---------- Forwarded message ----------
Date: Fri, 18 Sep 1998 11:48:03 -0400 (EDT)
From: Robert Weissman <[EMAIL PROTECTED]>
To: Multiple recipients of list STOP-IMF <[EMAIL PROTECTED]>
Subject: Release: Dems against IMF quota
FOR IMMEDIATE RELEASE
THURSDAY, SEPT. 17, 1998
CONTACTS: Jon Coifman or Jennifer Kelly, 202/463-6670
HOUSE DEMOCRATS LAUD IMF FUNDING DEFEAT,
SEE NEW CHANCE FOR BADLY NEEDED REFORM
Procedural Vote Seals the Deal, Sets Stage
for Major Showdown on Top Foreign Policy Agenda Item
The bi-partisan effort to stop a huge funding increase for the
International Monetary Fund (IMF) succeeded this afternoon as House
Members voted 229 to 188 to block amendments restoring $14.5 BILLION cut
by the Appropriations committee.
Democrats say more in their party would have voted for the funding block,
but the caucus was artificially split because the procedural measure also
stopped a key abortion rights amendment. Yesterday, a group of 40 House
Democrats voiced opposition to the funding expansion, joining many
Republicans.
<paraindent><param>left</param>"The world's working people are better off
today now that Congress denied the IMF billions more in expansion funds."
said Rep. Dennis J. Kucinich (D-OH). "Harsh IMF economic prescriptions
have entered the very language of many countries, as shorthand for
economic and social disaster."
The Democratic group says IMF actions have done more to create economic
crises than to solve them, by shielding financial speculators from the
cost of risky investments. They say IMF's unyielding commodity-driven
export policies are wreaking environmental havoc in developing countries
around the world.
<paraindent><param>left</param>"Withholding the $14.5 billion quota
increase is a wake up call telling the IMF it can no longer ignore the
harm it has done to workers, economies and the environment." said Rep.
George Miller (D-CA). "The IMF must not be allowed to continue ignoring
the impacts on the worlds natural resources."
Funding opponents say the IMF has more than enough money to see it
through any economic emergency until meaningful reforms are enacted -- at
least $195 BILLION, according to a recent General Accounting Office
study.
<paraindent><param>left</param>"Given the horrendous record of the IMF in
making life worse for the people of Mexico, worse for the people of Asia
and worse for the people of Russia, we are proud to have prevented IMF
expansion thus far," said Representative Bernie Sanders, (I-VT).
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