Washington, D.C.--Sixth District U.S. Congressman Frank Lucas today put his foot down during debate on a bill to reform the International Monetary Fund (IMF), stating that the U.S. deserves more in the form of opened foreign markets for U.S. agricultural exports.

"As a nation that holds over 17 percent of the shares in IMF, we owe it to the U.S. to open up the very markets we are seeking to stabilize," Lucas said. "My constituents who work in the agriculture industry--whether they raise cattle or grow wheat--are having their opportunities for exports greatly harmed by trade barriers presently in place in foreign markets."

In a House Committee on Banking and Financial Services session today, Lucas offered an amendment to H.R. 3114--the "IMF Reform and Authorization Act of 1998"--that would encourage the opening of foreign markets to agricultural commodities and products through the reduction of trade barriers. The amendment passed unanimously followed by the passage of H.R. 3114 (vote 40-9) from the Committee.

"The trade barriers in East Asia are indicative of trade barriers around the world," Lucas said. "The Foreign Agricultural Service (FAS) found more than 350 measures which negatively affect U.S. agricultural exports to the tune of $5.8 billion. This same study also found that the highest incidence of these barriers is in East Asia--$2.9 billion in potential exports."

Oklahoma exported $474 million in agricultural products and commodities to Asia in 1996.

"The IMF has in the past several months, imposed requirements on Korea, Thailand and Indonesia, such as reduced price supports for rice and beef, reduced tariffs on a number of Ag products and the elimination of trade-related subsidies," Lucas said. "However, though these are positive steps, we must send a stronger message.

"That is exactly what my amendment is designed to do," Lucas concluded.

The Chairman of the House Banking Committee Jim Leach of Iowa had positive comments regarding Lucas' amendment, calling it a "truly exceptional amendment" during the full committee consideration of the bill.

The IMF is an international loan pool that seeks to assist nations in stabilizing their currencies. A significant number of nations around the world--including the United States--has utilized the IMF for this reason.