From the office of Rep. Robert Dold (Ill., 10th District)…
WASHINGTON, DC – Today, during the Financial Services Subcommittee on International Monetary Policy and Trade, the “Supporting Economic and National Security by Maintaining U.S. Leadership in Multilateral Development Banks (MDB) Act” advanced through the committee. U.S. Congressman Robert Dold (IL-10) has helped lead this effort to ensure that the MDBs enact policies that are aligned with American interests, to encourage economic growth in developing counties, and to aid in U.S. national security.
“I am pleased to see this bill pass through Committee with bipartisan support,” said Dold. “Maintaining our nation’s leadership with Multilateral Development Banks is vital to promoting American export markets, job growth, and economic prosperity. Furthermore, our involvement ensures these MDBs implement policies that are aligned with our economic and humanitarian values while enhancing global and national security by helping to create stable countries throughout the world.”
Background Information on the Multilateral Development Banks Act:
- By maintaining our MDB leadership, our nation’s priorities and policies will remain influential in the global economic and security system while allowing our nation’s entrepreneurs to continue playing a critical role in financial and natural resource development abroad.
- MDBs also promote corruption-free projects in developing countries, which allow American businesses the opportunities to invest abroad and access new markets. This helps to create new jobs here at home as job creators can expand into growing markets.
- America’s MDB leadership also strengthens global and national security by helping to other nations improve their own political stability, institutions, infrastructure, and general economic prosperity.
- The MDB Act will increase transparency and accountability, enhance anti-corruption measures, and maintains strong standards for international competitive bidding on projects while ensuring that American favorably influences foreign country policies, including policies relating to national security, representative government, human rights, and the environment.