By Brandon Moseley
Alabama Political Reporter
Congressman Spencer Bachus (R) from Vestavia said in a written statement that American taxpayers should not be forced to pick up the tab for the profligate spending policies of other countries.” The senior member of the Alabama delegation to the United States House of Representatives and the Chairman of the House Financial Services Committee said that Obama Administration Treasury Secretary Tim Geithner will appear before the Committee on Tuesday, March 20.
Chairman Bachus said, “In the last year the IMF has taken significant steps to bail out struggling European nations in hopes of containing the sovereign debt crisis,” said Congressman Bachus. “American taxpayers should not be forced to pick up the tab for the profligate spending policies of other countries. This hearing is an opportunity for Secretary Geithner to explain how the Administration will prevent U.S. taxpayer funds from being used to bail out Europe.”
Chairman Bachus and other Republicans on the Financial Services Committee sent a letter in January to Secretary Geithner about their opposition to the use of American taxpayer dollars to bail out Europe.
“The European Union includes four of the ten wealthiest countries in the world. European countries have the ability to implement austerity measures to reduce their countries’ debt over the long term and they also have the means to restore confidence to markets,” Chairman Bachus and the other Committee Republicans said in that January letter.
The United States Treasury Secretary has to appear before the Committee each year to report on major issues affecting U.S. participation in international financial institutions like the International Monetary Fund (IMF). On Tuesday, the Treasury Secretary will discuss the state of the international financial system with the members of Financial Services Committee.
In January the IMF requested $500 billion to finance a fund to back stop European banks and governments as the Eurozone debt crisis worsened. The United States is the largest member country in the IMF. Chairman Bachus and the Republicans on the House Financial Services Committee as well as Senator Shelby (R) from Alabama have asked that the Administration not to use taxpayer funds to subsidize Europe’s financial programs by making more contributions to the International Monetary Fund (IMF).
Rep. Bachus’s office says that the hearing with Treasury Secretary Geithner will take place on Tuesday, March 20 at 10 a.m. in room 2128 Rayburn.
Tuesday, the Republicans in Alabama’s Sixth Congressional District voted to reelect Congressman Spencer Bachus for an eleventh term in the U.S. House of Representatives over three challengers. Congressman Bachus will still have to face Alabama Democratic Party opponent retired U.S. Air Force Colonel Penny Huggins Bailey from Leeds on November 6th General Election ballot.
To Read Bachus’s Statement in its entirety: