FROM THE OFFICE OF PUBLIC AFFAIRS

I welcome the House Banking Committee's action today to support full funding for the IMF. This is a very significant step and I express my appreciation to the Members of the Committee for working with us on these important issues.

It is particularly important that we received strong bipartisan support for both an increase in our IMF quota subscription and our participation in the New Arrangements to Borrow. We urge Congress to act quickly to strengthen the resources of the IMF so that we have the capacity to deal with risks to financial stability around the world.