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HJM023.....................................................by STATE AFFAIRS WORLD BANK OPPOSITION - Stating findings of the Legislature and requesting that Congress and the United States Secretary of the Treasury oppose the World Bank, the International Monetary Fund and other international financial institutions until certain economic programs are formulated. 03/15 House intro - 1st rdg - to printing 03/16 Rpt prt - to St Aff
]]]] LEGISLATURE OF THE STATE OF IDAHO ]]]] Fifty-eighth Legislature Second Regular Session - 2006 IN THE HOUSE OF REPRESENTATIVES HOUSE JOINT MEMORIAL NO. 23 BY STATE AFFAIRS COMMITTEE 1 A JOINT MEMORIAL 2 TO THE UNITED STATES SECRETARY OF THE TREASURY, TO THE SENATE AND HOUSE OF 3 REPRESENTATIVES OF THE UNITED STATES IN CONGRESS ASSEMBLED, AND TO THE 4 CONGRESSIONAL DELEGATION REPRESENTING THE STATE OF IDAHO IN THE CONGRESS 5 OF THE UNITED STATES. 6 We, your Memorialists, the House of Representatives and the Senate of the 7 State of Idaho assembled in the Second Regular Session of the Fifty-eighth 8 Idaho Legislature, do hereby respectfully represent that: 9 WHEREAS, capital resources of the Idaho and United States taxpayer, as 10 well as capital resources of international financial institutions, are scarce 11 and limited; and 12 WHEREAS, the Congress of the United States appropriates funds to interna- 13 tional financial institutions through capital replenishment; and 14 WHEREAS, lending practices by international financial institutions are 15 formulated without vital public scrutiny and debate and there are few checks 16 and balances to ensure that international financial institutions are acting in 17 the best interests of the countries to whom they lend; and 18 WHEREAS, the United States executive directors of these international 19 financial institutions should vote for and approve loans to countries whose 20 policies are consistent with the economic, environmental and national security 21 interests of the United States; and 22 WHEREAS, international financial institutions have isolated developing 23 countries from free market reforms by imposing severe economic austerity mea- 24 sures; and 25 WHEREAS, severe economic austerity measures are the cause and source of 26 much social, political and economic instability in the world. 27 NOW, THEREFORE, BE IT RESOLVED by the members of the Second Regular Ses- 28 sion of the Fifty-eighth Idaho Legislature, the House of Representatives and 29 the Senate concurring therein, that we request that Congress and the United 30 States Secretary of the Treasury oppose the World Bank, the International Mon- 31 etary Fund and other international financial institutions' loans or aid by use 32 of its voice and vote until such time as the United States Secretary of the 33 Treasury shall determine that the several international financial institu- 34 tions' executive directors and the borrowing countries have formulated an eco- 35 nomic program that determines how funds of the World Bank, the International 36 Monetary Fund and other international financial institutions' assistance pro- 37 grams shall provide the basis for correcting the borrowers' out-of-balance 38 payment deficits, reduce the severe constraints on the borrowing countries' 39 labor forces and capital mobility in order to advance market-oriented domestic 40 interests, minimize negative environmental impact upon borrowing countries and 41 the global community and establish social, political, economic, anti-human 42 trafficking and antiterrorist reforms for humankind. 43 BE IT FURTHER RESOLVED that Congress and Idaho's congressional delegation 44 shall be requested to further discourage such wrongful investment by interna- 2 1 tional financial institutions by reducing any future recapitalization by an 2 amount equal to the proportionate share of those loans that are not in keeping 3 with the economic, environmental, and national security interests of the 4 United States. 5 BE IT FURTHER RESOLVED that the United States Secretary of the Treasury is 6 encouraged to annually review the budgets and accounts and activities of the 7 international financial institutions and to annually report his or her find- 8 ings to the general public and Congress. 9 BE IT FURTHER RESOLVED that the Chief Clerk of the House of Representa- 10 tives be, and she is hereby authorized and directed to forward a copy of this 11 Memorial to the United States Secretary of the Treasury, to the President of 12 the Senate and the Speaker of the House of Representatives of Congress, and 13 the congressional delegation representing the State of Idaho in the Congress 14 of the United States.
STATEMENT OF PURPOSE RS 15502C3 A Joint Memorial to the U.S. Congress and to the congressional delegation representing the State of Idaho to oppose loans or aid considered by World Bank, the International Monetary Fund and other international financial institutions that are not in keeping with the economic, environmental, and national security interests of the United States until certain conditions are met. FISCAL IMPACT There is no fiscal impact to the state General Fund. Contact Name: Rep. Russ Mathews Phone: (208) 332-1000 STATEMENT OF PURPOSE/FISCAL NOTE HJM 23