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Congressmen Oppose Funding the IMF for European Bailouts

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Rep. Cathy McMorris Rodgers (R-WA), the vice-chair of the House Republican Conference, introduced legislation yesterday "to oppose awarding any U.S. funds to the International Monetary Fund (IMF) for European bail-outs," telling Fox News’s Neal Cavuto that the recent charges of sexual assault filed against former IMF Managing Director Dominique Strauss-Kahn make her resolution timely. The said legislation is a Concurrent Resolution offered by McMorris Rodgers, by which the Congress says it is "Disapproving of the participation of the United States in the provision by the International Monetary Fund of a multi-billion dollar funding package for the European Union, until the member states of the European Union comply with the economic requirements of membership in the European Union."

The legislation’s formulation suffers from the familiar foolishness of viewing this as a bail-out of nations, as opposed to their bankrupt creditor banks, and demanding budget cuts as a solution. But the bill’s backers have clearly realized that the gig is up on the IMF-led bail-outs. So far, the bills co-sponsors are all Republicans, but bipartisan support is probable.

Fox News reported on Tuesday, that Rep. Jerry Lewis (R-CA) is further asking for House hearings on the IMF directorship, and a review of what leverage the U.S. might have over operations, including oversight of its officials’ activities. Reports of Strauss-Kahn receiving a $250,000 pension from the IMF have not sat well with a number of congressmen.

The New York Daily News reported the same day that Rep. Peter King (R-NY) "also supports a congressional review of the global economic policy group’s accounting." King is quoted that "I definitely believe Congress should closely examine the IMF and its apparent abuses."