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Money News

IMF gold sales timing unclear - Treasury's McCormick

Gold bars are displayed in Tokyo January 9, 2008. U.S. Treasury Under Secretary David McCormick said on Monday it was still unclear when the U.S. Congress would be asked to approve proposed International Monetary Fund gold sales and the move would depend on implementation of the IMF's reform agenda. REUTERS/Toru Hanai/Files

WASHINGTON (Reuters) - U.S. Treasury Under Secretary David McCormick said on Monday it was still unclear when the U.S. Congress would be asked to approve proposed International Monetary Fund gold sales and the move would depend on implementation of the IMF’s reform agenda.

“We’ve done a fair amount of work already in terms of doing outreach to members of Congress,” McCormick told an audience in Washington, saying there was already bipartisan support for the move.

“We would hope that we will be able to build support for action while President (George W.) Bush is still in office. If that turns out not to be the case given the timing then we hope the work we’re doing will lay groundwork for the next president,” he added.

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