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.
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Rep. Scott Franklin arrives to a Republican caucus meeting at the U.S. Capitol Building on September 13, 2023, in Washington, DC. (Getty Images)
“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.”
‘I’m proud to join with Congressman Franklin in sponsoring legislation to stop American taxpayer dollars provided to the International Monetary Fund (IMF) from being lent to America’s enemies,’ Rep. Alex X. Mooney, R-W.V., said. (AP Photo/Gene J. Puskar)
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.
Florida Republican Senator Rick Scott is leading the Senate companion bill joined by Texas GOP Senator Ted Cruz. (Anna Moneymaker/Getty Images)
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 to 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.”
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“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.
Source: www.foxnews.com