U.S. Treasury official Jay Shambaugh says withdrawing the U.S. from the IMF and World Bank would be “a step backward.' Shambaugh gave a speech Friday stressing the importance of the international financial institutions before the groups’ annual meetings this month. He was alluding to a Project 2025 proposal for the U.S.
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Asked more directly about the Project 2025 plan in a question and answer session, Shambaugh was measured in his response, noting that the Hatch Act restricts partisan political activity by federal employees. But he said that over many decades there have been proposals to withdraw from the institutions by people who say the U.S. would be better off without them. “I would just say I think the evidence suggests that’s entirely inaccurate,” he said.
Within the more than 1,000-page Project 2025, the authors propose that the Treasury Department “withdraw from both the World Bank and the IMF and terminate its financial contribution to both institutions,” because they “simply create expensive middle-men, while U.S. funds are intercepted before being distributed to those in need.”into one of their most consistent tools against Trump.
Danielle Alvarez, a Trump campaign senior adviser, said “only President Trump and the campaign, and NOT any other organization or former staff, represent policies for the second term.” She said the 20 promises listed on his campaign website “are the only policies endorsed by President Trump for a second term,.” The campaign did not answer when asked if he would encourage the U.S. to withdraw from the financial institutions.Hussein reports on the U.S. Treasury Department for The Associated Press. She covers tax policy, sanctions and any issue that relates to money.
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