a bill to require the united states executive director at the international monetary fund to advocate for increased transparency with respect to exchange rate policies of the people's republic of china, and for other purposes. the speaker pro tempore: pursuant to the rule, the gentleman from arkansas, mr. hill, and the gentleman from california, mr. vargas, each will control 20 minutes. the chair recognizes the gentleman from arkansas. mr. hill: thank you, mr. speaker. i ask unanimous consent that all members may have five legislative days in which to revise and extend their remarks and include extraneous material on this bill. the speaker pro tempore: without objection. mr. hill: thank you, mr. speaker. i yield myself such time as i may consume. mr. speaker, i rise in support of h.r. 692, the china exchange rate transparency act. i want to thank my friend, the gentleman from pennsylvania, mrp in crafting and sponsoring this legislation. i also want to congratulate him for assuming the chairmanship of the financial services subcommittee on oversight and investigation for this, the 119

if you permit, my vision of what is at stake in the world according to the monetary fund, the imf. the size of your economy is beyond dispute. 1.4? yes. is enormous. no question. but economists reckon that to become fully developed, to use that phrase, i.e. let me put it to you differently. where has the developed country been defined? point one. i mean, i know of no definition in the multilateral system. development has to be all comprehensive. i think in many respects we are already better developed but i ask you the broad question, because you are a key extraordinary growth path that you outline, then in fact, they are going to dominate global energy markets to a very real extent. it's going to leave india very energy dependent on outside energy sources, is it not? not really. availability has been lacking and you have to resource from outside. japan being a case in point, but i won't go down that road. to be, pretty much 90% of your oil needs come from outside. but our domestic e&p or exploration and production, point one are biofuel blending. so 20% of all the fuel consumed at

dominance through legal mechanisms and institutions such as the world bank and the international monetary fund. now the non western old global south world has regained its strength and the organizations and agreements that have been established a solidifying this known western world to. well, my colleague, i'm a ride home on me and they discuss donald trump's trade moves on the global reaction. we've experts from 3 banks contracts us go far, let us break this down, this idea that that has to be some common break scott and see read this chord. how being an idea of m, that one on the 5 board members back in 2022 or something. now we have a big splash, which is in an ever expanding mode. so i do not believe a common currency is the idea which breaks of working on the yeah, well being on a boss get up kind of sees, you can actually go currencies, you create international trade and local currencies with each other. so this idea is not something which is for a fee of electron and catch a 2nd thing. the breaks class of nations of working on connecting the payment mechanism and the payment system. so

dominance through legal mechanisms and institutions such as the world bank of the international monetary fund. now the non western old global south world has regained its strength and the organizations and agreements that have been established a solidifying this known western world. what am i calling the right mommy discuss donald trump. trade we use with global experts from 3 books countries of us before like us break this down, this idea that that has to be some common break scott and see read this chord. how being an idea of m that a lot, only 5 go to members back in 2022 or something. now we have a big splash, which is in an ever expanding mode. so i do not believe a common currency is the idea which breaks up working on the well being on a boss get up kind of sees from nashville, currencies, read international trade and local currencies with each other. so this idea is not something which is 4 to see of electronic catch. a 2nd thing with a bit explanation of working on connecting the payment mechanism and the payment system. so that helps with what we saw in the last time it as well as a

dominance through legal mechanisms and institutions, such as the world bank and the international monetary fund. now the non west and old global south world has regained its strength and the organizations and agreements that have been established a solidifying this known western world. well, my colleague mark how mommy discussed donald trump's trade moves. i'm the global reaction with x, but some 3 brick countries. us before, let us break this down, this idea that that has to be some common breaks guarantee. read this chord, how being an idea of m, that one on the 5 go to members back in 2032 or something. now we have a big splost, which is in an ever expanding mode. so i do not believe a common currency is the idea which breaks of working on the well being on a boss get up, got, and sees. and i spoke of these 3 international trade and local currencies with each other. so this idea is not something which is 4 to see about our daughter tetra, 2nd thing. the breaks class nations of working on connecting the payment from a kind of them and the payment system. so that helps with what we saw in the

ranking 18th highest out of 161 countries for which the ims international monetary fund japan tops thetral government debt at 214% of gdp followed by greece, eritrea, italy, singapore, aren't we proud? not long ago u.s. was among the least indebted countries in 2001 u.s. federal debt was 41% of g gdp. lower than debt levels found in 99 other countries. what happened? obama, the pandemic, and biden. for that is what happened. this is from the u.s. treasury department fiscal report that debt to gdp ratio was approximate 97% at the end of fy 2023. we just talked about that under current policy and based on this report's assumptions it is projected to be and i'm underscoring this, 531% of 2098. they continue to ride the debt to gdp ratio indicates the current fiscal policy unsustainable. unsustainable the word used by the treasury department. unsustainable the word used by the office of management and budget. unsustainable, the word used by the congressional budget office. unsustainable, the word used by the general accountability office. unsustainable but just under $36 trillion in debt.

and i would just say the mexico city as the trump administration, suspension of us who monetary and funding has disrupted essential, essential services and bundle dash long term. it could affect millions of people and some of the poorest areas. tanveer cha, dri reports from doc the us, human attorney, and agencies, bangladesh as the program is its largest in asia, included in the program, our training for the benefits of foot producers, like farmers and small business owners. come rouelis and i'm the owner of a small fish firm in rural northern bangladesh. so he's the have to reprice things to usaid support. now with the president trump, suspending all funding, he's worried about the future off his farm other than they used to support us with fish and machinery, which helped our business. now it's stopped and we have to lay off some walk is hope to renew the program. it would be a big help us aids effort in bangladesh also focused on climate smart agriculture, digital tools, legal aid services, and private sector engagement. done. we'll do this for ease of hip, my wife and me, hard as we bo

the international monetary fund i have to say, said it very clearly, very bluntly.but the others didn't want to be tough. and i sometimes had the feeling i had to be the tough guy in the room or the tough person in the room, but still, i had to keep everything together. and what i thought was very good at the time was that our cooperation didn't really break down over these differences of opinion you always tried, even though your people, i think, and not you from the start, were of my opinion or were ready to understand my line of argument which made it difficult for me. so it was a time where i think we, both of us showed tolerance towards one another in order to go down this road. it was not a given that this would actually come, but in the end it was not always peaceful between us. we were not always sunshine, to put it that way. blue skies, collegial but we had disagreements just to give. we want to give an economic lesson here. but the but but essentially in the financial crisis, you had to stabilize the banks and the financial insurance companies, the big fin

order for it trucks to move it freely between the north and the funding for the hot to cross the mid 3 corridor. but this really monetary often time, in fact, completely, the bards, the vehicles that have prevented them from moving, which cause delay cause of prevention of delivery of much needed aid in the northern part of this trip. it is the whole now with the withdrawal of, from these really monetary, with the small, the flow of vehicles that we're seeing here since they are the hours of the morning . we'll see much of the traffic that aided trucks will made their ways to the northern part of the strip and gotten they were there from here. or the other routes like the uh, the coast underwood, which by the way, up till now its only designated for pedestrians the only road that is allowed for vehicles to drive on is the law. had been roads off the mid 3 uh coral door in the past. these really military tried to offer other alternatives, the crossings at the northern parts, but they were often obstructed and shut down it, preventing much needed, essential aid to come to the part of the ship that caused later on the star

monetary and briefing attempted to topple his administration. a deliberate global lead have use the us budget and us government to fund their own financial and ideological goals with americans all over the world. this was presented as a but in reality it was a tool of political influence. this increase the influence of the left and they all received this money to overthrow the government. in other words, to strengthen the opposition parties and over throw the hon, gary and government. this is what happened, this is trump took office, he hit the pause button on all the for, and funding for 90 days, pending review. when people take a form, a picture feeding starting kids or building wells. but apparently there's a lot more happening behind the scenes like funding a transgender comic books in peru. i transgender themed opera in colombia or even diversity driven musical in ireland. and of course, let's not forget the massive chunk of change going to independent media outlets all around the world, many of which are now suddenly rattling their digital 10 cups online. now that must cause sluggard, their cash cow. oh, and in serbia us tax payers. i'm reading, w

monetary policy is closer to neutral than what a lot of people thought a few months ago. the fact the economy continues to grow at the trend growth rate at a time when the federal funds ratecy does not really -- does not be restrictive at all. the prospect for further rate cuts has diminished considerably. annmarie: for the rest of the year potentially given the political uncertainty? bill: potentially. we have uncertainty about policy in about what's going to happen to tariffs and about deportation and fiscal policy. the fed will be reluctant to take big steps they don't know what the policy mix is going to be in the second half of the year and into 2026. annmarie: we might not know the entire year. it might be like this for four years. what is the fed do? stay on pause forever? bill: powell said the fed would cut if the economy slowed or if inflation came down. it may not be quite that simple. it might be you only cut if the economy slows down. i can see inflation moderating further and the economy staying strong. what is the motivation for cutting rates at that point? it is one of the other. you might actually need not just a fall in inflation but a substantial slowing

exist with respect to federated, monetary policy, versus the general borrowing rates for businesses and consumers? >> you are right, of course. you lowered the federal funds rate. longer rates are going up. they have gone up and down. they are higher. the reason is that we don't control long-term rates. they react to a whole bunch of different things including a sense of more deficit spending coming including expectations of more growth. risk of higher inflation. markets are not pricing in higher inflation. the risk of that is there. that could be a reaction to new policies or not. alternately, the increase in longer-term rates is mostly not about fed policy or our job of maintaining price stability. the term premium in particular. happy to meet with you and go through this in a lot of detail, more than you could do here. >> i would love to do that. one of the concerns i have -- there is so much that the fed can do with respect to rate policy. i wanted to get your views on that. it is also the desire and the conversation happening right now with doge and elon musk and the desires for efficiencies but then also stability in federal spending and bending the

funded. this is a turning point in america. it's time for us to stop being this broke nation of a fiat currency where we keep printing money into infinity, to start having some real monetaryial assets that we can point to for the long-term health of our country. i'm really excited. stuart: it's a big switch. mike lee, appreciate president it, sir. >>> coming up, prime minister benjamin netanyahu is going to be at the white house later today. is he look to get permission to go after iran? >>> tariffs pausedded between the u.s. and mexico. president trump says they've agreed to help crack down on the my my grant crisis. >> they're very strong the on the border now. they're going to put soldiers there. actually, their best military soldiers. and they're going to be at the border, 10,000. that's a lot of soldiers. stuart: border czar tom homan is going to tell us how those mexican troop it is will help. he's going on the on the show. >>> tariffs on china has retaliated. trump and xi jinping expected to talk today. is this a negotiation? the white house press secretary, caroline levies -- karoline leavitt, tells us next. ♪ when the going gets tough, the tough get rough ♪ —hi!

funding bases are stable and we are focused on the basis of banking. >> the gentleman's time has expired. the chair recognizes the gentleman from kentucky for five minutes. >> let me ask you a quick monetary policy, then turned to regulation. i know hindsight is 20/20, but it is important to learn from mistakes. you have conceded that the fed miscalculated on inflation and mischaracterized inflation as transitory in 2021-2022 time period. given that inflation remains stuck above the fed's 2% target, would you commit to scrapping the flexible average targeting framework? and if not, why wouldn't you commit to returning just to a simple 2% target? >> we are just beginning the review. it will be done by the end of the summer, and that is the exact question we will be asking. i cannot commit to a particular outcome. i need to respect the process and views of the other 18 participants. >> i appreciate that. i hope in that process that you and your colleagues recognize that that framework allowed rising inflation to persist and allow the fed to mislabel it as transitory. let me turn to bank regulation. in october of last year, i led a bipartisan code out to basel and met with the committee on b