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Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief [March 29, 2011]
"Following the ouster of the Saddam Hussein regime in spring 2003, Iraq's external debt was estimated to be around $130 billion. Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq's external debt. Iraq's external debt comprised four components: Paris Club bilateral debt ($42.5 billion), non- Paris Club bilateral debt ($67.4 billion), commercial debt ($20 billion) and multilateral debt ($0.5 billion). Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancellation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club. Thus, Iraq is expected to receive no more than an 80% cancellation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing, and resolution of the commercial debt is largely complete."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-03-29
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Frequently Asked Questions about IMF Involvement in the Eurozone Debt Crisis [August 27, 2010]
"On May 2, 2010, the Eurozone member states and the International Monetary Fund (IMF) announced an unprecedented €110 billion (about $145 billion) financial assistance package for Greece. The following week, on May 9, 2010, EU leaders announced that they would make an additional €500 billion (about $636 billion) in financial assistance available to vulnerable European countries, and suggested that the IMF could contribute up to an additional €220 billion to €250 billion (about $280 billion to $318 billion). This report answers frequently asked questions about IMF involvement in the Eurozone debt crisis."
Library of Congress. Congressional Research Service
Nelson, Rebecca M.; Weiss, Martin A.; Nanto, Dick Kazuyuki
2010-08-27
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Global Financial Crisis: Increasing IMF Resources and the Role of Congress [May 14, 2009]
"The current global financial crisis is testing the ability of the International Monetary Fund (IMF), and other international financial institutions (IFIs) to provide sufficient assistance to affected countries. It has also enhanced the IMF's role in crisis management and given it a key place in current efforts to reform the world financial system. During the past half-year, many countries have come to the IMF for assistance and more are likely to apply. Several steps have been taken to expand the IMF's financial resources and to otherwise augment the funds available to help vulnerable countries weather the present crisis. At their meeting in London on April 2, 2009, the leaders of the 20 systemically important industrialized and developing countries (G-20) agreed on several initiatives affecting the IMF and other international organizations. […]. Some elements of the above require congressional approval and some do not. U.S. participation in the new IMF quota increase and a U.S. subscription of $100 billion for the NAB would require congressional approval. Likewise, amendments to the IMF Articles--including the prospective Fourth Amendment for a new SDR allocation--would require congressional approval. On the other hand, the proposed $250 billion allocation of SDRs (which is being made under a different provision of the IMF Articles) is too small to trigger the legal requirement that Congress give its assent. Any contributions to the IMF, to fund increases in the U.S. quota or to subscribe new resources to the NAB, must be authorized by Congress."
Library of Congress. Congressional Research Service
Sanford, Jonathan E.; Weiss, Martin A.
2009-05-14
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Global Financial Crisis: Increasing IMF Resources and the Role of Congress [June 5, 2009]
"The current global financial crisis is testing the ability of the International Monetary Fund (IMF), and other international financial institutions (IFIs) to provide sufficient assistance to affected countries. It has also enhanced the IMF's role in crisis management and given it a key place in current efforts to reform the world financial system. During the past half-year, many countries have come to the IMF for assistance and more are likely to apply. Several steps have been taken to expand the IMF's financial resources and to otherwise augment the funds available to help vulnerable countries weather the present crisis. At their meeting in London on April 2, 2009, the leaders of the 20 systemically important industrialized and developing countries (G-20) agreed on several initiatives affecting the IMF and other international organizations. […]. Some elements of the above require congressional approval and some do not. U.S. participation in the new IMF quota increase and a U.S. subscription of $100 billion for the NAB would require congressional approval. Likewise, amendments to the IMF Articles--including the prospective Fourth Amendment for a new SDR allocation--would require congressional approval. On the other hand, the proposed $250 billion allocation of SDRs (which is being made under a different provision of the IMF Articles) is too small to trigger the legal requirement that Congress give its assent. Any contributions to the IMF, to fund increases in the U.S. quota or to subscribe new resources to the NAB, must be authorized by Congress."
Library of Congress. Congressional Research Service
Sanford, Jonathan E.; Weiss, Martin A.
2009-06-05
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Terrorist Financing: The 9/11 Commission Recommendation [Updated February 25, 2005]
"Although efforts to seize terrorist funds have met with some success, in July 2004, the 9/11 Commission asserted that the likelihood of being able to continue freezing funds may diminish as terrorists seek increasingly more informal methods of earning and moving money. The financial support of terrorism involves both earning funds, through legal and illegal means, and the illicit movement of money to terrorist groups. The Commission recommended that the U.S. government shift the focus of its efforts to counter terrorist financing from a strategy based on seizing terrorist assets to a strategy based on exploiting intelligence gathered from financial investigations. This report will be updated as events require."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2005-02-25
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World Bank: Changing Leadership and Issues for the United States and Congress [Updated March 17, 2005]
"The decision of World Bank President James Wolfensohn to resign in May 2005 has triggered the search for a successor. Although any member of the World Bank Executive Board can propose a candidate for election by a majority vote of members, tradition dictates that the United States selects the President at the World Bank and Europe chooses the International Fund Managing Director. Although there is repeated criticism of this arrangement, and actual proposals to change the system have been considered, it is unlikely that this tradition will be abandoned during the current selection process. The focus of the next World Bank President likely will be on many development issues including global humanitarian and reconstruction assistance and debt relief for the poorest countries, among others. Congress has a significant role in shaping U.S. policy at the World Bank through funding arrangements and oversight responsibility. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2005-03-17
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Iraq: Debt Relief [Updated March 11, 2005]
"Iraq's public debt was estimated to be US$120.2 billion in nominal value as of the end of 2004. The debt owed to Paris Club creditors as of December 31, 2004, was estimated to be US$38.9 billion. The U.S. share of this amount is around $4 billion. Non-Paris Club countries, mostly Persian Gulf countries, are owed around $60-$65 billion. The remaining debts are to private commercial creditors. Iraqi debt relief (both Paris Club and non-Paris Club) is a high priority for both the President and Congress. This report will discuss efforts to implement Iraqi debt relief, as well as efforts to persuade non-Paris Club countries to forgive their Iraqi debts. It will also highlight several policy concerns. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2005-03-11
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Iraq's Debt Relief: Procedure and Potential Implications for International Debt Relief [January 26, 2009]
This report discusses the implications of debt relief for Iraq. "Following the ouster of the Saddam Hussein regime in spring 2003, Iraq's external debt was estimated to be around $130 billion. Reducing this debt to a sustainable level has been a priority of the U.S. government. Since 2003, debt relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq's external debt. Iraq's external debt comprised four components: Paris Club bilateral debt ($42.5 billion), non- Paris Club bilateral debt ($67.4 billion), commercial debt ($20 billion) and multilateral debt ($0.5 billion). Debt relief negotiations first led to an 80% reduction of the Paris Club debt. The Paris Club agreement also set the terms for non-Paris Club and commercial debt cancellation levels. A provision of the Paris Club agreement is that Iraq cannot accept a debt cancellation agreement with other creditors on more favorable terms for Iraq than those reached with the Paris Club. Thus, Iraq is expected to receive no more than an 80% cancellation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing, and resolution of the commercial debt is largely complete. [...]. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2009-01-26
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Arab League Boycott of Israel [Updated July 3, 2008]
"The Arab League, an umbrella organization comprising 23 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. [...]The U.S. government has often been at the forefront of international efforts to end the boycott and its enforcement. Despite U.S. efforts, however, many Arab League countries continue to support the boycott's enforcement. U.S. legislative action related to the boycott dates from 1959 and includes multiple statutory provisions expressing U.S. opposition to the boycott, usually in foreign assistance legislation. In 1977, Congress passed laws making it illegal for U.S. companies to cooperate with the boycott and authorizing the imposition of civil and criminal penalties against U.S. violators. U.S. companies are required to report to the Department of Commerce any requests to comply with the Arab League Boycott. In FY2006, U.S. companies submitted 1,291 reports on boycott-related requests. During the same period, penalties for violating U.S. anti-boycott legislation worth $95,950 were levied on nine companies to settle allegations they violated U.S. antiboycott provisions, an increase from five cases and $57,000 in FY2005. This report provides background information on the boycott and U.S. efforts to end its enforcement. It will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2008-07-03
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World Bank Post-Conflict Aid: Oversight Issues for Congress [April 19, 2004]
"The World Bank has taken an increasingly active role in providing post-conflict aid. This assistance provides both short-term humanitarian relief and long-term economic support for countries emerging from conflict. Although this aid is sanctioned by the World Bank's mandate, it raises questions that may be appropriate for congressional oversight. These include how extensive is the World Bank's understanding of post-conflict aids effects on recipient countries and how well World Bank aid is coordinated with other donors. This report will be updated as needed."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2004-04-19
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Arab League Boycott of Israel [Updated August 27, 2008]
This CRS report discusses the Arab League boycott of Israel. "The Arab League, an umbrella organization comprising 23 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. [...]The U.S. government has often been at the forefront of international efforts to end the boycott and its enforcement. Despite U.S. efforts, however, many Arab League countries continue to support the boycott's enforcement. U.S. legislative action related to the boycott dates from 1959 and includes multiple statutory provisions expressing U.S. opposition to the boycott, usually in foreign assistance legislation. In 1977, Congress passed laws making it illegal for U.S. companies to cooperate with the boycott and authorizing the imposition of civil and criminal penalties against U.S. violators. U.S. companies are required to report to the Department of Commerce any requests to comply with the Arab League Boycott. In FY2006, U.S. companies submitted 1,291 reports on boycott-related requests. During the same period, penalties for violating U.S. anti-boycott legislation worth $95,950 were levied on nine companies to settle allegations they violated U.S. antiboycott provisions, an increase from five cases and $57,000 in FY2005. This report provides background information on the boycott and U.S. efforts to end its enforcement. It will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2008-08-27
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Burma: Economic Sanctions [Updated August 27, 2008]
This Congressional Research Service report produces a table of existing sanctions placed on Burma, and also includes an analysis of future options that the United States has to expand sanctions. From the text: "On October 19, 2007, President George W. Bush issued Executive Order 13449. This followed a September 25, 2007 statement by President Bush that sanctions against Burma, which have been in place since 1997, would be tightened to specifically target leading Burmese officials and impose additional financial and travel sanctions. This report provides background information on existing economic sanctions against Burma and possible options to expand sanctions. It will be updated as events warrant."
Library of Congress. Congressional Research Service
Niksch, Larry A.; Weiss, Martin A.
2008-08-27
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Proposed U.S.-Bahrain Free Trade Agreement [Updated December 6, 2005]
"U.S. Trade Representative Robert B. Zoellick signed the U.S.-Bahrain Free Trade Agreement (FTA) on September 14, 2004. Negotiations with Bahrain, a close U.S. partner in the Persian Gulf, were concluded on May 27, 2004. Under the agreement, all bilateral trade in consumer and industrial goods will be duty free and 98% of U.S. agricultural exports will be duty free. The proposed FTA would also support economic reform, both within Bahrain, and throughout the Middle East. For an agreement to take effect, Congress would need to pass implementing legislation."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2005-12-06
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Terrorist Financing: U.S. Agency Efforts and Inter-Agency Coordination [August 3, 2005]
"Stopping the ability of terrorists to finance their operations is a key component of the U.S. counterterrorism strategy. To accomplish this, the Administration has implemented a three-tiered approach based on (1) intelligence and domestic legal and regulatory efforts; (2) technical assistance to provide capacity-building programs for U.S. allies; and (3) global efforts to create international norms and guidelines. Effective implementation of this strategy requires the participation of, and coordination among, several elements of the U.S. Government. This report provides an agency-by-agency survey of U.S. efforts. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2005-08-03
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Global Financial Crisis: The Role of the International Monetary Fund (IMF) [Updated February 4, 2009]
"This report discusses two potential roles the International Monetary Fund (IMF) may have in helping to resolve the current global financial crisis: (1) immediate crisis control through balance of payments lending to emerging market and less-developed countries and (2) increased surveillance of the global economy through better coordination with the international financial regulatory agencies. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2008-12-01
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Terrorist Financing: Current Efforts and Policy Issues for Congress [August 20, 2004]
"Since the September 11, 2001 attacks, there has been significant interest in terrorist financing. Congress has taken an active interest in this debate on terrorist financing, holding numerous hearings over the past few years, both in the House, and in the Senate. While the goals of freezing terrorist funds and tracking them for intelligence are not mutually exclusive, they tend to emphasize different strategies and approaches. This report responds to this increased interest in terrorist financing by analyzing the roles of relevant U.S. agencies and departments involved in tracking and seizing terrorist financing. This report focuses on U.S. efforts to combat financing for terrorist acts against the United States. In the months immediately following the attacks, substantial funds were frozen internationally. After this initial sweep, the freezing of terrorist assets slowed down considerably."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2004-08-20
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Peacekeeping and Post-Conflict Capabilities: The State Department's Office for Reconstruction and Stabilization [January 19, 2005]
"The State Department's new Office of the Coordinator for Reconstruction and Stabilization (S/CRS) is intended to address longstanding concerns, both within Congress and the broader policy community, over what is seen as inadequate planning mechanisms for stabilization and reconstruction operations, lack of inter-agency coordination in carrying out such tasks, and inappropriate capabilities for many of the non-military tasks required. Effectively distributing resources among the various executive branch actors, maintaining clear lines of authority and jurisdiction, and balancing short- and long-term objectives are major challenges for designing, planning, and conducting post-conflict operations. This report will not be updated."
Library of Congress. Congressional Research Service
Serafino, Nina M.; Weiss, Martin A.
2005-01-19
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African Development Bank Group [January 29, 2008]
"The African Development Bank (AfDB) Group is a regional development bank currently based in Tunis, Tunisia. It comprises three lending facilities: the market rate facility, the AfDB; a concessional lending facility, the African Development Fund; and a trust fund established by Nigeria to lend to low-income African countries. The Bank has 53 African members, as well as 24 non-regional members, including the United States. This report, which incorporates material originally written by Raymond W. Copson, will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2008-01-29
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Debt Relief for Heavily Indebted Poor Countries: Issues for Congress [April 18, 2006]
"In recent decades, the rapid growth in poor country debt has emerged as a key foreign policy concern. Many analysts believe that this debt burden is an impediment to economic growth and poverty reduction. Others contend that for the poorest countries, other factors such as weak political and economic institutions, are a greater impediment to growth than the debt burden. There have been many efforts to help reduce poor country debt. In 1988 a group of major creditor nations, known as the Paris Club, agreed for the first time to cancel debts owed to them instead of refinancing them on easier terms as they had done previously. In 1996, the International Monetary Fund (IMF), the World Bank, and the regional development banks agreed to allow a portion of debts owed to them by a select group of countries to be cancelled. This effort is known as the Debt Relief Initiative for Heavily Indebted Poor Countries (HIPC). In June 2005, the Group of Eight (G8) nations agreed to further deepen debt relief and proposed 100% cancellation of all multilateral debt for countries that have finished the HIPC program. Several pieces of legislation (H.R. 1130 and S. 1320) also have been introduced that could extend debt relief to an even larger group of countries. […] No congressional appropriations are required at this time to implement the G8 proposal. However, additional U.S. funds may need to be appropriated in the future to fund higher levels of HIPC debt relief. This report will no longer be updated. For information on the current status of the G8 debt relief proposal, see CRS [Congressional Research Service] Report RS22534, 'The Multilateral Debt Relief Initiative', by Martin A. Weiss."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2006-04-18
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U.S. Bilateral Investment Treaty Program: An Overview [April 24, 2007]
"International trade flows are largely governed by multilateral agreements reached at the World Trade Organization, but no comparable rules exist for investment. In its place, the bilateral investment treaty (BIT) has emerged over the past several decades as the primary means for promoting and regulating foreign direct investment flows. A BIT is a treaty of international law, which establishes a contract of mutual protection to private persons or firms in each other's territories. Incentives to sign BITs include the desire to protect overseas capital investment and to increase the opportunities for additional investments. In addition, foreign direct investment (FDI) host countries sign BITs primarily to promote inward FDI and signal to foreign investors that they will respect foreign property rights. Investors sometimes express concerns, however, that developing countries, where the quality of domestic institutions is weak, will make promises of protection to foreign investors prior to investment, only to change various terms (such as raising taxes, introducing various export quotas, or expropriation of assets) following the investment. […] This report provides an overview of the U.S. BIT program and highlights two issues that may be of additional congressional interest: the impact of BITs on U.S. direct investment abroad and whether U.S. BITs promote economic reform in partner countries. It will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2007-04-24
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International Monetary Fund: Reforming Country Representation [January 29, 2008]
"Many developing countries have long argued that they deserve an increase in the influence that they wield at the International Monetary Fund (IMF). They point out that after years of sustained economic growth, their representation does not reflect their current economic position in the world economy. Proposed changes would give these emerging economies as well as poor borrowers and countries that do not significantly contribute to funding IMF operations greater say in order to enhance the perceived legitimacy and effectiveness of the institution. At the spring 2006 IMF meetings, IMF Managing Director Rodrigo de Rato presented a loosely fleshed out proposal that would provide for a two-step process. In the first step, there would be a so-called ad hoc quota increase that would immediately raise the representation of a few select countries who it is commonly agreed are under-represented at the Fund and follow with fundamental reform of the IMF quota system. […] The Bush Administration has supported this proposal. In testimony and speeches since 2006, Administration officials explained that they are willing to support an ad-hoc increase for a few countries, but only if it is tied to fundamental reform of the IMF governance system. Depending on which course of action IMF members choose, action may be required by the 110th Congress. Congress must give its consent by law before the United States may agree to participate in any new IMF funding agreements that change the U.S. quota, require additional contributions from the United States, amend the IMF Articles of Agreement, or dispose of any gold currently held by the IMF. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2008-01-29
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Multilateral Development Banks: General Capital Increases [October 28, 2011]
"For the first time in the history of the institutions, each of the major Multilateral Development Banks (MDBs) are simultaneously seeking increases in their capital bases to fund the continued expansion of their development lending programs. The requests come after several years of increased lending by the banks. If the increases are fully funded, the resources of the World Bank, African Development Bank (AfDB), European Bank for Reconstruction and Development (EBRD), Asian Development Bank (AsDB), and Inter-American Development Bank (IDB) would increase by between 31% and 200%. Collectively, the requested capital increases are worth around $348 billion. President Obama has included authorizations and appropriations for U.S. participation in the capital increases at the MDBs in his FY2011 and FY2012 requests. U.S. participation in any funding request for the MDBs requires authorization and appropriations from Congress. In addition to the MDBs' role in furthering broad U.S. foreign policy interests, the 112th Congress may choose to consider whether increasing the size of the MDBs is necessary to meet developing country needs and whether sufficient progress has been made on MDB reform to justify fully funding the President's request. Members' views on the following policy issues may also affect their decision on whether to support or oppose increasing the size of the MDBs and the scale of their operations."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-10-28
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International Monetary Fund: Background and Issues for Congress [September 19, 2011]
"The International Monetary Fund (IMF), conceived at the Bretton Woods conference in July 1944, is the multilateral organization focused on the international monetary system. Created in 1946 with 46 members, it has grown to include 187 countries. The IMF has six purposes that are outlined in Article I of the IMF Articles of Agreement: promoting international monetary cooperation; expanding the balanced growth of international trade; facilitating exchange rate stability; eliminating restrictions on the international flow of capital; ensuring confidence by making the general resources of the Fund temporarily available to members; and adjusting balance-of-payments imbalances in an orderly manner. […] At the Bretton Woods conference, the IMF was tasked with coordinating the system of fixed exchange rates to help the international economy recover from two world wars and the instability in the interwar period caused by competitive devaluations and protectionist trade policies. From 1946 until 1973, the IMF managed the 'par value adjustable peg' system. The U.S. dollar was fixed to gold at $35 per ounce, and all other member countries' currencies were fixed to the dollar at different rates. This system of fixed rates ended in 1973 when the United States removed itself from the gold standard. The IMF has evolved significantly as an institution since it was created. Floating exchange rates and more open capital markets in the 1990s created a new role for the IMF--the resolution of frequent and volatile international financial crises. The Asian financial crisis of 1997-1998 and subsequent crises in Russia and Latin America revealed many weaknesses of the world monetary system, which have only become more apparent in the wake of the 2008-2009 global financial crisis and the more recent sovereign debt crises in Europe."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-09-19
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Arab League Boycott of Israel [January 17, 2013]
"The Arab League, an umbrella organization comprising 22 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. The boycott has three tiers. The primary boycott prohibits citizens of an Arab League member from buying from, selling to, or entering into a business contract with either the Israeli government or an Israeli citizen. The secondary boycott extends the primary boycott to any entity world-wide that does business in Israel. A blacklist of global firms that engage in business with Israel is maintained by the Central Boycott Office, and disseminated to Arab League members. The tertiary boycott prohibits an Arab League member and its nationals from doing business with a company that deals with companies that have been blacklisted by the Arab League. The U.S. government has often been at the forefront of international efforts to end the boycott and its enforcement. Despite U.S. efforts, however, many Arab League countries continue to support the boycott's enforcement. U.S. legislative action related to the boycott dates from 1959 and includes multiple statutory provisions expressing U.S. opposition to the boycott, usually in foreign assistance legislation. In 1977, Congress passed laws making it illegal for U.S. companies to cooperate with the boycott and authorizing the imposition of civil and criminal penalties against U.S. violators. U.S. companies are required to report to the Department of Commerce any requests to comply with the Arab League Boycott."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2013-01-17
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Arab League Boycott of Israel [March 5, 2013]
"The Arab League, an umbrella organization comprising 22 Middle Eastern and African countries and entities, has maintained an official boycott of Israeli companies and Israeli-made goods since the founding of Israel in 1948. The boycott is administered by the Damascus-based Central Boycott Office, a specialized bureau of the Arab League. The boycott has three tiers. The primary boycott prohibits citizens of an Arab League member from buying from, selling to, or entering into a business contract with either the Israeli government or an Israeli citizen. The secondary boycott extends the primary boycott to any entity world-wide that does business in Israel. A blacklist of global firms that engage in business with Israel is maintained by the Central Boycott Office, and disseminated to Arab League members. The tertiary boycott prohibits an Arab League member and its nationals from doing business with a company that deals with companies that have been blacklisted by the Arab League. […] The current list of countries that request U.S. companies to participate or agree to participate in boycotts prohibited under U.S. law includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen. This report provides background information on the boycott and U.S. efforts to end its enforcement. More information on Israel is contained in CRS [Congressional Research Service] Report RL33476, 'Israel: Background and U.S. Relations,' by Jim Zanotti."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2013-03-05
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IMF Reforms: Issues for Congress [December 4, 2012]
"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
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IMF Reforms: Issues for Congress [December 12, 2012]
"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
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IMF Reforms: Issues for Congress [February 1, 2013]
"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
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International Monetary Fund: Background and Issues for Congress [March 21, 2013]
"This report provides background information and potential policy issues for Congress concerning the International Monetary Fund (IMF, the Fund), which is the central multilateral organization for international monetary cooperation. The United States is the largest financial contributor to the IMF. Congressional interest in IMF activities has increased since the onset of the financial crisis in 2008. IMF lending has surged in recent years, including large loans to Greece, Ireland, and Portugal. Potential policy issues for Congress include the role of the IMF as a lender of last resort, the adequacy of IMF resources, and the effectiveness of IMF surveillance of financial and monetary conditions in its member countries and of the world economy."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2013-03-21
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International Monetary Fund: Selecting a Managing Director [May 20, 2011]
"On May 14, 2011, Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund (IMF), was arrested at John F. Kennedy Airport and charged with the attempted rape, criminal sexual assault, and unlawful imprisonment of a maid at the New York City Sofitel hotel. He resigned his leadership position on May 18, 2011. Mr. Strauss-Kahn's arrest comes at a challenging time for the IMF, which he had led since 2007. Under his leadership, the IMF reasserted its role as the premier international organization for international economic corporation. In the wake of the financial crisis, Mr. Strauss-Kahn persuaded countries to substantially increase their funding to the IMF, enabling the IMF to sharply increase its financial support to troubled economies and its capacity to monitor global economic risks. The IMF is heavily involved in the current economic crisis in Europe. The resignation has put the selection of Fund leadership back into the spotlight. Controversy focuses on whether a transatlantic 'gentlemen's agreement' reserving the IMF leadership for a European and the World Bank leadership for a U.S. citizen is adequate for the current global economy. Proposals for a more open, transparent, and merit-based leadership selection process have been made consistently in the past, and at times have been incorporated in communiqués of various leaders summits, but have yet to change the outcome at either of the institutions. Although Congress can pass legislation directing the U.S. representatives at the IMF or hold oversight hearings, there is no congressional involvement in the selection of Fund management. U.S. participation in the IMF is authorized by the Bretton Woods Agreement Act of 1945. The Act delegates to the President ultimate authority under U.S. law to direct U.S. policy and instruct the U.S. representatives at the IMF. The President, in turn, has generally delegated authority to the Secretary of the Treasury. The largest shareholder of the IMF, United States has a 16.8% voting share."
Library of Congress. Congressional Research Service
Weiss, Martin A.
2011-05-20
