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• G-20 and International Economic Cooperation: Background and Implications for Congress [Updated October 4, 2019]

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  From the Summary: "The Group of Twenty (G-20) is a forum for advancing international cooperation and coordination among 20 major advanced and emerging-market economies. The G-20 includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, and the United States, as well as the European Union (EU). G-20 countries account for about 85% of global economic output, 75% of global exports, and two-thirds of the world's population. [...] G-20 meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Congress exercises oversight over the Administration's participation in the G-20, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. Additionally, legislative action may be required to implement certain commitments made by the Administration in the G-20 process."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2019-10-04
• International Trade and Finance: Overview and Issues for the 115th Congress [December 21, 2016]

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  "The U.S. Constitution grants authority to Congress to regulate commerce with foreign nations. Congress exercises this authority in numerous ways, including through oversight of trade policy and consideration of legislation to implement trade agreements and authorize trade programs. Policy issues cover areas such as U.S. trade negotiations; U.S. trade and economic relations with specific regions and countries; international institutions focused on trade; tariff and nontariff barriers; worker dislocation due to trade liberalization; enforcement of trade laws; import and export policies; international investment; economic sanctions; and other trade-related functions of the federal government. Congress also has authority over U.S. financial commitments to international financial institutions and oversight responsibilities for trade- and finance-related agencies of the U.S. government." The 114th Congress took several major actions, listed in this report. "Additionally, Congress continued its oversight of the Administration's ongoing trade agreements and negotiations, and maintained economic sanctions against Iran, Cuba, Russia, and other countries, among other actions. Members also introduced a range of legislation on international trade and finance issues. [...] During the 2016 presidential election campaign, U.S. trade policy and trade agreements received significant attention, particularly regarding the impact of trade agreements on the U.S. economy and workers." Possible issues that the 115th Congress should consider are listed in this report.

  Library of Congress. Congressional Research Service

  Irace, Mary A.; Nelson, Rebecca M.

  2016-12-21
• World Bank [November 14, 2019]

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  From the Document: "The World Bank, the oldest and largest multilateral development bank, provides financial assistance to developing countries to promote economic development. Established in 1945, the Bank initially focused on providing financing for large infrastructure projects. During the past 75 years, its role has broadened to include poverty reduction efforts through social projects (such as education and health) and policy-based loans. The United States is a founding member of the World Bank and the largest financial contributor. Congress shapes U.S. policy at the World Bank through oversight, legislation, and authorization and appropriation of U.S. financial commitments to the World Bank."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Roscoe, Jennifer M.

  2019-11-14
• Venezuela: Background and U.S. Relations [March 9, 2018]

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  "Venezuela, long one of the most prosperous countries in South America with the world's largest proven oil reserves, continues to be in the throes of a deep political and economic crisis. Whereas populist President Hugo Chávez (1998-2013) governed during a period of generally high oil prices, his successor, Nicolás Maduro of the United Socialist Party of Venezuela (PSUV), has exacerbated an economic downturn caused by low global oil prices with mismanagement and corruption. According to Freedom House, Venezuela has fallen from 'partly free' under Chávez to 'not free' under Maduro, an unpopular leader who has violently quashed dissent and undermined the National Assembly, then illegally replaced it with a National Constituent Assembly (ANC) elected under controversial circumstances on July 30, 2017. President Maduro is seeking to consolidate power by convening an early presidential election on May 20, 2018, despite international criticism of the lack of guarantees provided to the opposition."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2018-03-09
• Venezuela's Economic Crisis: Issues for Congress [January 10, 2018]

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  "Congress has long-standing interests in both U.S.-Venezuela relations and foreign economic crises that affect U.S. economic interests. This report analyzes the economic crisis in Venezuela, arguably the most acute crisis in the global economy today, including the causes, policy responses by the government, and recent developments. The report also examines how the crisis affects U.S. economic interests, including U.S. investors' holdings of Venezuelan bonds, Venezuelan assets in the United States, U.S.-Venezuelan trade and direct investment, and possible future involvement of the International Monetary Fund (IMF) in the crisis."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2018-01-10
• G-20 and International Economic Cooperation: Background and Implications for Congress [October 23, 2013]

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  "The G-20 is an international forum for discussing and coordinating economic policies among major advanced and emerging economies. Congress may want to exercise oversight over the Administration's participation in the G-20 process, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. […] The G-20 rose to prominence during the global financial crisis of 2008-2009, when it played an arguably influential role in coordinating international responses to the crisis. Leaders agreed that the G-20 would be the 'premier' forum for international economic coordination, a position previously held by a smaller group of advanced economies (the Group of 7, or G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States). G-20 leaders have annual meetings ('summits'), and meetings among lower-level officials from the G-20 countries occur more frequently. Meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Previous summits have, for example, focused on financial regulatory reform, global imbalances, funding for the International Monetary Fund (IMF), voting power of emerging economies in international financial institutions, and fossil fuel subsidies. […] The G-20 has a rotating presidency, which is held by Russia in 2013. […] The Russian government hosted the 2013 G-20 summit in St. Petersburg, Russia, on September 5-6, 2013, which focused on a wide range of economic issues, including trade, investment, jobs, financial regulation, and corruption. Foreign policy issues, most notably the situation in Syria, were also discussed."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-10-23
• IMF Reforms: Issues for Congress [March 11, 2014]

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  "In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Weiss, Martin A.; Nelson, Rebecca M.

  2014-03-11
• IMF Reforms: Issues for Congress [January 14, 2014]

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  "In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a wide-ranging set of institutional reforms. If enacted, this reform package would increase the institution's core source of funding and expand the representation of dynamic emerging market and developing countries, such as Brazil, China, and Mexico, within the institution. In order for key parts of the reform package to take effect, IMF rules dictate that the reforms must be formally accepted by three-fifths of IMF members (113) representing 85% of the total voting power. Under this formula, although unanimous support is not required, approval by the United States, the IMF's largest stakeholder with 16.75% of the total voting power, is essential (see text box). To date, the United States has not formally approved these reforms. Congress plays a pivotal role in determining the U.S. position on the current IMF reform agenda. Under U.S. law, specific congressional authorization is required for the United States to consent to change the U.S. quota, or 'shares' in the Fund, which determine the United States' total voting power. Furthermore, depending on the budgetary treatment of any new authorized U.S. contributions to the IMF, appropriations are generally also required. A majority of IMF member countries have approved these reforms, and with U.S. support, the IMF would meet the thresholds necessary for the reforms to become effective. News reports indicate that inaction by the United States on the reforms created tensions at the IMF-World Bank Annual Meetings in October 2012. Some commentators have suggested that a lack of U.S. action may be frustrating for other IMF member countries, since the U.S. Administration was instrumental in advancing some of the reforms earlier in the process."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.

  2014-01-14
• U.S. Foreign Trade in Services: Trends and U.S. Policy Challenges [May 15, 2014]

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  "The term 'services' refers to an expanding range of economic activities, such as construction, retail and wholesale sales, e-commerce, financial services, professional services (such as accounting and legal services), transportation, tourism, and telecommunications. They have become an important priority in U.S. foreign trade flows and trade policy and of global trade in general, although their intangibility, the requirement for direct buyer-provider contact, and other characteristics have limited the types and volume of services that can be traded. Congress is expected to consider in the future U.S. trade agreements currently under negotiation that include services as significant components. Services constitute an important component of U.S. trade flows. The United States is the largest exporter of services (14% of the global total in 2011) and the largest importer (10% of the global total in 2011). In 2012, services accounted for 29% of total U.S. exports and 7% of total imports. Rapid advances in information technology and the related growth of global value or supply chains have reduced barriers to trade in services, making an expanding range of services tradable across national borders."

  Library of Congress. Congressional Research Service

  Cooper, William H., 1949-; Nelson, Rebecca M.

  2014-05-15
• Japan-U.S. Relations: Issues for Congress [September 24, 2014]

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  "Japan is a significant partner for the United States in a number of foreign policy areas, particularly in U.S. security priorities, which range from hedging against Chinese military modernization to countering threats from North Korea. The post-World War II alliance has long been an anchor of the U.S. security role in Asia. The alliance facilitates the forward deployment of about 50,000 U.S. troops and other U.S. military assets based in Japan. In addition, Japan's participation in the Trans-Pacific Partnership (TPP) talks could enhance the credibility and viability of the proposed trade pact, which could be a core component of Administration efforts to 'rebalance' U.S. foreign policy priorities toward the Asia-Pacific region. After years of turmoil, Japanese politics has entered a period of stability with the December 2012 election victory of current Prime Minister Shinzo Abe and his Liberal Democratic Party (LDP). New elections are not required to be held until 2016. The LDP's recent election wins have given it control over both chambers, thereby giving Abe more political room to pursue controversial initiatives that the United States has encouraged such as joining the proposed TPP trade pact and increasing the Japanese military's capabilities and flexibility. The political continuity in Tokyo has allowed Abe to reinforce his agenda of revitalizing the Japanese economy and boosting the U.S.-Japan alliance, both goals that the Obama Administration has actively supported."

  Library of Congress. Congressional Research Service

  Chanlett-Avery, Emma; Manyin, Mark E.; Rinehart, Ian E. . . .

  2014-09-24
• IMF Reforms: Issues for Congress [December 4, 2012]

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  "In December 2010, the International Monetary Fund (IMF, the Fund)'s Board of Governors, the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.

  2012-12-04
• Sovereign Debt in Advanced Economies: Overview and Issues for Congress [October 19, 2011]

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  "Sovereign debt, also called public debt or government debt, refers to debt incurred by governments. Since the global financial crisis of 2008-2009, public debt in advanced economies has increased substantially. A number of factors related to the financial crisis have fueled the increase, including fiscal stimulus packages, the nationalization of private-sector debt, and lower tax revenue. Even if economic growth reverses some of these trends, such as by boosting tax receipts and reducing spending on government programs, aging populations in advanced economies are expected to strain government debt levels in coming years. High levels of debt in advanced economies are a new global concern. High public debt levels have become unsustainable in three Eurozone countries: Greece, Ireland, and Portugal. These countries turned to the International Monetary Fund (IMF) and other European governments for financial assistance in order to avoid defaulting on their loans. Japan's credit rating was downgraded by Standard and Poor's (S&P) in January 2011 over concerns about debt levels, and its rating was put on a negative outlook in April 2011. In August 2011, S&P downgraded longterm U.S. government debt from AAA (the highest possible rating) to AA+. To date, many advanced-economy governments have embarked on fiscal austerity programs (such as cutting spending or increasing taxes) to address historically high levels of debt. This policy response has been criticized by some economists as possibly undermining a weak recovery from the global financial crisis. Others argue that the austerity plans do not go far enough, and do not share the burden of adjustment with creditors who, they argue, engaged in reckless lending."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2011-10-19
• Greece's Debt Crisis: Overview, Policy Responses, and Implications [August 18, 2011]

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  "Since early 2010, the Eurozone has been facing a major debt crisis. The governments of several countries in the Eurozone have accumulated what many consider to be unsustainable levels of government debt, and three--Greece, Ireland, and Portugal--have turned to other European countries and the International Monetary Fund (IMF) for loans in order to avoid defaulting on their debt. The crisis now threatens to spread to Italy and Spain, respectively the third and fourth largest economies in the Eurozone. Greece has been at the center of the Eurozone debt crisis. It has the highest levels of public debt in the Eurozone, and one of the biggest budget deficits. Greece was the first Eurozone member to come under intense market pressures and the first to turn to other Eurozone member states and the IMF for financial assistance. Over the past year, the IMF, European officials, the European Central Bank (ECB), and the Greek government have undertaken substantial crisis response measures. At the behest of European leaders in July 2011, holders of Greek bonds have also indicated that they will accept losses on their investments to alleviate Greece's debt payments in the short-run. If these plans are carried out, Greece will be the first advanced economy to default in almost half a century. […] This report explains the causes of the crisis, the policy responses to the crisis, and assesses crisis response measures to date. It also highlights the implications of the Greek crisis for the broader Eurozone debt crisis and EU integration. It concludes with an analysis of issues of particular interest to Congress, including the impact of the Greek debt crisis on the U.S. economy, the exposure of U.S. banks to Greece and other distressed Eurozone economies, and IMF involvement in the crisis."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Belkin, Paul; Mix, Derek E.

  2011-08-18
• IMF Reforms: Issues for Congress [February 1, 2013]

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  "In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.

  2013-02-01
• Sovereign Debt in Advanced Economies: Overview and Issues for Congress [January 31, 2013]

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  "Sovereign debt, also called public debt or government debt, refers to debt incurred by governments. Since the global financial crisis of 2008-2009, public debt in advanced economies has increased substantially. A number of factors related to the financial crisis have fueled the increase, including fiscal stimulus packages, the nationalization of private-sector debt, and lower tax revenue. Even if economic growth reverses some of these trends, such as by boosting tax receipts and reducing spending on government programs, aging populations in advanced economies are expected to strain government debt levels in coming years. High levels of debt in advanced economies are a relatively new global concern, after decades of attention on debt levels in developing and emerging markets. Three Eurozone countries, Greece, Ireland, and Portugal, have turned to the International Monetary Fund (IMF) and other European governments for financial assistance in order to avoid defaulting on their loans. There are also concerns about the sustainability of public debt in Japan and the United States. To date, many advanced-economy governments have embarked on fiscal austerity programs (such as cutting spending and/or increasing taxes) to address historically high levels of debt. This policy response has been criticized by some economists as possibly undermining a weak recovery from the global financial crisis. Others argue that the austerity plans do not go far enough, and that more reforms are necessary to bring debt levels down, especially considering the aging populations in many countries."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-01-31
• Multilateral Development Banks: U.S. Contributions FY2000-FY2013 [February 1, 2013]

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  "This report shows in tabular form how much the Administration requested and how much Congress appropriated for U.S. payments to the multilateral development banks (MDBs) since 2000. It also provides a brief description of the MDBs and the ways they fund their operations. It will be updated periodically as annual appropriation figures are known. The title of this report will also change annually, as new yearly appropriation figures are added. For FY2013, the Administration has requested funds for several of the non-concessional lending facilities at the MDBs. Several of the MDBs are in the process of increasing the size of their nonconcessional lending facilities, a process frequently called a 'general capital increase' (GCI). GCIs are relatively unusual, particularly for so many institutions at the same time. Contributions to the GCIs are expected to be spread out over a five- to eight-year period, depending on the institution. For most of the institutions, the funds appropriated in FY2012 were the first annual payment. In addition to funds for the GCIs, the Administration has requested for FY2013 funds for several MDB concessional lending facilities and more targeted MDB funds, such as those dedicated to environmental issues. The total Administration's request for the MDBs is smaller than its requests in FY2011 and FY2012."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-02-01
• IMF Reforms: Issues for Congress [December 12, 2012]

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  "In December 2010, the International Monetary Fund (IMF, the Fund)'s Board of Governors, the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Weiss, Martin A.; Nelson, Rebecca M.

  2012-12-12
• G-20 and International Economic Cooperation: Background and Implications for Congress [January 9, 2013]

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  "The Group of Twenty, or G-20, is a forum for advancing international economic cooperation and coordination among 20 major advanced and emerging-market economies. Originally established in 1999, the G-20 rose to prominence during the global financial crisis of 2008-2009. It is now the lead forum for international economic cooperation, a position held for decades following World War II by a smaller group of advanced economies (the Group of 7, or G-7). The G-20 leaders meet annually, with the next G-20 leader meeting scheduled to be held in St. Petersburg, Russia, in September 2013, and meetings among lower level officials are scheduled to be held throughout the year. The G-20's focus is primarily on financial and economic issues and policies, although related issues have also been discussed, including food security, foreign aid, and the environment, among others. Congress may want to exercise oversight over the Administration's participation in the G-20, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. Additionally, legislative action may be required to implement certain commitments made by the Administration in the G-20 process, and commitments made at the G-20 may shape the congressional legislative agenda. [...] This report analyzes: why countries coordinate economic policies and the historical origins of the G-20; how the G-20 operates; major highlights from previous G-20 summits, plus an overview of the agenda for the next G-20 summit; and debates about the effectiveness of the G-20 as a forum for economic cooperation and coordination."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2013-01-09
• Multilateral Development Banks: U.S. Contributions FY2000-FY2011 [March 11, 2011]

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  "This report shows in tabular form how much the Administration has requested and how much Congress has appropriated for U.S. payments to the multilateral development banks (MDBs) since 2000. It also provides a brief description of the MDBs and the ways they fund their operations. It will be updated periodically as annual appropriation figures are known. The title of this report will also change annually, as new yearly appropriation figures are added. As shown in the source note for Tables 2, 3, and 4, the final appropriation figures for FY2011 have not yet been determined. The Treasury Department made one payment to the African Development Fund (AfDF), however, because the organization was facing serious financial constraints and the Department had authority under the then-current continuing resolution to make that payment."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2011-03-11
• Argentina: Background and U.S. Relations [December 9, 2014]

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  "Argentina, a South American country with a population of around 41 million, has had a vibrant democratic tradition since its military relinquished power in 1983. Current President Cristina Fernández de Kirchner, from a center-left faction of the Peronist party, was first elected in 2007 (succeeding her husband, Néstor Kirchner, who served one term) and is now approaching the final year of her second term. Argentina's constitution does not allow for more than two successive terms, so President Fernández is ineligible to run in the next presidential election, scheduled for October 2015. The presidential race is well underway with several candidates leading opinion polls, including two from the Peronist party. Argentina has Latin America's third-largest economy and is endowed with vast natural resources. Agriculture has traditionally been a main economic driver, but the country also has a diversified industrial base and a highly educated population. In 2001-2002, a severe economic crisis precipitated by unsustainable debt led to the government defaulting on nearly $100 billion in foreign debt owed to private creditors, the International Monetary Fund (IMF), and foreign governments. Subsequent Argentine administrations resolved more than 90% of the country's debt owed to private creditors through two debt restructurings offered in 2005 and 2010; repaid debt owed to the IMF in 2006; and, in May 2014, reached an agreement to repay foreign governments. Recent court rulings have increased pressure on Argentina to reach an agreement with private creditors who chose not to participate in the 2005 and 2010 debt restructuring offers. This outstanding debt has also prevented Argentina from accessing international credit markets, and could make it more difficult for Argentina to emerge from its current economic downturn."

  Library of Congress. Congressional Research Service

  Sullivan, Mark P.; Nelson, Rebecca M.

  2014-12-09
• Economic Crisis in Russia [December 17, 2014]

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  From the background section of the report: "In the 2000s, Russia benefited from rising oil prices, but it was hit hard by the global financial crisis in2008-2009. Russia's economy sharply contracted by 7.8% in 2009. Growth rebounded in 2010, but has been falling in subsequent years. Economic pressures in Russia have been building in recent months, marked by capital flight, steady depreciation of the ruble, inflation, and lower economic growth."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2014-12-17
• Japan-U.S. Relations: Issues for Congress [January 13, 2015]

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  "Japan is a significant partner for the United States in a number of foreign policy areas, particularly in U.S. security priorities, which range from hedging against Chinese military modernization to countering threats from North Korea. The alliance facilitates the forward deployment of about 50,000 U.S. troops and other U.S. military assets based in Japan. In addition, Japan's participation in the Trans-Pacific Partnership (TPP) talks could enhance the credibility and viability of the proposed trade pact, which is a core component of Obama Administration efforts to 'rebalance' U.S. foreign policy priorities toward the Asia-Pacific region. After years of turmoil, Japanese politics has entered a period of stability with the December 2012 and December 2014 election victories of current Prime Minister Shinzo Abe and his Liberal Democratic Party (LDP). […] To many U.S. observers, Abe brings both positive and negative qualities to the alliance, at once bolstering it but also renewing historical animosities that could disturb the regional security environment. […] Japan is one of the United States' most important economic partners. Outside of North America, it is the United States' second-largest export market and second-largest source of imports. Japanese firms are the United States' second-largest source of foreign direct investment, and Japanese investors are the second-largest foreign holders of U.S. treasuries. Japan, the United States, and 10 other countries are participating in the TPP free trade agreement negotiations. If successful, the negotiations could reinvigorate a bilateral economic relationship by addressing long-standing, difficult issues in the trade relationship. On the other hand, failure to do so could set back the relationship. If a TPP agreement is reached, Congress must approve implementing legislation before it would take effect in the United States."

  Library of Congress. Congressional Research Service

  Williams, Brock R.; Nelson, Rebecca M.; Rinehart, Ian E. . . .

  2015-01-13
• Multilateral Development Banks: U.S. Contributions FY2000-FY2015 [January 26, 2015]

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  From the summary: "This report shows in tabular form how much the Administration requested and how much Congress appropriated for U.S. payments to the multilateral development banks (MDBs) since 2000. It also provides a brief description of the MDBs and the ways they fund their operations. It will be updated periodically as annual appropriation figures are known. The title of this report will also change annually, as new yearly appropriation figures are added. For FY2015, Congress appropriated funds for several of the non-concessional lending facilities at the MDBs. Several of the MDBs are in the process of increasing the size of their non concessional lending facilities, a process frequently called a 'general capital increase' (GCI). GCIs are relatively unusual, particularly for so many institutions at the same time. Contributions to the GCIs are expected to be spread out over a five- to eight-year period, depending on the institution. For most of the institutions, the funds appropriated in FY2012 were the first annual payment. In addition to funds for the GCIs, Congress appropriated for FY2015 funds for several MDB concessional lending facilities and more targeted MDB funds, such as those dedicated to environmental issues."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2015-01-26
• Multilateral Development Banks: Overview and Issues for Congress [December 2, 2015]

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  From the Introduction: "Multilateral development banks (MDBs) are international institutions that provide financial assistance, typically in the form of loans and grants, to developing countries in order to promote economic and social development. The United States is a member and significant donor to five major MDBs. These include the World Bank and four smaller regional development banks: the African Development Bank (AfDB); the Asian Development Bank (AsDB); the European Bank for Reconstruction and Development (EBRD); and the Inter-American Development Bank (IDB). Congress plays a critical role in shaping U.S. policy at the MDBs through funding and oversight of U.S. participation in the institutions. This report provides an overview of the MDBs and highlights major issues for Congress. The first section discusses how the MDBs operate, including the history of the MDBs, their operations and organizational structure, and the effectiveness of MDB financial assistance. The second section discusses the role of Congress in the MDBs, including congressional legislation authorizing and appropriating U.S. contributions to the MDBs; congressional oversight; and U.S. commercial interests in the MDBs."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2015-12-02
• Multilateral Development Banks: U.S. Contributions FY2000-FY2015 [November 3, 2015]

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  From the summary: "This report shows in tabular form how much the Administration requested and how much Congress appropriated for U.S. payments to the multilateral development banks (MDBs) since 2000. It also provides a brief description of the MDBs and the ways they fund their operations. It will be updated periodically as annual appropriation figures are known. The title of this report will also change annually, as new yearly appropriation figures are added. For FY2015, Congress appropriated funds for several of the non-concessional lending facilities at the MDBs. Several of the MDBs are in the process of increasing the size of their non concessional lending facilities, a process frequently called a 'general capital increase' (GCI). GCIs are relatively unusual, particularly for so many institutions at the same time. Contributions to the GCIs are expected to be spread out over a five- to eight-year period, depending on the institution. For most of the institutions, the funds appropriated in FY2012 were the first annual payment. In addition to funds for the GCIs, Congress appropriated for FY2015 funds for several MDB concessional lending facilities and more targeted MDB funds, such as those dedicated to environmental issues."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2015-11-03
• U.S. Sanctions on Russia: Economic Implications [February 4, 2015]

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  "In response to Russia's annexation of the Crimean region of Ukraine and ongoing military intervention in eastern Ukraine, the United States has imposed a number of economic sanctions on Russian individuals, entities, and sectors. The United States coordinated its sanctions with other countries, particularly the European Union (EU). Russia has retaliated against sanctions by banning imports of certain agricultural products from countries imposing sanctions, including the United States, for one year. Many Members of Congress have been strong proponents of economic sanctions on Russia. In December 2014, Congress unanimously passed the Ukraine Freedom Support Act of 2014 (P.L. 113-272), which authorizes the President to impose sanctions on specific Russian individuals and entities. […] Analysts have debated the potential effects of current U.S. sanctions on Russia and Russia's retaliatory measures. Russia is a major player in the international economy; it has the world's ninth-largest economy and it is a major producer and exporter of natural gas and oil. However, there is relatively little overall trade and investment between the United States and Russia, although ties at the firm-level are significant in some instances. […] U.S. business groups have raised concerns that sanctions will harm American manufacturers, jeopardize American jobs, and cede business opportunities to firms from other countries. However, there are questions about the extent to which the sanctions and retaliatory measures will affect U.S. economic interests. Russia is a relatively minor trading and investment partner for the United States overall. U.S. sanctions target a specific subset of Russian individuals and entities and, in some cases, restrict only specific types of economic transactions."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.

  2015-02-04
• IMF Reforms: Issues for Congress [April 9, 2015]

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  "In December 2010, the Board of Governors of the International Monetary Fund (IMF, the Fund), the institution's highest governing body, agreed to a reform package that addresses two major concerns about the institution: (1) that the size of the IMF's resources has not kept pace with increased economic activity in the global economy; and (2) that the representation of emerging and developing economies at the IMF does not reflect their growing importance in the global economy. Key parts of the reform package cannot go into effect until a number of IMF countries formally approve the reforms. If enacted, these reforms would increase the size of the IMF's core source of funding (IMF 'quota'), and increase the representation of emerging market and developing countries at the IMF to reflect more accurately their weight in the global economy."

  Library of Congress. Congressional Research Service

  Weiss, Martin A.; Nelson, Rebecca M.

  2015-04-09
• Argentina: Background and U.S. Relations [March 22, 2016]

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  "Argentina, a South American country with a population of almost 43 million, has had a vibrant democratic tradition since its military relinquished power in 1983. Current President Mauricio Macri--the leader of the center-right Republican Proposal (PRO) and the candidate of the Let's Change coalition representing center-right and center-left parties--won the 2015 presidential race and was inaugurated on December 10, 2015. He succeeded two-term President Cristina Fernández de Kirchner, from the center-left faction of the Peronist party known as the Front for Victory (FPV), who was first elected in 2007 (succeeding her husband, Néstor Kirchner, who served one term). In a close race, Macri defeated the FPV's Daniel Scioli. Macri's election ends the 12-year run of so-called Kirchnerismo that helped Argentina emerge from a severe economic crisis in 2001-2002 but also was characterized by protectionist and unorthodox economic policies and at times difficult relations with the United States. Since Macri's Let's Change coalition does not have a majority in Argentina's Congress, the new president will need to reach out to Peronist party factions to secure approval of the coalition's legislative agenda. Argentina has Latin America's third-largest economy and is endowed with vast natural resources. Agriculture has traditionally been a main economic driver, but the country also has a diversified industrial base and a highly educated population. In 2001-2002, a severe economic crisis precipitated by unsustainable debt led to the government defaulting on nearly $100 billion in foreign debt owed to private creditors, the International Monetary Fund (IMF), and foreign governments."

  Library of Congress. Congressional Research Service

  Sullivan, Mark P.; Nelson, Rebecca M.

  2016-03-22
• Multilateral Development Banks: How the United States Makes and Implements Policy [March 7, 2013]

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  "This report analyzes how the United States makes policy towards the multilateral development banks (MDBs) and identifies ways by which Congress can shape U.S. policy and influence the activities of the banks themselves. The executive branch and Congress share responsibility for U.S. policy towards the MDBs and each has primary control over a different part of the policy process. The Administration is responsible for negotiating with other countries and for managing day-to-day U.S. participation in the MDBs. Congress has ultimate authority over the level of U.S. financial commitments and the criteria that govern U.S. participation in these institutions. Congress has authorized the President to direct U.S. participation in the MDBs, and the President has delegated that authority to the Secretary of the Treasury. Other agencies also have reasons for being concerned about U.S. policy and the MDBs. The Administration created a new process, starting in 2009, to help coordinate interagency views on MDB issues. […] Congress exercises its influence over MDB policy through its control over authorizations and appropriations and through oversight. The authorizing committees have included in MDB authorizing legislation many directives which affect the goal and direction of U.S. policy. Congress has also used its control over the funding process--its 'power of the purse'--to set priorities and encourage the Administration and MDBs to consider changes in their policies or procedures. Congress has used hearings and required reports to get information about U.S. policy and the MDBs onto the public record and to draw the Treasury Department's attention to issues of pressing concern. Since the Administration knows it must come to Congress for future authorizations and MDB funding, the views expressed by Congress through hearings have often had an impact on the focus and direction of U.S. policy regarding particular concerns."

  Library of Congress. Congressional Research Service

  Nelson, Rebecca M.; Weiss, Martin A.

  2013-03-07
• U.S. Trade and Investment in the Middle East and North Africa: Overview and Issues for Congress [March 4, 2013]

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  "U.S. interest in deepening economic ties with certain countries in the Middle East and North Africa (MENA) has increased in light of the political unrest and transitions that have swept the region since early 2011. Policymakers in Congress and the Obama Administration are discussing ways that U.S. trade and investment can bolster long-term economic growth in the region. In May 2011, President Obama announced the MENA 'Trade and Investment Partnership Initiative' (MENA-TIP), through which various federal government agencies are engaged in efforts to enhance trade and investment with the region. Such activities are in line with long-standing U.S. trade policy goals and measures. Some Members of Congress have called for deeper economic ties with MENA countries undergoing political change. However, continued political uncertainty and changing security environments in the region have prompted greater scrutiny of U.S. engagement. This report analyzes policy approaches that Congress might consider concerning U.S.-MENA trade and investment."

  Library of Congress. Congressional Research Service

  Akhtar, Shayerah Ilias; Bolle, Mary Jane; Nelson, Rebecca M.

  2013-03-04