A Florida Republican lawmaker is introducing a bill to bring congressional authority over the International Monetary Fund (IMF) and prevent the body from giving cash to American adversaries.<\/p>\n
Rep. Scott Franklin, R-Fla., is expected to introduce the IMF Accountability Act on Tuesday, which aims to give Congress more authority over how the body allocates special drawing rights (SDRs) and lends money.<\/p>\n
The bill would \u2018prohibit representatives of the United States from voting at the International Monetary Fund for any Special Drawing Rights allocations, quota increases, or policy modifications that would benefit certain countries, and for other purposes.\u2019<\/p>\n
Franklin\u2019s bill aims to prevent the IMF from giving funds to American adversaries like China, Iran, North Korea and others.<\/p>\n
\u2018You don\u2019t give taxpayer dollars to your enemies \u2013\u00a0that\u2019s just commonsense,\u2019 Franklin said.\u00a0\u2018Unfortunately, the Biden Administration has allowed the transfer of billions of dollars from the IMF, funded in large part by the U.S., to our adversaries like China, Russia, Iran and North Korea.\u2019<\/p>\n
\u2018These funds are used to help them meet their political goals and strengthen their economies,\u2019 Franklin said. \u2018This projects weakness on the world stage and should never be allowed to happen. Our bill will strengthen Congressional oversight over these decisions and prevents American taxpayer dollars from ending up in the hands of the world\u2019s worst actors.\u2019<\/p>\n
Several Republican lawmakers are co-sponsoring Franklin\u2019s bill, including fellow Florida GOP Rep. Gus Billirakis.<\/p>\n
\u2018The Biden Administration\u2019s appeasement approach when dealing with our adversaries on the international stage has been a complete and utter failure that has only emboldened these rogue regimes,\u2019 Billirakis told Fox News Digital. \u2018We must regain our position of strength by embracing an America-first approach that draws a line in the sand and clearly prohibits the Biden Administration from further rewarding these bad actors who seek to do us harm and cause global instability.\u2019<\/p>\n
Fellow co-sponsor Rep. Lance Gooden, R-Texas, said he \u2018fully supports the IMF Accountability Act, a critical measure to ensure U.S. resources are not aiding adversaries.\u2019<\/p>\n
\u2018This bill rightly returns oversight to Congress, safeguarding our nation\u2019s investments from supporting regimes that oppose our values and threaten global stability,\u2019 Gooden continued.<\/p>\n
Fellow Florida Republican Sen. Rick Scott is leading the Senate companion bill, joined by Texas GOP Sen. Ted Cruz.<\/p>\n
\u2018Hostile actors and rogue regimes use IMF Special Drawing Rights to bolster their economies and reserves. This ability directly undermines American efforts to hold such regimes accountable through sanctions, and therefore the safety and security of Americans,\u2019 Cruz said. \u2018It is long past time for the United States to counter these tactics.\u2019<\/p>\n
\u2018As Iran-backed Hamas holds hundreds of hostages in Gaza, including Americans, and continues attacks against Israel, the United States must act,\u2019 added Scott. \u2018We must send a clear message to these terror sponsors and evil regimes across the world: the free ride is over, you are cut off. My bill, the IMF Accountability Act, will prohibit U.S. representatives to the IMF from supporting the world\u2019s tyrannical regimes and benefiting from the economic strength of America and our partners and allies.\u2019<\/p>\n
\u2018I thank Congressman Franklin for leading the charge in the House and urge the Senate to immediately pass this crucial and timely legislation,\u2019 he added.<\/p>\n
SDRs were created by the IMF to bolster member countries\u2019 official reserves and are distributed based on the country\u2019s individual IMF quota. Member countries who receive SDRs can exchange them for U.S. dollars or other member countries\u2019 currencies. The U.S. is a major backer of the IMF.<\/p>\n
\u2018The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries,\u2019 the IMF website reads. \u2018It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being. The IMF is governed by and accountable to its member countries.\u2019<\/p>\n
\u2018The IMF has three critical missions: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity,\u2019 it continues. \u2018To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies.\u2019<\/p>\n
Fox News Digital reached out to the IMF and the White House for comment.<\/p>\n\n
A Florida Republican lawmaker is introducing a bill to bring congressional authority over the International Monetary Fund (IMF) and prevent the body from giving cash to American adversaries. Rep. Scott Franklin, R-Fla., is expected to introduce the IMF Accountability Act on Tuesday, which aims to give Congress more authority over how the body allocates special <\/p>\n","protected":false},"author":0,"featured_media":11932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-11931","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"_links":{"self":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/11931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/comments?post=11931"}],"version-history":[{"count":0,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/11931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media\/11932"}],"wp:attachment":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media?parent=11931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/categories?post=11931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/tags?post=11931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}