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

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 Treasurywants 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.

Committe…