U.S. House Banking Committee Holds Oversight Hearing on New International Financial Architecture (IIA

On March 23, 2000, the U.S. Congress Committee on Banking and Financial Services held a hearing on “Proposals for a New International Financial Architecture,” airing existing alleged abuses and proposed solutions. The hearing also indicated the increasing convergence between the international money movement regime subcomponents of anti-money laundering and financial supervisory policies. Rep. James A Leach, the Committee Chairman, opened the hearing by explaining that the hearing’s chief purpose is to examine efforts to improve the “architecture” of the international financial system. Rep. Leach recalled that the IMF quota increase provisions in the Omnibus Appropriations Act for FY 1999 called for specific IMF reforms in a number of areas and included a requirement for an annual report and testimony by the Secretary of the Treasury on progress made in reforming the institution; on efforts to strengthen the international financial system; and on the compliance of countries that have received IMF conditioned assistance…[more]