Treasury Official Makes Case for US Contributions to Multilateral Banks

The U.S. Congress should authorize more funds for international development banks if it does not want the United States’ influence in these institutions to decline, according to a key official of the U.S. Treasury Department.

“If we do not secure congressional authorization for recapitalizing and replenishment of these multilateral institutions, U.S. leadership will wane,” Bloomberg quotes an advance copy of the testimony of Lael Brainard, the Treasury’s undersecretary for international affairs, is expected to deliver June 16 before the House Financial Services Committee.

U.S. President Barack Obama is requesting $3.36 billion to finance the U.S.’s 2012 contributions to multilateral organizations such as the World Bank. These contributions would be coursed through the U.S. Treasury Department.

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About the author

  • Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.