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92-652: Sponsored by Sen Claiborne Pell the bill was introduced as S.2532 into the Senate on April 7, 1992, and would later pass in the Senate on July 2, 1992 by the House on August 6, 1992. Sponsoring this bill addressed numerous interests of Pells as it supported democracy and free markets critical in the time of the Soviet Collapse. The FSA was signed into law on October 24, 1992, by President George H. W. Bush and assigned Public Law No.102 - 511. The legislative process of

184-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At

276-544: A bipartisan universal health care bill that advocated the creation of a health insurance program run by the federal government to provide coverage to every person in America. Pell served as Chairman of the Senate Foreign Relations Committee from 1987 to 1995. In 1990 he was re-elected to his sixth and last term of the Senate. In 1996, his last full year in the Senate, Pell voted against

368-483: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to

460-458: A campaigner. During his first campaign, when he was accused of carpetbagging , Pell published newspaper advertisements featuring a photograph of his grand-uncle Duncan Pell , who had served as Lieutenant Governor of Rhode Island during the 1860s, thus demonstrating Pell's association with the state. When Briggs called him a "creampuff" during their 1966 campaign, Pell turned that to his advantage and mocked Briggs by obtaining an endorsement from

552-417: A local baker's union. During his first campaign, Pell also used his foreign experience to great advantage, impressing some largely immigrant audiences in person and on the radio by campaigning in their native languages. Pell was known for unusual beliefs and behaviors, including wearing threadbare suits, using public transportation and purchasing cheap used automobiles despite his wealth, and an interest in

644-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there

736-415: A quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of

828-483: A raid on a Greenwich Village homosexual bar in 1964. Pell denied the allegation and there were no police records, witness statements or other sources to corroborate Winter-Berger. Despite legal advice to sue for defamation, Pell declined, deciding that it would draw undue publicity to the allegations. Pell voted in favor of the 24th Amendment to the U.S. Constitution , the Civil Rights Act of 1964 ,

920-525: A shift occurred within these hearings as Congress aimed to support the newly independent states individually. House and Senate both considered economic assistance but were primarily considered with nuclear disarmament efforts. Having just negatively dealt with the Soviet Union for decades, it was heavily implied that moving forward, the US would be skeptical and precise in its dealings with Russia; hence, when

1012-571: A shutdown and spread of nuclear weapons. Created through the act are the U.S. Civilian Research & Development Foundation , the Armenia School Connectivity Program and other organizations founded to foster growth in the former Soviet Union . Although generous the United States was in 1992, their wishes and goals for this Act were met, and they still couldn’t help fully resolve issues, especially concerning

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1104-458: A small but notable provision focused on nuclear nonproliferation and disarmament, as well as securing Soviet Union nuclear weapons, minimizing former Cold War fears. The Act also allocated humanitarian resources for education, food distribution, and healthcare, and, most importantly, it promoted democracies by funding civil society organizations and fair and free elections. All of these provisions and more would allow once-authoritarian regimes to enter

1196-471: A world dominated by democracy and free trade properly. In a twenty-year update following the passing of the Freedom Support Act, the United States had successfully provided $ 15 billion in assistance to 12 countries of the former Soviet Union. The United States supported NGOs, economic reforms, promoting human rights, establishing enterprise funds, and building independent media while addressing

1288-503: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors

1380-933: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via

1472-577: Is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around the world." Established in July of 1944 at the Bretton Woods Conference , primarily according to

1564-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as

1656-520: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,

1748-730: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by

1840-515: The Defense of Marriage Act , which banned the federal government from legally recognizing same-sex marriage . Pell declined to seek re-election in 1996 and retired on January 3, 1997. Pell served in the Senate for thirty-six continuous years, making him the longest-serving U.S. Senator in the history of Rhode Island. He was succeeded by Jack Reed . After retirement, Pell lived in Newport and

1932-844: The Franklin D. Roosevelt Foundation , Fort Ticonderoga Association, and General Rochambeau Commission of Rhode Island. He also served as a fundraiser and consultant for the Democratic National Committee . He served as Vice President of the International Rescue Committee . Stationed in Austria , he was responsible for assisting refugees from the Hungarian Revolution of 1956 to leave the country and resettle. During Pell's diplomatic career and other international activities in

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2024-632: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in

2116-494: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to

2208-687: The Japanese attack on Pearl Harbor . Pell served as a ship's cook, was promoted to seaman first class on October 31, and then was commissioned as an ensign on December 17, 1941. During the war, Pell's ships served as North Atlantic convoy escorts, and also in amphibious warfare during the allied invasion of Sicily and the allied invasion of the Italian mainland . Pell was promoted to lieutenant (junior grade) on October 1, 1942, and then to lieutenant in May 1943. Due to his fluency in Italian, Pell

2300-562: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of

2392-676: The Presidential Citizens Medal . Rhode Island's Newport Bridge was renamed the Claiborne Pell Bridge and the Pell Center of International Relations and Public Policy was established at Salve Regina University . In addition, Newport's Claiborne Pell Elementary School, which opened in 2013, was named in his honor. Pell was a Chevalier of the French Legion of Honor . He also received

2484-830: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of

2576-731: The United Nations Charter . In 1946 he completed graduate studies in International Relations at Columbia University and received a Master of Arts degree. In 1954 Pell was appointed vice president and member of the board of directors of the International Fiscal Corporation. He also served as a vice president and director of the North American Newspaper Alliance . He was also a director of

2668-634: The Voting Rights Act of 1965 , the Medicare program, the Civil Rights Act of 1968 , and the confirmation of Thurgood Marshall to the U.S. Supreme Court . Early in his Senate tenure, Pell was a major legislative sponsor of the National Sea Grant College Program in 1965 and 1966 that served to support marine research, and develop maritime industries. The Sea Grant program supported considerable growth of

2760-458: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of

2852-476: The general election . Despite being called "the least electable man in America" by John F. Kennedy because of his many odd habits and beliefs, Pell proved a durable politician. He won reelection five times, including victories over Ruth M. Briggs (1966) , John Chafee (1972) , James G. Reynolds (1978) , Barbara Leonard (1984) , and Claudine Schneider (1990) . Often considered by his opponents to be too easygoing, Pell demonstrated his effectiveness as

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2944-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed

3036-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in

3128-479: The 1940s and 1950s, he was arrested and jailed at least six times, including detentions by both fascist and communist governments. In 1960 , Pell won the seat of retiring U.S. Senator Theodore Francis Green , defeating former Governor Dennis J. Roberts and former Governor and U.S. Senator J. Howard McGrath in the Democratic primary, and former Rhode Island Republican Party Chairman Raoul Archambault in

3220-524: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with

3312-668: The FREEDOM Support Act include; bilateral economic assistance, business development, democracy corps, nonproliferation programs, space trade, and agriculture trade. Title I : Requires the State Department coordinator to assist former Soviet states, excluding the Baltics states. Title II : Amends U.S. assistance on human rights conditions, democracy violations, and peaceful conflict resolutions. Title III : Creates more support to fuel U.S. economic interests in

3404-512: The FREEDOM Support Act of 1992 began with the introduction of bills in the House when it was introduced on June 3, 1991, as H.R. 2508. A series of hearings would occur in House committees and Senate committees starting on July 30 and continuing into the new year term until July 27 of the following year. The 1991 hearings primarily centered around solving the debt of the Soviet Union , trade opportunities, and agricultural aid. The following year,

3496-448: The Freedom Support Act was introduced, legislators and the public were left with more questions than answers. According to Robert Kasten , a republican representative from Wisconsin, the act had in just a few short months been claimed by six different committees and was “full of vague definitions that defied Congressional attempts to assess the costs.” Concerns raised on the dangers such as furthering economic collapse, political anarchy, and

3588-467: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to

3680-426: The House on August 26, 1992, which was the only listed deliberation and consideration of the House. Halfway through 1992, the bill continued to be debated, as both Democrats and Republicans were concerned with humanitarian aid and long-term economic assistance. Bipartisan amendments passed in the process of forming the bill, as foreign affairs were significant; however, few Republican Senate members were concerned with

3772-463: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and

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3864-609: The IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this

3956-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,

4048-564: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under

4140-537: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining

4232-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once

4324-1001: The Knight Grand Cross of the Order of the Crown of Italy . His awards for service in the Coast Guard during the Second World War included the American Defense Service Medal , American Campaign Medal , European-African-Middle Eastern Campaign Medal and the World War Two Victory Medal . Pell was a member of the Rhode Island Society of the Cincinnati . Pell was also an honorary life member of

4416-636: The Navy" during the 1920s, Koehler was rumored to be the illegitimate son of Rudolf, Crown Prince of Austria and to have assisted the Romanovs to flee the Russian Empire following the Russian Revolution of 1917. Pell was close to his stepfather, who died when Pell was 22. In later years, he made a concerted effort to determine the veracity of the rumors surrounding Koehler's past, but

4508-489: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by

4600-599: The Rhode Island Society of Colonial Wars as well as a member of Spouting Rock Beach Association ( Bailey's Beach ) and the Newport Reading Room . International Monetary Fund The International Monetary Fund ( IMF ) is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It

4692-486: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which

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4784-688: The Transportation of Tomorrow (1966), A Challenge of the Seven Seas (1966), (co-author), and "Power and Policy: America's Role in World Affairs" (1972). Senator Pell received more than 50 honorary college degrees, including recognition from Johnson & Wales University , the University of Vermont and the University of Massachusetts . In 1983 Pell was awarded American Library Association Honorary Membership . In 1987 Pell

4876-571: The U.S. Governor of the IMF to consent to increased funds for poverty reduction and economic stability while promoting local participation in the IMF. A significant piece of legislation, the FSA set up the former Soviet Union to advance their independent states exponentially. The legislation’s provisions firstly regulated a shift in economies from centrally planned to open and free markets, giving much of their resources to mostly small corporations. Additionally,

4968-654: The U.S. and the new states. Title VI : Speed the process of newly independent states working with one another on space collaboration. Title VII: Expand aid for food to independent states and promote U.S. agricultural exports to emerging democracies committed to pursuing economic freedom. Title VIII: Amended a fellowship program to support agricultural business exchanges with other independent states without additional funds. Title IX: Expanded justice to more East European nations that once were not considered and restricted aid to Azerbaijan until it halts aggression against Armenia and Nagorno-Karabakh . Title X : Authorized

5060-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into

5152-399: The appearance of “darker forces,” also referred to as nuclear weapons. According to Senate committees, there was a need for reorganizing and solidifying the governments of the ex-Soviet Union by “repackaging previous congressional and administration proposals into a single piece of legislation.” The Senate debated this bill first on July 24-26, 1991. The bill would then go on to be debated in

5244-437: The belt around his waist twice to make it fit. Pell would also wear unique clothing while jogging, including a tweed suit jacket. According to another story about Pell's eccentricities, at the conclusion of a meeting with Fidel Castro , Pell took Castro's cigar because he thought it was a gift for him. In 1972's The Washington Pay-Off , author and former lobbyist Robert N. Winter-Berger wrote about Pell's alleged arrest during

5336-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it

5428-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over

5520-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that

5612-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During

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5704-419: The effects domestically. Closing out by the end of summer in 1992, amendments passed in the Senate, and on October 1, 1992, the FREEDOM Support Act of 1992 entered the Senate floor and passed. A few days later, on October 3. 1992, the bill entered the House of Representatives floor and was passed. President George H.W. Bush would go on to sign Public Law No. 102 - 511 on October 24. The main points addressed in

5796-565: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to

5888-455: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of

5980-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality

6072-427: The ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and the goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through

6164-486: The independent states' new free economies. Operation Provide Hope , which was the first US government program under the FSA, has and continued to provide tangible aid to needy and conflict-affected populations of the region, but many still live impoverished lives. This United States federal legislation article is a stub . You can help Misplaced Pages by expanding it . Claiborne Pell Claiborne de Borda Pell GCC GCM (November 22, 1918 – January 1, 2009)

6256-544: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under

6348-494: The longest serving U.S. Senator from Rhode Island. Claiborne Pell was born on November 22, 1918, in New York City , the son of Matilda Bigelow and diplomat and congressman Herbert Pell . Pell's family members included John Francis Hamtramck Claiborne , George Mifflin Dallas , and Nathaniel Herbert Claiborne . He was a direct descendant of English mathematician John Pell and a descendant of Senator William C. C. Claiborne . The Congressional Record also reports that he

6440-510: The new states by export promotion through the American Business Centers, designed to operate in the developing markets of Russia and the newly independent states to stimulate economic growth and create jobs in the United States. Title IV : Authorizes the creation of the Democracy Corps to assist developing democratic governments through technical assistance and prohibits campaign funding. Title V: Amends nonproliferation and discernment programs to ensure peaceful scientific collaboration between

6532-423: The oceanography and other marine science disciplines during the mid-20th Century. Pell was largely responsible for the creation of "Basic Educational Opportunity Grants" in 1973, renamed Pell Grants in 1980, to provide financial aid funds to U.S. college students. Pell Grants initially provided for grants for prisoners, but Congress later eliminated that provision. For some years there was more money available than

6624-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in

6716-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses

6808-586: The paranormal. His interest in the paranormal was critiqued by author Martin Gardner : "In my opinion, however, no one in Washington has rivaled Senator Pell in combining of science with extreme gullibility toward the performances of psychics." He also wore his father's belt as a memento, despite the fact that Herbert Pell was stouter than the rail-thin Claiborne Pell, requiring Claiborne Pell to wrap

6900-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from

6992-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But

7084-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in

7176-597: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp

7268-512: Was United States Ambassador to Portugal . At the start of World War II he was with his father, who was then United States Ambassador to Hungary . Claiborne Pell drove trucks carrying emergency supplies to prisoners of war in Germany , and was detained several times by the Nazi government . Pell enlisted in the U.S. Coast Guard as a seaman second class on August 12, 1941, four months before

7360-498: Was a communicant of St. Columba's Chapel in Middletown. He occasionally attended public functions of organizations with which he was affiliated. He was also a distinguished visiting professor at Salve Regina University . Towards the end of his life, he was diagnosed with Parkinson's disease . Claiborne Pell died on January 1, 2009. His funeral was held at Trinity Church in Newport. In addition to members of his family, Pell

7452-541: Was a direct descendant of Wampage I , a Siwanoy chieftain. In 1927 Pell's parents divorced and his mother remarried Hugo W. Koehler of St. Louis , a commander in the United States Navy . Following World War I , Koehler served as an Office of Naval Intelligence and State Department operative in Russia during its civil war, and later as naval attaché to Poland . Said to be the "richest officer in

7544-915: Was among those selected for the United Nations Environment Programme's Global 500 Roll of Honour , during the first year that award was established. In 1988, Pell received the Foreign Language Advocacy Award from the Northeast Conference on the Teaching of Foreign Languages in recognition of his work in establishing the NEA, the NEH, and the Pell Grant Program. On October 14, 1994, President Bill Clinton presented Pell with

7636-581: Was an American politician and writer who served as a U.S. Senator from Rhode Island for six terms from 1961 to 1997. He was the sponsor of the 1972 bill that reformed the Basic Educational Opportunity Grant, which provides financial aid funding to American college students; the grant was given Pell's name in 1980 in honor of his work in education legislation. A member of the Democratic Party , Pell remains

7728-773: Was an unsuccessful contender in the 2014 Democratic primary for Governor of Rhode Island . From 1945 to 1952, he served in the United States Department of State as a Foreign Service Officer in Czechoslovakia , Italy , and Washington, D.C. He was fluent in French , Italian , and Portuguese . In 1945, Pell was a participant in the United Nations Conference on International Organization in San Francisco that drafted

7820-835: Was applied for. He was the main sponsor of the bill that created the National Endowment for the Arts and the National Endowment for the Humanities , and was active as an advocate for mass transportation initiatives and domestic legislation facilitating and conforming to the United Nations Convention on the Law of the Sea . Pell was one of twenty-five Senators to co-sponsor the Health Security Act,

7912-886: Was assigned as a civil affairs officer in Sicily , where he became ill from drinking unpasteurized milk. He was sent home for recuperation during the summer of 1944, but returned to active service later in the war. Pell was discharged from active duty on September 5, 1945. After the end of World War II , he remained in the U.S. Coast Guard Reserve . He attained the rank of captain and retired in 1978. In December 1944, Pell married Nuala O'Donnell, daughter of Charles Oliver O'Donnell and Josephine Hartford. They had four children: Herbert Claiborne Pell III, Christopher Thomas Hartford Pell, Nuala Dallas Pell, and Julia Lorillard Wampage Pell. Herbert (September 11, 1945 – September 24, 1999) and Julia (May 9, 1953 – April 13, 2006) predeceased their parents. His grandson Clay Pell (son of Herbert)

8004-608: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and

8096-656: Was eulogized by former President Bill Clinton , Senators Edward Kennedy and Jack Reed , and then-Vice President-elect Joe Biden . He was buried at St. Columba's (Episcopal) Chapel (Berkeley Memorial Chapel) in Middletown, Rhode Island , near the graves of his son Herbert and his daughter Julia, who had predeceased him. Soon after his death, the newspaper The New York Times termed Pell "the most formidable politician in Rhode Island history." Senator Pell authored three books, Megalopolis Unbound: The Supercity and

8188-746: Was only partly successful. Pell attended St. George's School in Middletown, Rhode Island , and graduated with a Bachelor of Arts in history from Princeton University in 1940. Pell's senior thesis was titled " Macaulay and the Slavery Issue." While at Princeton, he was a member of Colonial Club and the American Whig-Cliosophic Society , and played on the rugby team. After graduating from Princeton, Pell worked as an oil field roustabout in Oklahoma . He then served as private secretary for his father, who

8280-488: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced

8372-590: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by

8464-584: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to

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