March 18, 2015
...“Critically, (click here) we are seeking Congressional approval of the IMF quota and governance reforms,” Lew told a hearing of the House of Representatives financial services committee, according to the prepared text. “Our international credibility and influence are being threatened.”...
Even where the Congress is suppose to make decision, they don't do it. The USA is the only country in the IMF that hasn't approved reforms. The lack of action at the IMF is causing other countries to wonder if the USA is able to act on anything anymore.
...“Our continued failure to approve the IMF quota and governance reforms is causing other countries, including some of our allies, to question our commitment to the IMF and other multilateral institutions that we worked to create and that advance important US and global economic and security interests.”
Lew noted that the reform delay was pushing emerging-market powers to create their own parallel multilateral financial institutions. The BRICS -- Brazil, Russia, India, China and South Africa -- announced their own development bank in 2014, and China recently led the launch of a separate institution, the Asian Infrastructure Investment Bank....
Recently, the UK joined the Chinese Infrastructure Bank. It is understandable now. Other countries will follow suit if the USA's Congress continues to wallow in incompetence.
The international venues show the incompetence of the USA Congress. In the USA the Congress consults with "Joe the Plumber" while allies and friends are looking to new venues to satisfy their need for responsible leadership.
The USA's Congress is worried about the cheating China carries out, albeit less than before Obama's administration, but if the USA continues to be disabled in it's international ROUTINE responsibilities the USA won't be regarded as important.
It is one heck of a Congress. The only importance they seek is leveraging power over the Executive Branch and to wage war, while the Executive Branch waits patiently for their actions on existing responsibilities. The problem here is CONGRESS, not the administration. When the administration is held unimportant there will be inconsistencies in enforcement of policy making existing policy impossible to enforce.
CONGRESS needs to bring bills to the floor that matter, rather than continual votes over the ACA and other domestic interests that will meet a veto. The Congress need to end it's domestic politics on the floor of the House and Senate. There is a reason why politics on the floor of the legislature is at the very least an ethical violation. This is exactly what occurs when the majority party has a continual campaign of politics from one election to the next.
...“Critically, (click here) we are seeking Congressional approval of the IMF quota and governance reforms,” Lew told a hearing of the House of Representatives financial services committee, according to the prepared text. “Our international credibility and influence are being threatened.”...
Even where the Congress is suppose to make decision, they don't do it. The USA is the only country in the IMF that hasn't approved reforms. The lack of action at the IMF is causing other countries to wonder if the USA is able to act on anything anymore.
...“Our continued failure to approve the IMF quota and governance reforms is causing other countries, including some of our allies, to question our commitment to the IMF and other multilateral institutions that we worked to create and that advance important US and global economic and security interests.”
Lew noted that the reform delay was pushing emerging-market powers to create their own parallel multilateral financial institutions. The BRICS -- Brazil, Russia, India, China and South Africa -- announced their own development bank in 2014, and China recently led the launch of a separate institution, the Asian Infrastructure Investment Bank....
Recently, the UK joined the Chinese Infrastructure Bank. It is understandable now. Other countries will follow suit if the USA's Congress continues to wallow in incompetence.
The international venues show the incompetence of the USA Congress. In the USA the Congress consults with "Joe the Plumber" while allies and friends are looking to new venues to satisfy their need for responsible leadership.
The USA's Congress is worried about the cheating China carries out, albeit less than before Obama's administration, but if the USA continues to be disabled in it's international ROUTINE responsibilities the USA won't be regarded as important.
It is one heck of a Congress. The only importance they seek is leveraging power over the Executive Branch and to wage war, while the Executive Branch waits patiently for their actions on existing responsibilities. The problem here is CONGRESS, not the administration. When the administration is held unimportant there will be inconsistencies in enforcement of policy making existing policy impossible to enforce.
CONGRESS needs to bring bills to the floor that matter, rather than continual votes over the ACA and other domestic interests that will meet a veto. The Congress need to end it's domestic politics on the floor of the House and Senate. There is a reason why politics on the floor of the legislature is at the very least an ethical violation. This is exactly what occurs when the majority party has a continual campaign of politics from one election to the next.
