I want to begin this hearing by handing the gavel over to Senator Crapo, Vice Chairman of this Subcommittee. I am fortunate to have a Vice Chairman who is actively involved in helping the Subcommittee fulfill its oversight responsibilities. He, as well as Senator Johnson, the Ranking Member of the Subcommittee, have taken an acute interest in studying the international finance issues, particularly the examination of the recommendations of the International Financial Institution Advisory Commission, or the Meltzer Commission.
I commend the Members and staff of the Commission for their hard work in fulfilling the mandate of Congress to examine the international financial institutions. It is my hope that the Congress and the Administration can work together on these issues and recast these institutions into what they were originally intended to be. Based on several statements from Secretary Summers, it appears Treasury supports many of the Commission's recommendations, such as concentrating the IMF on short-term lending and delineating the responsibilities of the IMF and multilateral development banks. But I do understand there are some differences. I look forward to getting a clearer picture of the Administration's position on the bipartisan Meltzer Commission report. It is my hope that we can ultimately bridge the gap between the differences that do exist.