Letter to Congress Urging IMF Quota Reform (with Signatures)

The following letter was also addressed to all members of Congress.

March 10, 2014

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

Senate Majority Leader Reid:

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, 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
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
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
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
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
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
Ricki Tigert Helfer, former Chairman FDIC and Independent Consultant
Randy Henning, Peterson Institute for International Economics and American University
Barry Herman, The New School, New York
John M. Herrmann, former Special Assistant to the President for International Trade, Energy, and
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
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 Larson, Covington & Burling LLP
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
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
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
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, Harvard University
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 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 Vistiing 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
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

For questions, please contact:

Randy Rodgers
Bretton Woods Committee
Email: rrodgers@brettonwoods.org
Phone: (202)331-1616

Lorena Alfaro
Bretton Woods Committee
Email: lalfaro@brettonwoods.org
Phone: (202)331-1616