Foreign Policy Implications of U.S. Efforts to Address the International Financial Crisis: TARP, TALF, and the G-20 Plan -- Testimony before the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade

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Nancy Birdsall

06/10/2009

CGD president Nancy Birdsall testifies before the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade as Congress considers how best to support the spirit of the G-20 commitments and global economic recovery. "In an increasingly interdependent world . . . shared institutions matter more, and a better approach to organizing and supporting these institutions can have high returns for the goals and interests of the United States," she says.

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Birdsall asks the committee to keep three things in mind:

• Stimulating the global economy—including in developing and emerging countries—is vital for our domestic recovery and security, and it is urgent
• U.S. congressional support for the G-20 commitments, including additional IMF resources, is critical for reshaping our image in the world
• Monitor but don’t micromanage further IMF reforms

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• Congressional Hearing: Foreign Policy Implications of U.S. Efforts to Address the International Financial Crisis: TARP, TALF and the G-20 Plan