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Ron Paul: Repeal, Don’t Reform the IMF!

The Gilmer Free Press

A responsible financial institution would not extend a new loan of between 17 and 40 billion dollars to a borrower already struggling to pay back an existing multi-billion dollar loan. Yet that is just what the International Monetary Fund (IMF) did last month when it extended a new loan to the government of Ukraine. This new loan may not make much economic sense, but propping up the existing Ukrainian government serves the foreign policy agenda of the U.S. government.

Since the IMF receives most of its funding from the United States, it is hardly surprising that it would tailor its actions to advance the U.S. government’s foreign policy goals. The IMF also has a history of using the funds provided to it by the American taxpayer to prop up dictatorial regimes and support unsound economic policies.

Some may claim the IMF does promote free markets by requiring that countries receiving IMF loans implement some positive economic reforms, such as reducing government spending. However, other conditions imposed by the IMF, such as that the country receiving the loan deflate its currency and implement an industrial policy promoting exports, do not seem designed to promote a true free market, much less improve the people’s living standards by giving them greater economic opportunities.

The problem with the IMF cannot be fixed by changing the conditions attached to IMF loans. The fundamental problem with the IMF is that it is funded by resources taken forcibly from the private sector. By taking resources out of private hands and giving them to IMF bureaucrats, government distorts the marketplace, harming both American taxpayers and the citizens of the countries receiving the IMF loans. The idea that the IMF is somehow better able to allocate capital than are private investors is just as flawed as every other form of central planning. The IMF must be repealed, not reformed.

The IMF is not the only U.S. institution that manipulates the global economy. Over the past several years, a mysterious buyer, identified only as “Belgium,” so named because the buyer acts through a Belgian-domiciled account, has become the third-largest holder of Treasury securities. Belgium’s large purchases alway s occur at opportune times for the U.S. government, such as when a foreign country sells a large amount of Treasuries. “Belgium” also made large purchases in the months just after the Fed launched the quantitative easing program. While there is no evidence this buyer is working directly with the U.S. government, the timing of these purchases does raise suspicions.

It is not out of the realm of possibility that the Federal Reserve is involved in these purchases. The limited audit of the Federal Reserve’s actions during the financial crisis that was authorized by the Dodd-Frank Act revealed that the Fed actively intervenes in global markets.

What other deals with foreign governments is the Fed making? Is the Fed, like the IMF, working to bail out Greece and other EU countries? Is the Fed working secretly to aid U.S. foreign policy as it did in the early 1980s, when it financed loans to then-U.S. ally Saddam Hussein? The lack of transparency about the Fed’s dealings with overseas central banks and foreign governments is one more reason why Congress needs to pass the audit the fed bill.

By taking money from American taxpayers to support economically weak and oftentimes corrupt governments, the IMF distorts the market, enriches corrupt governments, and harms both the American taxpayer and the residents of the counties receiving IMF “aid.“ It is past time to end the IMF along with all instruments of American interventionist foreign policy.

WV Legislative Update: Delegate Brent Boggs - Minority House Finance Chairman - 03.30.15

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It’s late Sunday evening and with my return to the railroad after the legislative session concluded, I’ve ended up working Sunday through Thursday for the past two weeks.  However, I’m looking forward to being home for a long Easter weekend with Jean and as many of our family as can make it home.

Thus far, Governor Tomblin has signed 165 bills into law from the 2015 session.  As of last Friday, the Governor has vetoed the following bills, not including bills vetoed for technical reasons and amended, per the request of the Executive before the session adjourned:

SB 347 Creating Firearms Act of 2015

HB 2187 Encouraging public officials to display the national motto on all public property and public buildings

HB 2571 Creating a fund for pothole repair contributed to by private businesses or entities

Additionally, the Governor has the following 75 bills remaining to act upon in the next few days:

SB 12 Relating to payment of separated employee’s outstanding wages

SB 19 Specifying minimum early childhood education program instruction days

SB 30 Permitting shared animal ownership agreement to consume raw milk

SB 37 Creating Revised Uniform Arbitration Act

SB 88 Creating WV Clearance for Access: Registry and Employment Screening Act

SB 140 Amending State Administrative Procedures Act

SB 142 Authorizing Department of Administration promulgate legislative rules

SB 170 Authorizing Bureau of Commerce promulgate legislative rules

SB 182 Authorizing Department of Military Affairs and Public Safety promulgate legislative rules

SB 192 Authorizing Department of Transportation promulgate legislative rules

SB 195 Authorizing Conservation Committee promulgate legislative rule relating to financial assistance programs

SB 199 Authorizing miscellaneous agencies and boards promulgate legislative rules

SB 234 Relating to operation and regulation of certain water and sewer utilities owned by political subdivisions

SB 274 Relating to TANF program sanctions

SB 284 Relating to chief law-enforcement officer’s requirement to certify transfer or making of certain firearms

SB 286 Relating to compulsory immunizations of students; exemptions

SB 286 Relating to compulsory immunizations of students; exemptions

SB 287 Providing posthumous high school diplomas

SB 287 Providing posthumous high school diplomas

SB 295 Establishing appeal process for DHHR Board of Review and Bureau for Medical Services decisions

SB 304 Relating to farmers markets

SB 312 Relating to disqualification of general election nominees for failure to file campaign finance statements

SB 315 Relating to civil actions filed under Consumer Protection Act

SB 316 Exempting new veteran-owned business from certain fees paid to Secretary of State

SB 323 Relating to Municipal Home Rule Pilot Program

SB 363 Establishing maximum rates and service limitations for reimbursement of health care services by Court of Claims

SB 389 Relating to Board of Registration for Professional Engineers license renewals and reinstatements

SB 389 Relating to Board of Registration for Professional Engineers license renewals and reinstatements

SB 389 Relating to Board of Registration for Professional Engineers license renewals and reinstatements

SB 393 Reforming juvenile justice system

SB 425 Relating to investments by MU, WVU and WVSOM

SB 435 Creating WV Sheriffs’ Bureau of Professional Standards

SB 435 Creating WV Sheriffs’ Bureau of Professional Standards

SB 436 Relating to State Athletic Commission

SB 439 Relating to higher education personnel

SB 445 Relating to investment of RJCFA funds

SB 447 Allowing issuance of diploma by public, private or home school administrator

SB 453 Relating to motor vehicle dealers, distributors, wholesalers and manufacturers

SB 481 Relating to municipal policemen’s and firemen’s pension and relief funds’ investment

SB 483 Relating to municipal policemen’s and firemen’s pension and relief funds’ trustees

SB 510 Amending Uniform Interstate Family Support Act

SB 518 Permitting county and municipal economic development authorities invest certain funds

SB 523 Creating Alcohol and Drug Overdose Prevention and Clemency Act

SB 529 Relating to PERS, SPRS and TRS benefits and costs

SB 529 Relating to PERS, SPRS and TRS benefits and costs

SB 542 Clarifying provisions of Consumer Credit and Protection Act relating to debt collection

SB 549 Establishing classifications and salary schedules for State Police forensic lab civilian employees

SB 574 Relating to liquor sales by distilleries and mini-distilleries

SB 576 Relating to internet protocol-enabled service and voice over internet protocol-enabled service

SB 577 Allowing higher education governing boards invest certain funds with nonprofit foundations

SB 582 Relating to Herbert Henderson Office of Minority Affairs

SB 584 Transferring Cedar Lakes Camp and Conference Center to private, non-stock, not-for-profit corporation

HB 2128 Permitting those individuals who have been issued concealed weapons permits to keep loaded firearms in their motor vehicles on the State Capitol Complex grounds

HB 2160 WV Schools for the Deaf and Blind eligible for School Building Authority funding

HB 2201 Requiring the Public Service Commission to adopt certain net metering and interconnection rules and standards

HB 2201 Requiring the Public Service Commission to adopt certain net metering and interconnection rules and standards

HB 2240 Providing that an act of domestic violence or sexual offense by strangling is an aggravated felony offense

HB 2266 Relating to the publication requirements of the administration of estates

HB 2283 Authorizi ng the Department of Environmental Protection to promulgate legislative rules

HB 2395 Storm Scammer Consumer Protection Act

HB 2461 Relating to delinquency proceedings of insurers

HB 2496 Adopting the Interstate Medical Licensure Compact

HB 2536 Relating to travel insurance limited lines producers

HB 2576 Creating new code sections which separate the executive departments

HB 2595 Relating to certificates of need for the development of health facilities in this state

HB 2636 Exempting information contained in a concealed weapon permit application from the Freedom of Information Act

HB 2662 Eye Care Consumer Protection Law

HB 2733 Removing certain combinations of drugs containing hydrocodone from Schedule III of the controlled substances law

HB 2772 Expiring funds to the unappropriated surplus balance in the State Fund, General Revenue, from the Auditor’s Office - Purchasing Card Administration Fund

HB 2776 Relating to prescribing hydrocodone combination drugs for a duration of no more than three days

HB 2790 Relating to minimum responsibility limits of car insurance

HB 2879 Relating to certain limitations on amount of state funds on deposit in any depository

HB 2902 West Virginia ABLE Act

HB 2931 Adding drugs to the classification of schedule I drugs

HB 2999 Relating to neonatal abstinence centers

In the interim, send your inquiries to my home office at:  151 Park Street, Gassaway, WV 26624 or fax 304.364.8711.  If you have an interest in any particular bill or issue, please let me know.  For those with Internet access, my legislative e-mail address is:

Send your inquiries to the Capitol Office at:  Building 1, Room 462-M, Charleston, WV 25305.  Or, call Nancy Butcher in the Finance Committee office at 304.340.3230; or fax to 304.340.3388.  If you have an interest in any particular bill or issue, please let me know.  For those with Internet access, my e-mail address is: .

You may also obtain additional legislative information, including the copies of bills, conference reports, daily summaries, interim highlights, and leave me a message on the Legislature’s web site at www.legis.state.wv.us/.  When leaving a message, please remember to include your phone number with your inquiry and any details you can provide. Additional information, including agency links and the state government phone directory, may be found at www.wv.gov. Also, you may follow me on Facebook at “Brent Boggs”, Twitter at “@DelBrentBoggs” , as well as the WV Legislature’s Facebook page at “West Virginia Legislature” or on Twitter at twitter.com/wvlegislature.

Continue to remember our troops - at home and abroad - and keep them and their families in your thoughts and prayers.  Until next week – take care.

MEMORANDUM: Senator Capito’s Weekly Address to West Virginians‏ - March 27, 2015

The Gilmer Free Press

Hi, I’m Senator Shelley Moore Capito and this is my weekly Senate update.

On Monday, I chaired a field hearing of the Senate Environment and Public Works Committee in Beckley, West Virginia.

I was joined by Congressman Evan Jenkins and several witnesses to discuss the impact of overreaching EPA carbon regulations on our state.


As I wrote in an op-ed for the Beckley Register-Herald, this hearing gave West Virginians a chance to make our voices heard and a platform to stand up for our economy, our jobs and our coal miners.

While there is no question that we must take steps to protect our environment, it simply cannot be at West Virginia’s expense.

This is a message I hammered home on the Senate floor on Tuesday when I spoke in favor of a balanced budget that recognizes the importance of American energy production and reforms to environmental regulations.

This week I also joined with a bipartisan group of Senators to introduce legislation that reauthorizes the Appalachian Regional Commission and establishes a High-Speed Broadband Development Initiative to improve broadband service in West Virginia.

Improving broadband is one of my top priorities, and I am committed to ensuring West Virginia has the resources needed to succeed.

For more news from my office, please visit www.capito.senate.gov.
                                                        The Gilmer Free Press

Op-Ed™: Hearing Offers West Virginians a Platform to Make Voices Heard

The Gilmer Free Press

In West Virginia, our electricity generation and economic success is closely linked to the health of the coal industry. Coal fuels our energy and manufacturing sectors, it keeps the lights on in our schools and hospitals, and it helps fund our state and local governments.

Coal is the lifeblood of our economy and a source of great pride for countless West Virginians trying to make a good life for their families, just like the generations of coal miners before them.

It is no secret to anyone in southern West Virginia that the Environmental Protection Agency (EPA) has proposed unprecedented — and illegal — regulations aimed at decreasing carbon emissions by making it nearly impossible to use coal.

These regulations are part of President Obama’s Climate Action Plan, and they threaten to wipe out West Virginia’s vital coal industry.

Since taking office in January, I have been hard at work alongside my colleagues on the U.S. Senate Environment and Public Works (EPW) Committee pursuing legislative options for reining in the EPA’s overreach and stopping this assault on West Virginia’s coal jobs.

Last month, EPA Acting Assistant Administrator Janet McCabe came before the EPW committee to discuss the agency’s proposed carbon regulations for new and existing power plants. I asked her to explain why the EPA did not hold a public hearing on its proposed climate rules in West Virginia, despite the large role coal plays in our economy and multiple invitations from federal and state legislators.

She told me public hearings were held where people were “comfortable” going.

While it may be uncomfortable for EPA officials to face the coal miners whose very livelihoods are threatened by these misguided regulations, West Virginians deserve the opportunity to make their voices heard. This is why the Senate EPW committee is holding a field hearing in Beckley today.

As chairman of the EPW Committee’s Clean Air and Nuclear Subcommittee, I will lead an open and robust discussion about the cumulative impacts of the EPA’s carbon regulations in the nation’s second-largest coal-producing state.

~~  Senator Shelley Moore Capito, (R-WV)  ~~

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