Cassidy presses Treasury nominee on international funding for shrimp aquaculture he says undercuts U.S. shrimpers

Sen. Cassidy pressed Mr. Green, nominee for Deputy Under Secretary of International Finance at the U.S. Treasury, about whether the United States would oppose international financial institutions that finance export-oriented shrimp aquaculture projects that Cassidy said undercut domestic producers.

"These institutions repeatedly finance projects supporting export oriented shrimp aquaculture in foreign countries which hurts our shrimpers," Cassidy said, citing a 2021 Inter-American Development Bank investment he said helped electrify Ecuador's shrimp sector and arguing that such projects enable foreign producers to increase exports to the U.S. market.

Cassidy added that the U.S. International Trade Commission has found these imports are injuring domestic producers, including those in Louisiana, by driving down prices and profits. He asked directly: "If confirmed, will you ensure that the U.S. opposes these kind of egregious actions by international financial institutions for projects that are basically biased towards foreign competitors who then dump into our market?"

Mr. Green responded, "Senator Cassidy, thank you very much for that question. I share your and your constituents' concerns for specific matters related to the World Bank," and said the topic is not "directly within my portfolio" but that he would work with the senator's office if confirmed. He also invoked, as he described it, President Trump's "America First trade policy" as seeking to address unfair practices such as shrimp dumping and noted he had been told U.S. directors have historically not opposed proposed development funding for shrimp aquaculture.

The exchange centered on whether U.S. representation at bodies such as the World Bank and the Inter-American Development Bank should more actively oppose financing that some lawmakers say advantages foreign producers and harms U.S. fishermen and processors. Cassidy used a 2021 $300 million Inter-American Development Bank investment in Ecuador's shrimp sector as a concrete example; the senator said the investment boosted production and export capacity and that U.S. producers do not receive comparable support.

Mr. Green said he would "look forward to working with you and your office" if confirmed but did not commit in the hearing transcript to a specific change in U.S. voting behavior at international financial institutions. The committee proceeded with other questions after the exchange.