Treasury's Lew Urges Congress to Reinforce IMF Lending Capacity

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Bloomberg News

Treasury Secretary Jacob J. Lew urged Congress to fulfill a U.S. pledge to reinforce the war chest of the International Monetary Fund, saying the lender has helped mitigate financial crises from the Middle East to Europe.

“When financial instability occurs in many places around the globe, such as in Europe, it creates headwinds for our economy,” Lew said in testimony to a House Appropriations subcommittee today. “Without IMF support, more countries would experience even larger financial stresses, and the U.S. economy would suffer through reduced demand for U.S. exports and lower foreign investment in the United States, threatening millions of jobs.”

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