In early May, I joined my colleagues, Democratic Leader Gephardt and Democratic Whip Bonior, and Reps. Frank, Torres, and Waters, in writing to Secretary Rubin to express concern about reports that the Administration was working to amend the IMF Charter to make the liberalization of capital movements one of the IMF's purposes.
We have been working, with other interested Members of Congress, to improve the functions of the IMF and to make the institution more responsive to the needs of the countries and the people who are falling behind in the global economy. Amending the IMF Charter to promote the liberalization of capital movements, while not amending the Charter to promote environmental sustainability and workers rights is a step in the wrong direction for the IMF.
I am pleased that in response to our letter, the Administration has indicated that it now recognizes the importance of the issues which we raised and is slowing the process down in order to continue consulting with us on ways to address these concerns.
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