no sense for the U.S. to borrow from nations like China in order to provide money for an international institution that will dole out funds to developing nations that compete with America for jobs,” said Jones. “With America suffering an economic downturn and unprecedented fiscal deficits, our government can’t keep spending what it doesn’t have. It’s time to stop growing our debt by sending American tax dollars overseas, and start rebuilding America.”
U.S. contributions comprise over 17 percent of IMF funds. In addition, the IMF considers the U.S. to possess “usable resources,” and that results in financing more than our 17 percent quota would suggest. If the IMF provides $40 billion to bail out Greece from its recent fiscal crisis, U.S. taxpayers will be on the hook for $8 billion. Action on this issue is supported by groups including the American Conservative Union, the National Taxpayers’ Union, FreedomWorks, and Americans for Limited Government.
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