New York CNN —US Treasury Secretary Janet Yellen is set to ask Congress to lend more money to developing countries to counter China’s growing influence, according to a copy of her prepared remarks viewed by CNN.
In addition to increasing lending to other International Monetary Fund programs, Yellen intends to tell lawmakers that the Biden Administration wants to boost involvement in the Inter-American Development Bank group’s private-sector investment fund and the African Development Fund.
“These investments will bolster our engagement in these regions at a time of geopolitical competition,” Yellen intends to say in her testimony before the House Financial Services Committee on Tuesday.
Such last-minute action “hurts our global leadership and credibility on the world stage,” Yellen is set to tell lawmakers on Tuesday.
Fitch Ratings warned that it is still considering downgrading US debt despite the last-minute deal that Congress passed.
Persons:
Janet Yellen, Yellen, Biden, ” Yellen, ”, Yellen’s, “, —, Jessie Yeung
Organizations:
New, New York CNN, CNN, International Monetary Fund, Biden Administration, Inter, American Development Bank group’s, African Development Fund, Financial, IMF, World Bank, Fitch
Locations:
New York, China, Argentina, Pakistan, Kenya, Turkey, United States, Washington