Foreign Policy Implications of U.S. Efforts to Address the International Financial Crisis: TARP, TALF, and the G-20 Plan -- Testimony before the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade

CGD president Nancy Birdsall testifies before the House Foreign Affairs Subcommittee on Terrorism, Nonproliferation and Trade as Congress considers how best to support the spirit of the G-20 commitments and global economic recovery. "In an increasingly interdependent world . . . shared institutions matter more, and a better approach to organizing and supporting these institutions can have high returns for the goals and interests of the United States," she says.

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Birdsall asks the committee to keep three things in mind:

• Stimulating the global economy—including in developing and emerging countries—is vital for our domestic recovery and security, and it is urgent
• U.S. congressional support for the G-20 commitments, including additional IMF resources, is critical for reshaping our image in the world
• Monitor but don’t micromanage further IMF reforms