[Weekly Compilation of Presidential Documents Volume 34, Number 40 (Monday, October 5, 1998)]
[Page 1895]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on the International Economy

September 25, 1998

    At a time of global financial turmoil, we should be working together 
to build a new bipartisan international economic policy that strengthens 
America's competitive edge. Renewing traditional authority is the right 
thing to do, but now was clearly the wrong time to vote on it.
    The House of Representatives should focus its energies on making 
sure that the International Monetary Fund is strong enough to confront 
the financial crisis that threatens our economy today. That legislation 
has strong bipartisan support in the Senate but has become entangled in 
politics in the House. Strengthening the IMF is the single most 
important thing we can do now to protect American farmers, ranchers, and 
workers who depend on exports to make a living.
    At a time when we need to forge a new consensus on trade, Congress 
has chosen partisanship over progress. To move our trade policy forward 
this year, Congress still has time to enact important legislation from 
the Africa trade legislation to the global shipbuilding treaty and the 
Caribbean Basin Initiative. And when Congress returns next year, we 
should do the hard work of building a bipartisan coalition for 
traditional negotiating authority so that we can build on our successful 
record of expanding markets for American goods, services, and 
agricultural exports.

Note: This item was not received in time for publication in the 
appropriate issue.