U.S. Treasury Secretary Janet Yellen faced pressure from Republicans over proposed increases to climate spending and her World Bank reform agenda, as she testified in Congress on Wednesday on the department’s budget for the upcoming fiscal year.
The Treasury Department’s international budget request seeks some $4 billion for multilateral institutions and funds — up from $2.3 billion approved for 2023.
“I can’t imagine how this extraordinary level of spending can be justified,” said Congressman Mario Díaz-Balart, a Republican from Florida and chair of the appropriations subcommittee. Yellen, for her part, warned later in the hearing that climate change is an “existential threat.”
Printing articles to share with others is a breach of our terms and conditions and copyright policy. Please use the sharing options on the left side of the article. Devex Pro members may share up to 10 articles per month using the Pro share tool ( ).
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
