Yellen Spars With GOP Senator Over Expansion of IMF Funding
- IMF eyeing $650 billion reserves boost to aid poor nations
- Republicans concerned adversaries like Russia will get funding
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Treasury Secretary Janet Yellen is facing fierce Republican opposition for supporting a major expansion in funding for the International Monetary Fund’s efforts to help poor nations cope with the global pandemic.
In a testy exchange on Wednesday during a Senate Banking Committee hearing, GOP Senator John Kennedy said the extra cash influx would direct money from U.S. taxpayers to American adversaries like China, Russia and Venezuela.