Senate Finance panel presses Greenstein on IMF focus, China currency and tariffs

Jonathan Greenstein, President Trump's nominee to be deputy under secretary for international finance at the Treasury Department, told the Senate Finance Committee he would use the United States' shareholder position to press multilateral organizations to return to their core mandates and to step up surveillance of currency practices.

Greenstein said, "we have the opportunity to use our position, to push the IMF to refocus on its core mission, promoting international monetary cooperation, facilitating the balanced growth of international trade, encouraging economic growth, and discouraging harmful macroeconomic and financial policies such as currency devaluations." He also told senators he would work with the committee and Treasury colleagues to address trade imbalances and foreign-exchange opacity.

Why it matters: the deputy under secretary oversees U.S. policy and representation at the IMF, World Bank, the G7 and G20 — institutions that shape lending, surveillance and global financial rules. Senators said those decisions affect U.S. exporters, farmers and industries and asked how the administration's trade and tariff policies interact with Treasury's international financial work.

Committee exchanges covered three main areas. First, on multilateral institutions: Greenstein said the United States, as the IMF's largest shareholder, can push for "stronger analysis" in macroeconomic surveillance, better lending outcomes and more transparency on public debt. He told Chairman Mike Crapo the Treasury would "push the IMF to refocus on its core mission" if he were confirmed.

Second, on China and currency policy: Senators asked what Treasury is doing about China's exchange-rate transparency and alternative payment systems. Greenstein said he shared concerns about China's economic imbalances and said Treasury's foreign-exchange report could support designations when evidence indicates intervention. He added the U.S. should also evaluate improvements to U.S. payment systems to reduce foreign alternatives' appeal.

Third, on tariffs and trade impacts: multiple senators pressed Greenstein on whether U.S. consumers and businesses pay the president's tariffs. Greenstein repeatedly deferred tariff specifics to the administration's trade team and said his portfolio would focus on non-tariff measures such as currency practices. Senator Ron Wyden and others warned that tariffs have raised costs for farmers and manufacturers and said Treasury officials should be candid about those economic effects.

Senators also raised specific World Bank and regional-lending concerns. Senator Bill Cassidy asked whether U.S. directors should oppose projects that U.S. producers say result in dumped imports — citing shrimp aquaculture lending to Ecuador — and Greenstein said he shared the concern and would work with members where his portfolio permitted.

On implementation timing, senators asked about administrative guidance for tax provisions tied to climate and energy credits (for example, the clean fuels credit under Internal Revenue Code §45Z). Greenstein referred detailed timing questions to the Office of Tax Policy and said he would coordinate with Treasury colleagues if confirmed.

Chairman Crapo closed by thanking both nominees and saying he looked forward to voting in favor of the nominations. The committee set a deadline for written questions for the record.

The hearing produced no formal committee action during the session; senators asked multiple follow-up questions and sought written responses for the record.