International Monetary Fund Quota Increase Statement on Signing S. 2271 Into Law.

This act authorizes United States participation in a 50-percent increase in quotas in the International Monetary Fund. The quota increase is essential to enable the IMF to support a stable international monetary system and the open world economy so important to our own economy and the strength of the dollar.

Our participation is important not only because we have a deep self-interest in the health of the world economy but also because our quota gives us important financial rights and influence over decisions in the international monetary system. Many Americans do not realize that of the entire membership of the IMF, the United States is itself the second largest user of IMF resources. For example, we drew $3 billion in German marks and Japanese yen from the IMF in November 1978—a critical part of our highly successful program to combat speculative attacks against the dollar and restore its strength and stability, which have remained ever since.

The appropriation for the quota increase passed the House by a large margin on September 25. The Senate was unable to complete action before it recessed last week. It is extremely important to our Nation and the world that the Senate take this up as a priority item and complete legislative action when it reconvenes in November.