Dad On Retire
  • About us
  • About Us
  • Contact Us
  • Contacts
  • Email Whitelisting
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Privacy Policy
  • Terms & Conditions
  • Terms and Conditions
  • Thank you
  • Thank You
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Stock
No Result
View All Result
Dad On Retire
No Result
View All Result
Home News

GOP lawmaker to introduce bill to prevent International Monetary Fund from giving cash to adversaries

DadOnRetire by DadOnRetire
November 21, 2023
in News
0
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter

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 drawing rights (SDRs) and lends money.

The bill would ‘prohibit 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.’

Franklin’s bill aims to prevent the IMF from giving funds to American adversaries like China, Iran, North Korea and others.

‘You don’t give taxpayer dollars to your enemies – that’s just commonsense,’ Franklin said. ‘Unfortunately, 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.’

‘These funds are used to help them meet their political goals and strengthen their economies,’ Franklin said. ‘This 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’s worst actors.’

Several Republican lawmakers are co-sponsoring Franklin’s bill, including fellow Florida GOP Rep. Gus Billirakis.

‘The Biden Administration’s 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,’ Billirakis told Fox News Digital. ‘We 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.’

Fellow co-sponsor Rep. Lance Gooden, R-Texas, said he ‘fully supports the IMF Accountability Act, a critical measure to ensure U.S. resources are not aiding adversaries.’

‘This bill rightly returns oversight to Congress, safeguarding our nation’s investments from supporting regimes that oppose our values and threaten global stability,’ Gooden continued.

Fellow Florida Republican Sen. Rick Scott is leading the Senate companion bill, joined by Texas GOP Sen. Ted Cruz.

‘Hostile 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,’ Cruz said. ‘It is long past time for the United States to counter these tactics.’

‘As Iran-backed Hamas holds hundreds of hostages in Gaza, including Americans, and continues attacks against Israel, the United States must act,’ added Scott. ‘We 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’s tyrannical regimes and benefiting from the economic strength of America and our partners and allies.’

‘I thank Congressman Franklin for leading the charge in the House and urge the Senate to immediately pass this crucial and timely legislation,’ he added.

SDRs were created by the IMF to bolster member countries’ official reserves and are distributed based on the country’s individual IMF quota. Member countries who receive SDRs can exchange them for U.S. dollars or other member countries’ currencies. The U.S. is a major backer of the IMF.

‘The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries,’ the IMF website reads. ‘It 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.’

‘The IMF has three critical missions: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity,’ it continues. ‘To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies.’

Fox News Digital reached out to the IMF and the White House for comment.

This post appeared first on FOX NEWS

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 drawing rights (SDRs) and lends money.

The bill would ‘prohibit 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.’

Franklin’s bill aims to prevent the IMF from giving funds to American adversaries like China, Iran, North Korea and others.

‘You don’t give taxpayer dollars to your enemies – that’s just commonsense,’ Franklin said. ‘Unfortunately, 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.’

‘These funds are used to help them meet their political goals and strengthen their economies,’ Franklin said. ‘This 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’s worst actors.’

Several Republican lawmakers are co-sponsoring Franklin’s bill, including fellow Florida GOP Rep. Gus Billirakis.

‘The Biden Administration’s 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,’ Billirakis told Fox News Digital. ‘We 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.’

Fellow co-sponsor Rep. Lance Gooden, R-Texas, said he ‘fully supports the IMF Accountability Act, a critical measure to ensure U.S. resources are not aiding adversaries.’

‘This bill rightly returns oversight to Congress, safeguarding our nation’s investments from supporting regimes that oppose our values and threaten global stability,’ Gooden continued.

Fellow Florida Republican Sen. Rick Scott is leading the Senate companion bill, joined by Texas GOP Sen. Ted Cruz.

‘Hostile 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,’ Cruz said. ‘It is long past time for the United States to counter these tactics.’

‘As Iran-backed Hamas holds hundreds of hostages in Gaza, including Americans, and continues attacks against Israel, the United States must act,’ added Scott. ‘We 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’s tyrannical regimes and benefiting from the economic strength of America and our partners and allies.’

‘I thank Congressman Franklin for leading the charge in the House and urge the Senate to immediately pass this crucial and timely legislation,’ he added.

SDRs were created by the IMF to bolster member countries’ official reserves and are distributed based on the country’s individual IMF quota. Member countries who receive SDRs can exchange them for U.S. dollars or other member countries’ currencies. The U.S. is a major backer of the IMF.

‘The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries,’ the IMF website reads. ‘It 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.’

‘The IMF has three critical missions: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity,’ it continues. ‘To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies.’

Fox News Digital reached out to the IMF and the White House for comment.

This post appeared first on FOX NEWS
Previous Post

House Democrat slams Bernie Sanders’ call for barriers to Israel aid: ‘Let’s not play this game’

Next Post

House Democrat Anna Eshoo announces she will not seek reelection

DadOnRetire

DadOnRetire

Next Post

House Democrat Anna Eshoo announces she will not seek reelection

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
  • Trending
  • Comments
  • Latest
AG threatens to sue nonprofit accused of going woke if taxpayer money isn’t returned: ‘Choice is yours’

AG threatens to sue nonprofit accused of going woke if taxpayer money isn’t returned: ‘Choice is yours’

February 10, 2023
Arkansas Democrat defends Gov. Sarah Huckabee Sanders amid attack from California’s Gavin Newsom

Arkansas Democrat defends Gov. Sarah Huckabee Sanders amid attack from California’s Gavin Newsom

February 9, 2023
Trump gears up for 2024 rally in Waco, Texas amid ongoing federal investigation, possible NY indictment

Trump gears up for 2024 rally in Waco, Texas amid ongoing federal investigation, possible NY indictment

March 19, 2023

Here’s why every American should be talking about politics and religion on Thanksgiving

November 23, 2023
US military bases that housed Afghan evacuees suffered $260 million in damage

US military bases that housed Afghan evacuees suffered $260 million in damage

0
George Santos scandal brings renewed attention to Biden’s fabrications

George Santos scandal brings renewed attention to Biden’s fabrications

0
Texas ranch owner near border catches men attempting to break into house

Texas ranch owner near border catches men attempting to break into house

0
Maryland Rep. Jamie Raskin diagnosed with ‘serious but curable’ cancer

Maryland Rep. Jamie Raskin diagnosed with ‘serious but curable’ cancer

0
‘You saved my life:’ Freed hostage Edan Alexander thanks Trump in emotional phone call

‘You saved my life:’ Freed hostage Edan Alexander thanks Trump in emotional phone call

May 18, 2025
FBI Deputy Director Dan Bongino: James Comey ‘brought shame to the FBI again’ with ’86 47′ post

FBI Deputy Director Dan Bongino: James Comey ‘brought shame to the FBI again’ with ’86 47′ post

May 18, 2025
WH study warns 9 million Americans could lose health insurance in ‘major’ recession if Trump budget bill fails

WH study warns 9 million Americans could lose health insurance in ‘major’ recession if Trump budget bill fails

May 18, 2025
DAVID MARCUS: Old Man Biden’s autopen pardons should be null and void

DAVID MARCUS: Old Man Biden’s autopen pardons should be null and void

May 18, 2025

Recent News

‘You saved my life:’ Freed hostage Edan Alexander thanks Trump in emotional phone call

‘You saved my life:’ Freed hostage Edan Alexander thanks Trump in emotional phone call

May 18, 2025
FBI Deputy Director Dan Bongino: James Comey ‘brought shame to the FBI again’ with ’86 47′ post

FBI Deputy Director Dan Bongino: James Comey ‘brought shame to the FBI again’ with ’86 47′ post

May 18, 2025
WH study warns 9 million Americans could lose health insurance in ‘major’ recession if Trump budget bill fails

WH study warns 9 million Americans could lose health insurance in ‘major’ recession if Trump budget bill fails

May 18, 2025
DAVID MARCUS: Old Man Biden’s autopen pardons should be null and void

DAVID MARCUS: Old Man Biden’s autopen pardons should be null and void

May 18, 2025

Disclaimer: DadOnRetire.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • About us
  • Contacts
  • Privacy Policy
  • Terms and Conditions
  • Email Whitelisting

Copyright © 2025 dadonretire.com | All Rights Reserved

No Result
View All Result
  • Economy
  • Editor’s Pick
  • Investing
  • Stock

Copyright © 2025 dadonretire.com | All Rights Reserved