U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 

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79–012 2009

111th Congress, 1st Session – – – – – – – – – – – – – House Document 111–45 

A REQUEST FOR FY 2009 SUPPLEMENTAL 

APPROPRIATIONS 

MESSAGE 

FROM

THE PRESIDENT OF THE UNITED STATES 

TRANSMITTING

A REQUEST FOR CHANGES RELATED TO THE INTERNATIONAL 

MONETARY FUND (IMF), INCLUDING AMONG OTHERS, THE U.S. 

QUOTA SUBSCRIPTION TO THE IMF AND U.S. PARTICIPATION IN 

THE NEW ARRANGEMENTS TO BORROW (NAB) 

JUNE 8, 2009.—Message and accompanying papers referred to the 

Committee on Appropriations and ordered to be printed 


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THE WHITE HOUSE, Washington, May 12, 2009. 

Hon. NANCY PELOSI, 

Speaker of the House of Representatives, 

Washington, DC. 

DEAR MADAM SPEAKER: Last month, I asked the Congress to consider changes to the level of borrowing authority for the International Monetary Fund (IMF). Today, I formally transmit this request in the accompanying supplemental budget request. I urge 

that the Congress expand the resources available to the IMF 

through its New Arrangements to Borrow (NAB) and approve a set 

of other proposals to strengthen the IMF, including an increase of 

about $8 billion in the U.S. quota subscription to the IMF. 

The NAB is one mechanism that the IMF utilizes to boost its 

lending ability when its regular resources are at their limit in the 

face of circumstances that threaten the stability of the international monetary system. This increase in the NAB by the United 

States and other countries would provide the necessary resources 

for the IMF to address financial dangers in markets around the 

world, especially those in developing countries impacted by the 

global financial crisis. 

To that end, I request that the Congress approve both the U.S. 

expansion of NAB up to $100 billion and the increase in the U.S. 

quota subscription. 

The size of the NAB is currently $50 billion. This change, and 

the U.S. quota increase, should carry a minimal budget score as it 

is equivalent in some respects to credit activity with very small 

risk. The request provides that the costs of these proposed NAB 

and quote increases will be reflected on a net present value basis. 

This step is crucial for U.S. economic interests. Many of the developing countries that would benefit from the NAB expansion are 

experiencing severe economic decline and a massive withdrawal of 

capital. Should the situation become worse, and should the IMF not 

be in a position to stem the crisis, currencies could collapse. The 

experience with the Asian financial crisis shows that such a massive failure would be a catalyst for steeper drops in U.S. growth, 

jobs, and exports. 

This proposal, first discussed at the international level at the recent G–20 meetings in London, came after broad consultation with 

Congress. The U.S. expansion of $100 billion in the NAB would be 

part of an overall international expansion of $500 billion. We committed to this expansion, and other countries are looking to the 

United States to deliver on our commitment. 

Sincerely, 

BARACK OBAMA. 

Enclosure. 


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[Estimate No. 3, 111th Cong., 1st Sess.] 

EXECUTIVE OFFICE OF THE PRESIDENT, 

OFFICE OF MANAGEMENT AND BUDGET, 

Washington, DC, May 12, 2009. 

The PRESIDENT, The White House. 

Submitted for your consideration is a request for changes related 

to the International Monetary Fund (IMF), including among others, 

the U.S. quota subscription to the IMF and U.S. participation in 

the New Arrangements to Borrow (NAB). 

The request for an increase of about $8 billion in the U.S. quota 

is part of a larger effort to reform the Fund’s governance structure 

to ensure country voting weights reflect the rapid growth and increasing significance of dynamic emerging economies. The United 

States is working within the G–20 to ensure the IMF has the resources necessary to effectively respond to the current financial crisis and, more generally, boost global confidence by demonstrating 

cooperative action. 

This proposal would also provide an increase in NAB, which is 

a mechanism through which the IMF can obtain supplemental financial resources for use in its lending operations when existing resources are substantially drawn down in the face of circumstances 

that threaten the stability of the international monetary system. 

More specifically, this proposal would increase the U.S. participation in NAB by up to $100 billion as part of an overall increase of 

$500 billion. 

The Administration consulted broadly with the Congress on the 

NAB proposal before it was raised internationally at the G–20 

Summit in London in early April and other countries are looking 

to the United States to deliver on the U.S. commitment. 

RECOMMENDATION

I have carefully reviewed these proposals and am satisfied that 

they are necessary at this time. Therefore, I recommend that you 

transmit them to the Congress. 

Sincerely, 

PETER R. ORSZAG, 

Director. 

Enclosure. 


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