NW Kentucky News

House Committee on Oversight and Accountability Chairman James Comer, along with Congressmen Clay Higgins and Troy Nehls, have requested the U.S. Government Accountability Office (GAO) to evaluate the U.S. Treasury Department's adherence to legal mandates intended to protect American industries, such as the shrimp industry.

The lawmakers expressed concerns that "the U.S. Treasury Department may not be in compliance with statutory requirements to oppose projects seeking economic assistance before international monetary institutions that pose direct competition to American industries." They emphasized the importance of ensuring "American tax dollars are not used to undermine American industries in international economic decisions while representing the United States on global financial boards like the International Monetary Fund and the World Bank."

According to 22 U.S.C. § 262h, the Treasury Department is required to "...use the voice and vote of the United States to oppose any assistance by such institutions" for commodities or minerals that are surplus on world markets if their export would harm U.S. producers. An examination of voting records since 2004 shows that U.S. directors have supported projects 25,041 times (88.7%), abstained 2,325 times (8.2%), and opposed only 880 projects (3.1%).

The lawmakers noted that "since 2006, U.S. directors have either supported or abstained from voting at least 17 times on projects involving industries that directly compete with the U.S. shrimp industry—an industry facing severe challenges due to foreign shrimp dumping." They urged a review by GAO Comptroller General Gene Dodaro to determine if the Treasury Department has fulfilled its obligations under this statute.