Where: Carnegie Endowment for International Peace
1779 Massachusetts Avenue NW Washington, DC 20036
A light lunch will be provided
RSVP: [email protected]
Ralph Bryant – Brookings Institution
Clay Lowery – Former Assistant Secretary of US Treasury
Gary Kleiman – Member, Bretton Woods Committee; Kleiman International Consultants
Jo Marie Griesgraber – New Rules for Global Finance (Chair)
Woury Mamadou Diallo – Alternate Executive Director, Africa Group, imf (Senegal)-TBC
At the 2010 G20 Summit in Seoul, the US spearheaded efforts to approve a set of imf reforms. Successful US leadership ensured support for these reforms, but their implementation remain stalled for one reason: US Congress has failed to enact IMF legislation.
Earlier this year, New Rules helped coordinate a letter to Congress signed by many former Senate-confirmed appointees, former IMF and US Treasury officials, academics and policy professionals. The letter encouraged Congress to act in order to preserve US leadership and interests:
The IMF is the leading international institution dedicated to promoting U.S. objectives of advancing global growth, financial stability, and sound economic policy. The IMF has played a crucial role in the global approach to recent financial crises and in navigating the world economy through severe threats. While the United States is on a path to recovery, threats remain. Uncertainty in Europe continues; Japan’s growth outlook is sluggish; growth even in big emerging market economies is slowing. In times like these, a financially strengthened and reformed IMF is in the U.S. interest.
Additional quota resources for the IMF are essential to preserve its central role in a global financial system that benefits the United States. Realignment of IMF quota shares, while preserving U.S. influence in the IMF, will enable the IMF to respond to shifts in the global economy, involving emerging powers more deeply in the institution and avoiding their disengagement. Positive action by the U.S. Congress on both elements will also unlock financial contributions from other countries.
Congressional enactment of the proposed IMF legislation will sustain U.S. leadership in global financial matters. Failure to act would diminish the role of the United States in international economic policy-making and undermine U.S. efforts to promote growth and financial stability.
However, Congress has yet to act. It has been more than 3 years and the US has not delivered on its promises. If the US fails to approve the 2010 reforms soon, its future leadership may be in jeopardy.
New Rules, in cooperation with the Heinrich Boell Foundation, is hosting a panel discussion focused on IMF Governance Reforms. The seminar will consider
the need for prompt action by the US Congress on the “Seoul 2010 Package” of reforms, as well as the merits of a 3rd chair for Sub-Saharan Africa.