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Republicans Demand Block Of US IMF Funding To Bail Out Europe | ZeroHedge...while Bernanke does not have any direct checks and balances-type supervision (the private Fed is merely beholden to its bank supervisors - just note the Class A directors on the FRBNY's Board) and does not have to concern himself too much with the nuances of perjury, the same can not be said about the US Secretary of the Treasury, for at most another 11 months, Tim Geithner, who doesn't have very powerful interests watching over him. It is Tim Geithner who would ultimately be the person responsible for permitting any IMF (of which America is the largest quota member, and thus, funder) capital transferm in which US taxpayer capital is used to rescue the lost cause known as Europe.
Republicans Leaders of Financial Services Committee Oppose Taxpayer Bailout of Europe | House Committee on Financial ServicesRepublican leaders of the House Financial Services Committee are seeking assurances from the Obama Administration that U.S. taxpayers will not bear the burden of bailing out debt-ridden European governments.
In a letter sent Wednesday to Treasury Secretary Timothy Geithner, Chairman Spencer Bachus, Vice Chairman Jeb Hensarling and the chairmen of the Committees six subcommittees ask for confirmation that the Administration will not use taxpayer funds to subsidize Europes financial programs through additional contributions to the International Monetary Fund (IMF).
The IMF has requested up to $500 billion to respond to the Eurozone debt crisis. The U.S. is the IMFs largest member country.
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.
