“The American People Have a Right to Know
How the IMF is Using Their Tax Dollars;
$100 Billion is At Stake”
Washington, D.C. – Rep. Cathy McMorris Rodgers (R-WA), Vice Chair of the House Republican Conference, released the following statement today after Americans for Limited Government (ALG) announced they have filed an administrative appeal to the Treasury Department due to the Department’s failure to respond to Freedom of Information Act (FOIA) requests to comply with even minimal transparency standards in their dealings with the International Monetary Fund (IMF):
"As the IMF gets more involved in the European debt crisis – financing costly bailouts for Greece, Portugal, Ireland, and probably other countries – the American people have a right to know how the IMF is using their tax money, and whether that money is being used effectively. Since the start of the debt crisis, the Treasury Department has ignored legitimate inquiries about America’s involvement in the IMF bailouts, and that is unacceptable. Secretary Geithner’s failure to meet the bare minimum standards of transparency makes it all the more urgent that Congress rescind the IMF's $100 billion line of credit which the Secretary oversees."
In 2009, a Democratic Congress approved Secretary Tim Geithner’s request to grant a $100 billion line of credit to IMF for financial emergencies. Rep. McMorris Rodgers has introduced legislation, H.R. 2313, which would rescind that line of credit. The bill has 90 co-sponsors.
ALG President Bill Wilson said today, "It is simply outrageous that the Obama Administration is trying to hide information from the American people about a $100 billion liability that this President supported and signed into law. Based on publicly available information, we know the U.S. is already bailing out Europe. The question is to what extent, which a proper response to our FOIA request by Treasury would reveal.”
Since May 2010, the European Union and the IMF have approved bailouts for Greece, Portugal, and Ireland totaling $561 billion. The U.S. is the largest funder of the IMF and has veto authority at the IMF Board of Directors.
“I applaud ALG for taking the initiative to enforce transparency at the Treasury Department and protect precious U.S. tax dollars,” said Rep. McMorris Rodgers.
Rep. McMorris Rodgers was the first Member of Congress to publicly oppose U.S. involvement through the IMF in the European bailouts. A compilation of her work on this issue can be found here.
Americans for Limited Government (ALG) is a non-partisan, nationwide network committed to advancing free-market reforms, private property rights and core American liberties. To download their appeal, click here.