The Honorable Harry Reid
Majority Leader
United States Senate
Washington, DC 20510

The Honorable John Boehner
Speaker
U.S. House of Representatives
Washington, DC 20515

The Honorable Mitch McConnell
Minority Leader
United States Senate
Washington, DC 20510

The Honorable Nancy Pelosi
Minority Leader
U.S. House of Representatives
Washington, DC 20515

Dear Leaders:

On behalf of the over 200 chief executive officers who are members of the Business Roundtable, I urge the Senate and House to promptly pass important International Monetary Fund (IMF) quota and governance reforms. By passing these IMF reforms, Congress can help maintain U.S. economic leadership around the world and ensure Ukraine and other countries in the future have access to additional resources from the IMF to help restore their economic stability.

All other major countries, including important U.S. allies, have ratified these IMF reforms, which the G-20 Leaders (including the United States) and the IMF's 188 members had committed to implement by October 2012. However, the reforms and their resulting benefits for the United States will not be implemented and realized until Congress passes them.

With more than one in five American jobs supported by international trade and 96 percent of the world's consumers outside the United States, U.S. economic growth increasingly depends on trade and investment between the United States and the rest of the world. From the IMF's founding in 1944 to the Latin American debt crisis in the 1980s, the Asian financial crisis in the 1990s and the recent global economic crisis, the IMF has played a central role in ensuring the economic stability of our trading partners. This has helped keep markets for U.S. goods and services open and supported U.S. growth and jobs. Congressional passage of the IMF reforms will enable the IMF to continue to play this important role in Ukraine and other countries.

As a result of the United States' successful negotiations on these IMF reforms in recent years, Congressional action on these reforms involves no new cost to the United States. The reforms will not increase the U.S. financial contribution to the IMF, but rather only make an accounting change in how the current U.S. contribution is made. No increased U.S. risk is expected from these reforms. In fact, the IMF has a solid balance sheet and track record, having never
defaulted on any U.S. reserve claims on the IMF since its founding.

Prompt Congressional action on the IMF reforms will also advance important U.S. economic security and foreign policy interests. Such action is needed to maintain U.S. leadership in the IMF and the international financial system. If Congress fails to act, it will cede U.S. influence and leverage in the IMF and international financial system to China, India, Brazil, and other countries, as well as, ironically, Russia.

Moreover, Congressional action on the IMF reforms will result in these and other countries having to increase their financial contributions to the IMF. This will help encourage China and these other countries to be more responsible and collaborative participants in the interconnected global economy.

We therefore urge Congress to promptly pass these critically important IMF reforms.

Sincerely,

John Engler
JE/dt