[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6568084,"mediaKeyId","3216859-f99bda1e0f0789367d06edb8c00b5f91","parentId",3216859,"title","Treasury secretary urges IMF and World Bank to refocus; lawmakers press for SDR and RST reforms","audioSeconds",5791,"startMs",764000,"endMs",6555000,"viewUrl","/Search/View?dp=1&key=3216859-f99bda1e0f0789367d06edb8c00b5f91&start=764&end=6555","thumbnailUrl","https://assets.pipeline.soar.com/3216859-f99bda1e0f0789367d06edb8c00b5f91/thumbnail_764000.jpg","articleUrl","/articles/6568084/Treasury-secretary-urges-IMF-and-World-Bank-to-refocus-lawmakers-press-for-SDR-and-RST-reforms","mediaUrl","https://secure.pipeline.soar.com/6568084-e9364464e3f0d7195a0ce35f9260beb5/orig.mp4?Expires=1770939461&Signature=Izj~HD4QvINkeToQO6iLglMmxMbcXQEueNmea9CIk13vqlbrr9BQSbHAhaQJOjuQMvFqYTKzisfFvr0g6AlV1flLmT7OhSqw3mzN7gacNI7rMNCTRzcwWuj37hvZnbctmQYxlr-pwe5wm9zirNGs1uoe0by11AR5xnyYqRJ6JoS-uGJ6dGHPpTEaphS5lCMonb0sFtWZXj6sBMns3fV6nQtvZoYDkhZtuhDtWlj4XOG6NT4BRBL~cB~A7shSI~gvnnsFV1LbANXakonUypJb~zmWSxYMKjVXSSWx7Awl-q-eNaD0Vaz~KrDLThFQITJWUM4C2LXaMuqo~BVlvMjxtg__&Key-Pair-Id=KUT5TJCACFTXG","author","U.S. House Committee on Financial Services","date","2025-05-07T18:01:06.25Z","article","Chairman Hill opened the House Financial Services Committee hearing by describing the session as \"the annual testimony of the secretary of the treasury on the state of the international financial system.\" The hearing focused in part on the role of the International Monetary Fund, the World Bank and regional development banks in supporting U.S. interests.

Treasury Secretary Scott Bissett told the committee that \"America First does not mean America alone\" and said the administration seeks to \"expand US leadership in international institutions like the IMF and the World Bank.\" He said Treasury\u0000wants the institutions to return to \"basics\"—macroeconomic stability and economic development—rather than what he and some members described as mission creep into issues such as climate and social policy.

Committee members pressed specific reforms. Chairman Hill and others criticized the IMF\u0000special drawing rights (SDR) process, citing prior allocations that members said provided large, unconditional liquidity to China, Russia, Iran and Venezuela. Hill said future SDR allocations must involve congressional input. Secretary Bissett told the committee \"the SDR process at the IMF should serve the goals of The United States Of America\" and that Treasury is \"aligned with you in your goals on the SDR.\" He also said the IMF should \"get back to basics\" and work with countries facing market failures rather than providing broad general allocations to well‑financed economies.

On the IMF\u0000Resilience and Sustainability Trust (RST), members including Rep. Lucas asked whether Treasury would push to eliminate or downsize the facility so the IMF would focus on traditional balance-of-payments and crisis‑lending functions. Bissett said at IMF week he had stressed \"the need to get back to basics at all of the multilateral development banks, especially the IMF.\" He did not announce a formal plan to terminate the RST during the hearing.

Members also discussed World Bank financing for China and other upper‑middle‑income countries. Chairman Hill praised recent World Bank openness to financing nuclear energy and noted bipartisan support for trust funds to finance nuclear projects at multilateral banks; Bissett said the administration supports efforts to expand financing for civilian nuclear power at multilateral development banks.

Why it matters: SDR allocations, multilateral bank mandates and trust fund priorities shape which countries receive finance and with what conditionality. Changes sought by members would alter how international institutions allocate large amounts of liquidity and how development projects are prioritized.

Committee members asked for follow-up briefings and written responses on specific proposals, including whether future SDR allocations should require congressional sign‑off and how Treasury plans to press multilateral banks on project selection and conditionality. The committee did not vote on legislation at the hearing; members asked Treasury to work with Congress on possible statutory fixes to the SDR and multilateral bank governance processes.

Sources: oral testimony and member questions at the House Financial Services Committee hearing; opening remarks by Chairman Hill and Secretary Scott Bissett.","mediaType","Video","parentTitle","The Annual Testimony of the Secretary of the Treasury on the State of the Int... (EventID=118203)","oneSentenceSummary","Chairman Hill opened the House Financial Services Committee hearing by describing the session as \"the annual testimony of the secretary of the treasury on the state of the international financial system.\"","taxTitle","Financial Services: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",1981,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6568065,"Lawmakers press Treasury on CDFI cuts, BOI enforcement changes and regulator nominations",327,6061000,6388000,"/Search/View?dp=1&key=3216859-f99bda1e0f0789367d06edb8c00b5f91&start=6061&end=6388","https://assets.pipeline.soar.com/3216859-f99bda1e0f0789367d06edb8c00b5f91/thumbnail_6061000.jpg","/articles/6568065/Lawmakers-press-Treasury-on-CDFI-cuts-BOI-enforcement-changes-and-regulator-nominations","https://secure.pipeline.soar.com/6568065-52eb3cc98cf83f3b91a3bd0fe2d184d8/orig.mp4?Expires=1770939461&Signature=QfhMGPKiMgu2vH53mcmJmAvABkJkNHJK8yYbvbp5YC0sDLYr9mvdHXdv~cunyE-cCoo02otnd9vlmmXT-31fbdggeNvjBGnwO1qFHeDXIoc7wb0fBJzJ5qhK3qlBqm9fLlFBPTjwliG3uykV0KeIGlHnB1dnvz~5Fl1l2jcOUzJLYAgpOCo02~Dq8i2wqr0DDHLSrTi-TXPiwWn3aBQuRtd2Ed2xZ8UB5rxjY7YHuueJeP0~7wmXh7ZMxxHK1GjZJaBhjTn4xY9wlOzHqeqGUvuMp-3Ri4BxfK7lper-IKJXRQxq1OneXOaYZ3flkieOmVzBxM4P84lIZbv89R4C-Q__&Key-Pair-Id=KUT5TJCACFTXG","Lawmakers used questioning to press Treasury Secretary Scott Bissett on an array of domestic regulatory and programmatic issues: proposed changes to the Community Development Financial Institutions (CDFI) Fund, the administration's implementation of the Corporate Transparency Act's beneficial ownership information (BOI) rule, and the status of nominations for bank regulatory leadership posts.

On the CDFI Fund, Rep. Gregory Meeks and others reminded the committee of bipartisan investments in community and minority depository institutions and questioned the administration's budget proposal. Bissett said the \"skinny budget\" proposes a new $100 million award program aimed at affordable financing and rural areas and said Treasury would work with the committee to ensure programs operate \"efficiently for taxpayers.\"

On the BOI rule and the Corporate Transparency Act (CTA), Rep. Loudermilk and Rep. Beatty pressed the secretary about Treasury\u0000actions that narrowed enforcement and exemptions for domestic entities. Bissett said Treasury had \"bifurcated\" the program so that foreign entities still must file BOI but that domestic filing requirements had been narrowed; he said staff would follow up on details and the disposition of data already collected.

Members also raised concerns about vacancies and acting leadership at key regulators. Representative Scott and others asked whether the administration had delayed naming a permanent FDIC chair; Bissett said he was reviewing candidates and denied that the president had instructed him to delay nominations.

Why it matters: CDFI funding, BOI enforcement and the leadership of financial regulators affect access to capital, anti‑money‑laundering enforcement and the oversight environment for banks and nonbank financial firms. Members from both parties pressed for clarity on implementation and funding levels.

What happened next: Treasury agreed to provide written follow‑up on BOI data disposition and on CDFI program design; no nominations or funding changes were finalized at the hearing.

Sources: oral testimony and questioning at the House Financial Services Committee hearing; statements by Secretary Scott Bissett and multiple members.","Committee members asked Secretary Bissett about proposed cuts to Community Development Financial Institutions (CDFI) funding, Treasury's change to the beneficial ownership (BOI) rule, and the status of senior regulator nominations including the FDIC chair.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6568072,"Treasury says it is targeting Chinese entities linked to fentanyl trade; members press on Burma and Iranian oil",5442,2490000,7932000,"/Search/View?dp=1&key=3216859-f99bda1e0f0789367d06edb8c00b5f91&start=2490&end=7932","https://assets.pipeline.soar.com/3216859-f99bda1e0f0789367d06edb8c00b5f91/thumbnail_2490000.jpg","/articles/6568072/Treasury-says-it-is-targeting-Chinese-entities-linked-to-fentanyl-trade-members-press-on-Burma-and-Iranian-oil","https://secure.pipeline.soar.com/6568072-8caef3cf2458627119a4e94377a7cfa7/orig.mp4?Expires=1770939461&Signature=jcg9I5QJ9cK7Ub~PmynuJnKMPqtTZoTREs7zoRpRfwD9XEnz-2~gtKgCDD2EeOd16IfsR66O0gGbrJPDrKuIi3QJFQ~1-Fm7r9cVTOtPr9sDygmzivYa6lSL6ZSkB1sGuxiCJ8FKC9h-IaHqp8WA-uaWw4qJp6B1PgRxRyAVDodbeFZlFVYe-Gd0AKePFxhBo354pQi1nB~Qkq78e4UICk~yUAbV5N3CyTEoyqMRqYfvFJ6ep60h7jIOnnTAeHzfJptf8yfqb-HJyighr-i52YL78Vw-03fxQ6v0J1lK~XtOlhJkfhnddL7v8U3HH1LMj6rpjCvQ3JXOHXlF3fH-Fg__&Key-Pair-Id=KUT5TJCACFTXG","Multiple members questioned Treasury Secretary Scott Bissett about sanctions, enforcement and illicit finance. Representative Dan Kildee and others urged stronger measures against the Myanmar junta and asked whether Treasury would support legislation such as the \"Brave Burma Act,\" which would require annual determinations and impose blocking sanctions on specific Burmese entities. Bissett said Treasury was \"happy to work with your staff\" and that he shared concerns about imposing consequences on persons who threaten peace and stability in Burma.

On Iran and Chinese buyers of Iranian oil, Representative Wagner asked why a statutory determination required in February was late; Bissett said his staff would follow up but noted Treasury had recently targeted so‑called \"teapot\" refiners in China that buy Iranian oil and that Treasury would continue sanctions work as needed.

On fentanyl and China‑Mexico trafficking chains, Representative Williams asked what steps Treasury was taking. Bissett said he had \"signed an order that will be made public within the next few days identifying Chinese entities who are engaged in the fentanyl trade.\" He also described coordinated actions with allies and with law enforcement to choke off financial support for transnational criminal organizations.

Why it matters: Sanctions, licensing decisions and enforcement are central Treasury tools for national security and public health aims. Members sought commitments from Treasury to pursue targeted sanctions that would limit revenue flowing to regimes and criminal networks.

Sources: questioning and answers from the House Financial Services Committee hearing; direct statements from Secretary Scott Bissett and multiple members.","Committee members asked Secretary Bissett about Treasury actions on sanctions and illicit finance, including recent steps on Burmese junta revenue, Iranian oil purchasers, and identifying Chinese entities involved in fentanyl precursor trade.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6568076,"Committee presses Treasury on tariffs, China talks and impact on U.S. consumers and industry",183,2711000,2894000,"/Search/View?dp=1&key=3216859-f99bda1e0f0789367d06edb8c00b5f91&start=2711&end=2894","https://assets.pipeline.soar.com/3216859-f99bda1e0f0789367d06edb8c00b5f91/thumbnail_2711000.jpg","/articles/6568076/Committee-presses-Treasury-on-tariffs-China-talks-and-impact-on-US-consumers-and-industry","https://secure.pipeline.soar.com/6568076-0ad06ccb583a6ed8c53ace0532779ee8/orig.mp4?Expires=1770939461&Signature=KiUbPgp2uS~N5KanwOwOjhCKZGgkCztNGpazn2FneU543eVjUUSwUjMh1PlhyhUWORoyuqTvN4d1dg-AywKtfOM1MW8Hw~XdwC6cmXiGKmW77QPwtR3q-5OUp5I2o~~fotL52-4xK9X6bnisCW3LtxuhUjRnHnUblUjXMlG~j2neWsKyaxsw2bi7nBSl0m80Wcnb~TMYD5lbY0jp8Rd8SVhaLk2BuZytTts1W-usnBtNQY6tufi3e1V~CgNgahBVIL2xJ4ovnfBD9saUhOIC9gQDCgH9yzVAvBQ~LYPxe5ve5d3T3dfWwEQUVdQ7SGIXdevlF2-iyJKW5AwSJhxYYA__&Key-Pair-Id=KUT5TJCACFTXG","Several members used questioning time to press Treasury Secretary Scott Bissett on the administration\u0000tariff program and the status of trade negotiations. Lawmakers asked which countries the administration was close to striking deals with and whether China was part of current negotiations.

Bissett declined to name negotiating counterparties in the hearing, saying disclosure \"would not benefit The United States\" while talks were ongoing; he told the committee he planned to travel to Switzerland and that negotiations would begin on Saturday. He also said trade talks would be led by himself and the U.S. Trade Representative, Ambassador Jamie Greer. On the administration's negotiating posture, he told the committee \"we will reach an agreement, then I am sure that the other countries will live up to [it].\"

Members raised concrete concerns about economic effects. Representative Velasquez pressed the secretary about public statements that talks were \"close,\" asked whether that applied to specific countries and pressed him on the effects of tariffs on small businesses and consumers. Several members cited industry estimates and anecdotal examples: Chairman Hill and others noted home builders' estimates that tariffs could add roughly $11,000 to the cost of a new home; Representative Presley described that many common baby products such as car seats are imported and said higher tariffs would raise costs for new parents. Bissett said tariff negotiations were underway with 18 trading partners and that some negotiations were \"quite advanced.\"

Why it matters: Tariffs affect prices for consumers and input costs for manufacturers. Committee members called for exemptions or targeted relief for items members described as essential, and asked Treasury to coordinate trade talks to limit short‑term harm while pursuing reshoring and industrial policy goals.

What happened next: Members said they would submit follow‑up questions and requested written information about specific sector impacts and about the administration's negotiating timeline; the secretary did not announce any immediate tariff exemptions on the record.

Sources: questioning during the full committee hearing; Secretary Scott Bissett's oral testimony and members' remarks.","Members of both parties questioned Secretary Bissett about the administration's tariffs, the status of trade negotiations with China and other partners, and the tariffs' economic impact on U.S. consumers and manufacturers.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":116,"_47":117,"_49":118,"_51":119,"_53":120,"_55":56,"_57":58,"_59":121,"_61":62,"_63":64,"_65":122,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6568081,"Lawmakers press Treasury secretary on private access to Treasury and CFPB systems",303,2053000,2356000,"/Search/View?dp=1&key=3216859-f99bda1e0f0789367d06edb8c00b5f91&start=2053&end=2356","https://assets.pipeline.soar.com/3216859-f99bda1e0f0789367d06edb8c00b5f91/thumbnail_2053000.jpg","/articles/6568081/Lawmakers-press-Treasury-secretary-on-private-access-to-Treasury-and-CFPB-systems","https://secure.pipeline.soar.com/6568081-355d42fb11315c1b5b071b217c543146/orig.mp4?Expires=1770939461&Signature=AJI3drvVd6zAQpASLhTe0DN1v-YA9bPLtu1SOu0kkLZk-X4eDahpFs9KcqeDVlimbcFueTfuzwFYlU79tSVHngTQazZppSlyKhjBiYqDH7p~8xCysMfPPHAryf502OE5bepUy-epeTOUl7c0i4KOj4yktxkCrgXLbnrcB6xHFco~vT3IvrVnCk-ouC7WrNScvK4xW3rd9nH8H0Oxc9ntQvpcryA3TxoGNgp97AL5atRDY0lmDa-APZ2wVvBjEthkZXeb9WNcuOVagPS1lQ9syX74awu1s2REG3ezTaE8-DUcAOC1Hgd0svz7rFxLzPDigpNyiaQHbkDtQwKDKfa2~Q__&Key-Pair-Id=KUT5TJCACFTXG","Representative Maxine Waters, the committee's ranking member, used her opening statement to press Secretary Scott Bissett on a series of allegations about private access to Treasury and Consumer Financial Protection Bureau systems. Waters said outside individuals linked to an investor group had been given access to government payment and consumer data, at one point asking, \"You still threw up the gates of our finance system open to Elon Musk and his band of 22 year olds. Yes or no?\"

Bissett replied to the committee that individuals working with outside firms were Treasury employees and that the access granted was \"read only.\" When Waters pressed whether any information had been downloaded by outside workers, Bissett said, \"Not to my knowledge.\" He also said that two Treasury employees had been involved in the work at issue and defended the safeguards the department put in place.

Later exchanges with other members repeated the key factual points and disputes: members cited press reports that a Treasury official had been placed on administrative leave and that outside contractors had been given rights-level access; Bissett told the committee those press reports were inaccurate and said, \"no one was given write access.\" He acknowledged litigation and said the department would respond to members' written questions.

Why it matters: Committee members raised national security and privacy concerns about who can access sensitive Treasury and consumer data. The claims prompted requests for documents and more detailed responses; the committee set a June 2 deadline for written follow-up from Treasury at the hearing\u0000close.

Sources: multiple exchanges in the full committee hearing; opening remarks and questioning by Representative Maxine Waters and back-and-forth answers from Secretary Scott Bissett.","Ranking Member Waters and other Democrats accused Treasury of granting private persons access to Treasury and CFPB systems; Secretary Scott Bissett said employees were given \"read only\" access and disputed some press accounts about staffing changes.","actionData","errors"]

Article not found

Treasury secretary urges IMF and World Bank to refocus; lawmakers press for SDR and RST reforms

Lawmakers press Treasury on CDFI cuts, BOI enforcement changes and regulator nominations

Treasury says it is targeting Chinese entities linked to fentanyl trade; members press on Burma and Iranian oil

Committee presses Treasury on tariffs, China talks and impact on U.S. consumers and industry

Lawmakers press Treasury secretary on private access to Treasury and CFPB systems