Rep. Nita M. Lowey Holds a Hearing On the U.S. Department of the Treasury International Programs
Political Transcript Wire › March 29, 2010
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Rep. Nita M. Lowey Holds a Hearing On the U.S. Department of the Treasury International Programs
HOUSE COMMITTEE ON APPROPRIATIONS, SUBCOMMITTEE ON STATE, FOREIGN OPERATIONS, AND RELATED PROGRAMS HOLDS A HEARING ON THE U.S. DEPARTMENT OF THE TREASURY INTERNATIONAL PROGRAMS
MARCH 25, 2010SPEAKERS: REP. NITA M. LOWEY, D-N.Y. CHAIRWOMAN REP. JESSE L. JACKSON JR., D-ILL. REP. ADAM B. SCHIFF, D-CALIF. REP. STEVE ISRAEL, D-N.Y. REP. BEN CHANDLER, D-KY. REP. STEVEN R. ROTHMAN, D-N.J. REP. BARBARA LEE, D-CALIF. REP. BETTY MCCOLLUM, D-MINN. REP. DAVID R. OBEY, D-WIS. EX OFFICIOREP. KAY GRANGER, R-TEXAS RANKING MEMBER REP. MARK STEVEN KIRK, R-ILL. REP. ANDER CRENSHAW, R-FLA. REP. DENNY REHBERG, R-MONT. REP. JERRY LEWIS, R-CALIF. EX OFFICIOWITNESSES: SECRETARY OF THE TREASURY TIMOTHY F. GEITHNER[*] LOWEY: The Subcommittee on State Foreign Operations and Related Programs will come to order.Mr. Secretary, my former constituent, where do you vote -- here or in Westchester? We'll have to figure this out. I welcome you to the subcommittee to present the Treasury Department's request for fiscal year 2011 international programs.The budget request includes $3.1 billion for U.S. contributions to international financial institutions, debt relief, technical assistance programs, a $1 billion, or 33 percent, increase above the fiscal year 2010 level. The requested $1.073 billion for development funds at the World Bank include $635 million for the clean technology and climate change strategic fund and $438 million for food security and a new multi-lateral food security fund.I believe this significant increase will be difficult to fund at a time when we face severe domestic budget constraints, large deficits, high unemployment, all in the midst of two wars. Your perspective on how U.S. contributions support our national interests is important as this committee prepares to make tough funding decisions. It is critical to leverage every cent of taxpayer dollars to demonstrate that it is being spent effectively and efficiently. I hope you can share with us reform priorities for each of the institutions and actions underway to provide greater transparency and accountability, including program effectiveness measures at the IFS -- IFI.There are a number of key issues that I would like you to address: first, coordination on key U.S. priorities, including poverty reduction, economic growth, food security, climate change, the environment, debt relief and technical assistance. How are these programs coordinated within the U.S. government among bilateral and multi-lateral organizations and on the ground? I am especially interested in the new food security trust fund and the climate investment fund administered by the World Bank. How will Treasury coordinate with State and USAID? Who has the within the U.S. government? Why was the decision made to house these funds at the World Bank? And will we have enough oversight of implementation?As the number of funds based in Western capitals grows, civil society groups must be involved to ensure the voices of those most affected by IFI programs and lending are heard. What is Treasury doing to get maximum and meaningful participation from civil society within these new funds?The World Bank has been...See the full content of this document
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