Florida Rep Takes Aim At IMF Cash Flow To Adversaries

Rep. Scott Franklin (R-FL) is set to introduce the IMF Accountability Act, a groundbreaking piece of legislation aimed at reining in the International Monetary Fund and safeguarding American interests.

The IMF, which has a role in bolstering member countries’ official reserves through Special Drawing Rights, has come under scrutiny for its practices in recent years.

Franklin’s bill seeks to grant Congress more authority over how the IMF allocates SDRs and lends money to nations worldwide so that American taxpayer dollars do not end up in the hands of countries with hostile agendas.

At its core, the IMF Accountability Act has a straightforward objective – to prevent the IMF from providing financial assistance to countries considered adversaries of the United States. This includes nations like China, Iran, North Korea, and others that have been on the wrong side of the diplomatic fence.

Speaking about his move, Franklin stated, “You don’t give taxpayer dollars to your enemies – that’s just common sense.”

He went on to express concern about the Biden admin approach of allowing billions of dollars to flow from the IMF, largely funded by the U.S., to these adversarial nations.

“These funds are used to help them meet their political goals and strengthen their economies. This projects weakness on the world stage and should never be allowed to happen.”

The bill has the support of several House Republicans, including Rep. Gus Billirakis (R-FL), who echoed Franklin’s sentiments, saying, “The Biden Administration’s appeasement approach when dealing with our adversaries on the international stage has been a complete and utter failure that has only emboldened these rogue regimes.”

Another co-sponsor of the bill, Rep. Lance Gooden (R-FL), emphasized his support for the bill in an interview with Fox News.

“This bill rightly returns oversight to Congress, safeguarding our nation’s investments from supporting regimes that oppose our values and threaten global stability,” he said.

Meanwhile, Sen. Rick Scott (R-FL) is taking the lead on a Senate version of the bill, with Sen. Ted Cruz (R-TX) standing alongside him. Scott stressed the importance of ending the free ride for tyrannical regimes and terror sponsors worldwide, saying, “We must send a clear message to these terror sponsors and evil regimes across the world: the free ride is over, you are cut off.”

“My bill, the IMF Accountability Act, will prohibit U.S. representatives to the IMF from supporting the world’s tyrannical regimes,” he added.

“Hostile actors and rogue regimes use IMF Special Drawing Rights to bolster their economies and reserves. This ability directly undermines American efforts to hold such regimes accountable through sanctions, and therefore the safety and security of Americans. It is long past time for the United States to counter these tactics,” Cruz said.