US Chamber tells Senate to keep US committed to the IMF

{mosads}The chamber contends that the amendment could undermine the domestic recovery as well, as significant economic trouble abroad in nations like Greece would have an impact in America.

“It is squarely in the U.S. national interest to support efforts to help these countries as they confront their financial challenges,” wrote R. Bruce Josten, the chamber’s executive vice president of government affairs. “Rejecting the amendment in question will signal to the world that the United States is prepared to show economic leadership at a time when it is sorely needed.”

DeMint’s amendment would rescind the U.S.’s 2009 commitment of up to $108 billion — $8 billion in dues and $100 billion in credit — to struggling European nations, under the argument that the nation cannot afford it.

But the chamber said the U.S. “has never experienced a loss on its commitment to the IMF.”

DeMint’s office pushed back against opposition, saying his amendment does not prevent the U.S. from working with the IMF but rather simply blocks the large amount of taxpayer dollars made available in 2009 for bailouts.

“Unfortunately, the Chamber’s concerns are misguided,” said Wesley Denton, DeMint’s spokesman.

A vote to attach the amendment to a bill streamlining the presidential appointment process is expected to happen as soon as today.

Republican Sens. Orrin Hatch (Utah), David Vitter (La.) and John Cornyn (Texas) are co-sponsoring DeMint’s proposal.