Forwarded message: > Date: 05 Dec 1997 12:48:59 > From: [EMAIL PROTECTED] > Subject: Congressman Sanders Says IMF Asian Loans Are Illegal > To: Recipients of conference <[EMAIL PROTECTED]> > > > November 26, 1997 > > > > Sanders Deeply Concerned Over the Legality and Constitutionality of > > Asian Bailout > > > > Rep. Bernie Sanders, I-Vt., today said he is deeply concerned about > > the role of the United States government in the bailout of Indonesia, > > Thailand, the Phillippines and South Korea. The bailout, which could > > run as high as $80 billion, is the largest bailout in world history. > > > > Speaking at a morning press conference in Burlington, Sanders said his > > concerns with the bail-out are three-fold. "I find it rather amazing > > and disconcerting that putting at risk some $15 to $20 billion of > > American taxpayer money has been done by the President without the > > approval of Congress and with absolutely no input from Congress. I > > have questions about the propriety of this, and even questions about > > the constitutionality of this." > > > > Sanders continued, "I find it remarkable that at a time when President > > Clinton, Newt Gingrich and many leaders in Congress have found in > > necessary to cut back on Medicare, Medicaid, veterans programs, > > affordable housing, children's programs and the needs of some of the > > most vulnerable people in this country that suddenly, out of nowhere, > > the government is able to find some $20 billion in a moment's notice > > to bailout Asian economies. > > > > Sanders said he is also concerned about the legality of the bailout. > > "In fact, it is my strong opinion, and the opinion of a number of > > other knowledgeable people, that U.S. participation in this bailout is > > illegal as a direct result of a law that Barney Frank of Massachusetts > > and I passed in 1994 as members of the Subcommittee on International > > Financial Organizations. In short, that law states that the United > > States government cannot support any International Monetary Fund or > > World Bank loans to any country unless the loan proposal guarantees > > internationally-recognized worker rights." > > > > Sanders continued, "I have read the proposal from the Indonesian > > government -- an authoritarian nation led by a ruthless man, General > > Suharto, a man directly responsible for, among other things, the > > deaths of tens of thousands of people in his own country and East > > Timor. Not one word in that proposal suggests that the Indonesian > > government will adopt policies guaranteeing internationally-recognized > > worker rights. Therefore, plain and simple, it is against the law for > > the United States, and the Secretary of the Treasury, to support this > > bailout." > > > > "Furthermore, I find it very ironic that the hard-pressed taxpayers of > > this country are being asked to bailout Indonesia and other countries > > where the leaders of those countries are often extremely wealthy. > > According to Forbes magazine, Suharto himself is worth $16 billion. > > Jeffrey Winters of Northwestern University has estimated the Suharto > > family wealth at over $30 billion, with another $30 billion held by > > fifty close allies. So here we have a handful of people in that > > country worth $60 billion dollars, owning almost all of the industry > > and resources in Indonesia, and the taxpayers of the United States are > > being asked to bail them out," he concluded. > > > > Contact: Tina Wisell at 802-860-4178. For a sound bite, call > > 802-860-4192. > http://www.house.gov/bernie/Pressrel/11-26-97(2).html > > --