Saturday, June 27, 2009

Obama ♡ the IMF

That's "Loves the IMF", just in case the symbol doesn't show up. He's issued a signing statement saying that he'll ignore:

"The Obama administration announced in the statement it would disregard provisions of the legislation that, among other things, would compel the Obama administration to pressure the World Bank to strengthen labor and environmental standards and require the Treasury department to report to Congress on the activities of the World Bank and International Monetary Fund (IMF).


The sections in question would compel the administration to direct its World Bank representatives to pressure that institution to use metrics that "fairly represent the value of internationally recognized workers' rights. Organized labor groups had pushed for a revision of those standards.

The World Bank section would also push the bank to account for the costs of greenhouse gas in pricing out projects, and would require development banks to more fully disclose operating budgets.

The other section would require Treasury Secretary Tim Geithner to develop a report with the heads of the World Bank and IMF "detailing the steps taken to coordinate the activities of the World Bank and the Fund" to eliminate overlap between the two."

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