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Program Update

Letter to Congress Urging IMF Reform (with Signatures)

March 10, 2014 

To:

Senator Reid 
Majority Leader of the U.S. Senate
522 Hart Senate Office Building
Washington, DC 20510

The Honorable John Boehner
Speaker of the U.S. House of Representatives
1011 Longworth H.O.B.
Washington, DC 20515

Senator McConnell
Minority Leader of the U.S. Senate
317 Russell Senate Office Building
Washington, DC 20510

The Honorable Nancy Pelosi
Minority Leader of the U.S. House of Representatives
235 Cannon H.O.B.
Washington, DC 20515

Senator Menendez
Chairman, Senate Foreign Relations Committee
528 Senate Hart Office Building
Washington, DC 20510

Senator Corker
Ranking Member, Senate Foreign Relations Committee
425 Dirksen Senate Office Building
Washington, DC 20510

We write to urge you to work with the Administration to enact promptly the International Monetary Fund (IMF) quota and reform legislation. The signatories of this letter are former Senate-confirmed appointees who had oversight responsibilities for the IMF and the World Bank, as well as academics, policy professionals and experts from the private sector. Many of us have testified before Congress regarding these institutions. Regardless of our policy preferences for the IMF, we all agree on the importance of this institution to the United States.

The legislation would maintain the current U.S. financial commitment to the IMF, by doubling the U.S. quota (akin to equity shares in the IMF), and commensurately reducing the U.S. commitment to lend to the IMF’s New Arrangements to Borrow. In essence, the legislation seeks authorization to transfer funds within the IMF that the U.S. Congress has previously approved. The legislation would also approve an amendment to the IMF Articles of Agreement to implement associated governance reforms to realign representation on the IMF executive board.

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 improved but not rosy; growth in big emerging market economies is slowing and a number of them are under increased stress; and the IMF has been called upon to support reform in Ukraine. 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 support U.S. leadership in global financial matters. Continued 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.

We urge you to enact the proposed IMF legislation.

CC: All Senators and Representatives

 

 

First Name

Last Name

Affiliation (*for identification purposes only)

Tim

Adams

former Under Secretary of the US Treasury

Bishop

Akolgo

Executive Director, Integrated Social Development Centre

Tanweer

Akram

ING Investment Management

Lewis

Alexander

Leslie Elliot

Armijo

Portland State University

Marcel

Arsenault

CEO, Real Capital Solutions

Anders

Åslund

Peterson Institute for International Economics

John

Bailey

Professor of Government and Foreign Service, Georgetown University

Martin

Baily

Brookings Institution and former Chairman Council of Economic Advisers

Navin

Beekary

Former Head Anti-Corruption Commission and presently                                                                 Doctor in Juridical Studies at George Washington University Law School

C. Fred

Bergsten

Senior Fellow and Director Emeritus at Peterson Institute for International Economics                               and former assistant secretary of the US Treasury

Thomas

Bernes

Center for International Governance Innovation

Joerg

Bibow

Skidmore College

David

Biltchik

Consultants Internatianal Group

Nancy

Birdsall

Center for Global Development

Christina

Blanc

International Union of Anthropological and Ethnological Studies

Paula

Boland

United Nations Association of the National Capital Area

Jack

Boorman

Former Special Advisor to the Managing Director and                                                                 Director of the Policy Development and Review Department at the IMF

Barry

Bosworth

Brookings Institution

James M.

Boughton

Senior fellow, Center for International Governance Innovation and former Historian of the IMF

Colin

Bradford

Brookings Institution

Deborah

Brautigam

School of Advanced International Studies, John Hopkins University

Deanne

Breunig

Lawrence

Broz

University of California

Ralph

Bryant

Brookings Institution

Coralie

Bryant

American University School of International Service

Deborah

Burand

University of Michigan

Gerard

Caprio

Williams College

Michael

Chamberlin

Peter

Chase

Menzie D.

Chinn

University of Wisconsin, Madison

Eric

Clifton

former Deputy Director at the IMF

Isaac

Cohen

Former Director UNECLAC Washington Office

Faith

Colligan

Sisters of Charity Federation NGO

Richard N.

Cooper

Harvard University and former Under Secretary of State for Economic  Affairs

Nathan

Coplin

New Rules for Global Finance

Giovanni Andrea

Cornia

University of Florence

Heidi

Crebo-Rediker

Former Chief Economist/Assistant Secretary, US State Department

Sam Y.

Cross

former US Executive Director at the International Monetary Fund

Bowman

Cutter

former director of the National Economic Council and Deputy Assistant to the President

J. Dewey

Daane

Vanderbilt University

Tom

Dawson

former US Executive Director at the International Monetary Fund

Onn

de Beaufort Wijnholds

former Executive Director at the IMF

E. Whitney

Debevoise

Arnold & Porter LLP and former US Executive Director at the World Bank

Richard

Debs

Chair, Bretton Woods Committee International Council and                                                               Chairman, Morgan Stanley Saudi Arabia

David

Deese

Boston College

Alan

Derman

John

Donaldson

World Bank Group (retired)

Cinnamon

Dornsife

Warren

E. Emblidge, Jr.

McCullagh International

Martin

Edwards

John C. Whitehead School of Diplomacy and International Relations,                                              Seton Hall University

Barry

Eichengreen

University of California, Berkeley

Mahinour

El Badrawi

Egyptian Center for Economic & Social Rights

Anthony

Elson

Duke University Center for International Development

Joseph L.

Engelhard

Capital Alpha Partners

Ramon

Espinel

Senior Advisor the IMF Executive Board and                                                                                          former Minister of Agriculture for the Government of Ecuador

Rev. Seamus

Finn

Missionary Oblates of Mary Immaculate

Jeffrey

Frankel

Harvard University

Tony

Fratto

former Assistant Secretary of the Treasury and                                                                             former Deputy Assistant to the President

William

Frenzel

Bretton Woods Committee and Former U.S. Representative

Michael

Gadbaw

Georgetown University Law Center

Joseph

Gagnon

Peterson Institute for International Economics

Mirvari

Gahramanli

Oil Workers' Rights Protection Organization Public Union

Peter

Gakunu

former Executive Director at the IMF

Kevin

Gallagher

co-director Global Economic Governance Initiative, Boston University

Anna

Galpern

Georgetown University Law Center

Jeffrey

Garten

Yale University

Anna

Gelpern

American University Washington College of Law

John

Gershman

Robert F. Wagner Graduate School of Public Service, New York University

David

Gill

Thomas 

Glaessner

former Federal Reserve and World Bank Official                                                                       currently Head of Gavea Investments Washington DC office

Daniel

Goldman

Columbia University

Morris

Goldstein

Peterson Institute for International Economics

Matthew

Goodman

former Director for International Economics, National Security Staff

Ilene

Grabel

Josef Korbel School of International Studies, University of Denver

Jo Marie

Griesgraber

Executive Director, New Rules for Global Finance

John

Griesgraber

Bernhard

Gunter

American University

Charles

H. Dallara

former Assitant Secretary of the Treasury for International Affairs

Eva

Hanfstaengl

Director, Social Justice in Global Development

Daniel

Heath

Institute for International Economic Law, Georgetown University

Valerie

Heinonen

Dominican Sisters of Hope, Mercy Investment Services, Inc., Ursuline Sisters of Tildonk

Ricki Tigert

Helfer

former Chairman FDIC and Independent Consultant

Randall

Henning

American University

Barry

Herman

The New School, New York

John M.

Herrmann

former Special Assistant to the President for International Trade, Energy,                                           and Environment

Brett

House

Jeanne Sauvé Foundation and The Center for International Governance Innovation

Rev. Canon Robert

J. Brooks

Episcopal Diocese of Connecticut

Nancy P.

Jacklin

former US Executive Director at the International Monetary Fund

Harold

James

Princeton University 

Olivier

Jeanne

John Hopkins University and Peterson Institute for International Economics

Karen

Johnson

former Director, Division of International Finance, Federal Reserve Board of Governors

Joseph P.

Joyce

Wellesley College

Deborah

K. Hershey-Carder

Miles

Kahler

UC San Diego

Adam

Kanzer

Domini Social Investments LLC

Jacob

Kirkegaard

Peterson Institute for International Economics

Steven

Klees

University of Maryland

Gary

Kleiman

Member, Bretton Woods Committee

Donald

Kohn

Brookings Institution and former Vice Chair of Federal Reserve Board

Jim

Kolbe

former U.S. Representative

Mahesh

Kotecha

Structured Credit International Corp

Michael

Krimminger

Cleary Gottlieb Steen & Hamilton LLP

Gawain

Kripke

Oxfam America

Catherine

L. Mann

Brandeis University

John

Langmore

University of Melbourne

Mary Ann

Larkin

Alan

Lawson

Under Secretary of State for Economic Affairs

Terra

Lawson-Remer

Council on Foreign Relations

Eric

LeCompte

Executive Director, Jubilee USA Network

Dennis

Leech

University of Warwick

Danny

Leipziger

George Washington University School of Business

John

Lipsky

School of Advanced International Studies, John Hopkins University

David

Loevinger

former Deputy Assistant Secretary of the Treasury

Domenico

Lombardi

Center for International Governance Innovation

Clay

Lowery

former Assistant Secretary of the US Treasury

Nora

Lustig

Department of Economics, Tulane University

Iqbal

Mamdani

First Asian Investments

Barbara

Matthews

BCM International Regulatory Analytics

Bill

Mayer

Park Avenue Equity Partners

David

McCormick

former Under Secretary of US Treasury and                                                                                   Former Deputy National Security Advisor

Timothy J.

McKeown

University of North Carolina, Chapel Hill

Warwick

McKibbin

Brookings Institution

Mark

Medish

former US Treasury Deputy Assistant Secretary and                                                                       NSC Senior Director for Russia, Ukraine and Eurasia Affairs

Bessma

Momani

Brookings Institution and Center for International Governance Innovation

Mick

Moore

CEO, International Centre for Tax and Development

Scott

Morris

Center for Global Development and former senior US Treasury official

Todd

Moss

Center for Global Development and former State Department official

David

Mulford

former Under Secretary of the US Treasury for International Affairs

Tara

Nath Dahal

Freedom Forum

Anirudra

Neupane

Freedom Forum

Rob

Nichols

former Assistant Secretary of Treasury

Akbar

Noman

Initiative for Policy Dialogue, Columbia University

Maurice

Obstfeld

UC Berkeley

Jose Antonio

Ocampo

Columbia University

Seamus

O'Cleireacain

Columbia University

Sister Ann

Oestreich IHM

Sisters of the Holy Cross

Bro. Steven

O'Neil, SM

Marianists International

James C.

Orr

Bretton Woods Committee

Christopher A.

Padilla

former Under Secretary of Commerce for International Trade

Richard

Paullin

International Trade Association of Greater Chicago

George

Perry

Brookings Institution

Lynda

Pickbourn

Professor of Economics, Keene State College

Randy

Quarles

Peter

R. Fisher

former Under Secretary of the Treasury for Domestic Finance

Steve

Radelet

Georgetown University

Saurav

Raj Pant

Jeunes Volontaires pour l'Environment-Nepal

Vijaya

Ramachandran

Center for Global Development

Elida

Reci

Former Director of Ministry of Finance, Albania

Douglas

Rediker

Peterson Institute for International Economics and                                                                           former member of the IMF Executive Board

William A.

Reinsch

President, National Foreign Trade Council

Sister Jane

Remson

Carmelite NGO

Robert

Richter

Producer, The Money Lenders

Randy

Rodgers

Executive Director, Bretton Woods Committee

Riordan

Roett

School of Advanced International Studies, John Hopkins University

Kenneth

Rogoff

Harvard University

Liliana

Rojas-Suarez

Center for Global Development 

Andrew

Rose

UC Berkeley-Haas School

Namig

Rzayev

Peter

S. Heller

Williams College and former Deputy Director, Fiscal Affiars Dept, IMF

Jan Aart

Scholte

University of Warwick

Charles

Sethness

former Assistant Secretary of Treasury

John

Sewell

former President of the Overseas Development Council

Jeffrey R.

Shafer

Princeton University and                                                                                                                      former Undersecretary of the U.S. Treasury for International Affairs

Alexander

Shakow

former USAID Assistant Administrator for Policy and former Executive Secretary,                                   World Bank/IMF Development Committee

Faryar

Shirzad

former Deputy National Security Advisor

Prem

Sikka

Centre for Global Accountability, Essex Business School

Ruth E.

Smith

Jorge

Soeiro

David

Spencer

Richard

Stern

Director, Cities Centre, University of Toronto

Jean

Stoner

Sisters of Notre Dame de Namur

Jonathan

Strand

University of Nevada, Las Vegas

Arvind

Subramanian

Peterson Institute for International Economics and Center for Global Development

Larry

Summers

former Secretary of Treasury

Marat

Tazabekov

Economic Policy Institute, Kyrgyzstan

Robert

Thompson

John Hopkins University and Chicago Council on Global Affairs

Hung

Tran

Institute for International Finance           

James

Trowbridge

New Rules for Global Finance

Edwin

Truman

Peterson Institute for International Economics and                                                                       former Assistant Secretary of the US Treasury for International Affairs

Angel

Ubide

Peterson Institute for International Economics

Marsha

Vande Berg

Nicholas

Veron

Senior Fellow at Bruegel and                                                                                                                 Visting Fellow at Peterson Institute for International Economics

James Raymond

Vreeland

Georgetown University

Mark

Walker

Rothschild Group

Timothy

Wall

James G.

Wallar

former US Treasury representative to Iraq, the EU, Afghanistan,                                                           Russia, Germany and Switzerland

Josh

Warren

Foros Group

John

Weeks

Professor Emeritus, SOAS, University of London

Steven R.

Weisman

Peterson Institute for International Economics

Marina v.N.

Whitman

University of Michigan and former member of President's Economic Advisors

John

Williamson

Arthur

Wilmarth

George Washington University Law School

James

Wolfensohn

Co-Chair, Bretton Woods Committee and former World Bank President

 

Distributed jointly by New Rule for Global Finance and the Bretton Woods Committee

To sign this letter, or for questions, please contact:

Nathan Coplin
Email:  This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Phone: (810) 348-3165

   

IMF Makes Progress in Transparency

IMF Executive Board Reduces Lag of Public Access to Executive Board Minutes

Press Release No. 14/86
March 7, 2014

The Executive Board of the International Monetary Fund (IMF) today agreed to reduce the lag for public access to most Board meeting minutes from five to three years, while retaining the five-year lag only for minutes of discussions that involve Use of Fund Resources or a Policy Support Instrument. The decision offers a significant improvement in public access to the minutes of most IMF Board meetings, while mitigating the risks of prematurely disclosing information in the cases of ongoing IMF-supported programs.

The reduction of the lag for public access in respect of Board minutes - the fourth such reduction since 1996 – was discussed in the most recent Review of the Fund’s Transparency Policy, when the Executive Board endorsed new measures aimed at increasing the amount, timeliness, and accessibility of information that the IMF makes available to the public and agreed to consider options to further reduce the time lag – a request that was frequently mentioned during the consultations for the Review, including from Civil Society Organizations.

The Board considered that the decision strikes the right balance between informing the public about the Executive Board’s views, maintaining the candor of Board discussions, and ensuring that access to Board meeting minutes does not jeopardize ongoing Fund operations.

In order to allow time for the Fund and members to implement the new rules, the Board agreed to a transition period of six months; the new rules will therefore become effective for the minutes of all Board meetings taking place on, or after, August 27, 2014.

 

http://www.imf.org/external/np/sec/pr/2014/pr1486.htm

   

IMF Consultation - Triennial Surveillance Review

Dear Friends and Colleagues,

The IMF has just launched a public consultation for their “Triennial Surveillance Review.” They are welcoming input from CSOs on how to improve the effectiveness of their policy advice. New Rules plans to submit some comments, which we will share, but we encourage you to submit your own comments/recommendations and to share with other groups.

Consultation information available here http://www.imf.org/external/np/exr/consult/2014/tsr/index.htm

   

Insight into the Markets in Financial Instrument Directive (MiFID II)

Read more »

   

Are Free Trade Agreements Undermining Financial Stability?

Read more »

   

FSB Transparency Evolves; Leaves Information Gaps

 

Read more »

   

New Rules Annual Report 2013

Read more »

   

FSB Watch Workshop: Bring Civil Society Agenda to the FSB

Read more »

   

Ensuring IMF Programs Reduce Poverty

Read more »

   

Increasing Africa's Voice in the IMF: Sign-On Letter

Read more »

   

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Program Updates

  • Letter to Congress Urging IMF Reform (with Signatures)
    March 10, 2014 
  • IMF Makes Progress in Transparency
    March 07, 2014 
  • IMF Consultation - Triennial Surveillance Review
    February 25, 2014 
  • Insight into the Markets in Financial Instrument Directive (MiFID II)
    January 28, 2014 
  • Are Free Trade Agreements Undermining Financial Stability?
    January 23, 2014 
  • FSB Transparency Evolves; Leaves Information Gaps
    January 10, 2014 
  • New Rules Annual Report 2013
    December 16, 2013 
  • FSB Watch Workshop: Bring Civil Society Agenda to the FSB
    December 12, 2013 
  • Ensuring IMF Programs Reduce Poverty
    December 12, 2013 
  • Increasing Africa's Voice in the IMF: Sign-On Letter
    November 19, 2013 
  • Global Financial Governance & Impact: 2013 Overall Assessment
    October 30, 2013 
  • 2013 Review of the Fund's Transparency Policy
    July 22, 2013 
  • Invitation to IMF Consultation on Fiscal Transparency
    July 22, 2013 
  • AFDB Side Event on Domestic Resource Mobilization
    July 08, 2013 
  • A Big Step Toward Greater Global Financial Transparency
    July 02, 2013 
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