On June 17, 2015, CGD visiting fellow Clay Lowery testified before the U.S. House Subcommittee on International Monetary Policy and Trade on the core functions of the IMF, the quota reform package negotiated by IMF members in 2010, and why he thinks Congress should approve legislation to implement that reform package.
From the testimony:
"There are many economic and financial reasons for the United States to support the IMF. Global financial stability, a core objective of the IMF, is important to U.S. economic growth, exports, and job creation. Secondly, the IMF is a bargain for U.S. taxpayers. The U.S. leverages its resources many-fold with the contributions of the other 187 member countries. Without the IMF, were a financial crisis to occur, the U.S. and other wealthy nations would most likely end up shouldering the burden directly at a much higher cost, with more concentrated repayment risks. Thirdly, the IMF’s mission of open markets and sound economic policies to strengthen economic and financial stability is in line with our international ideals and vision."
