{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: TREASURY SEEK QUICK APPROVAL FOR THE US TO REPLENISH THE IMF' data-url='/boclips/videos/5c54bc4ed8eafeecae12ba66' data-video-url='/boclips/videos/5c54bc4ed8eafeecae12ba66' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: TREASURY SEEK QUICK APPROVAL FOR THE US TO REPLENISH THE IMF\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatThe U-S Treasury Secretary and the Federal Reserve chairman on Tuesday tried to assure Congress that serious efforts were underway to reform the global financial system.Robert Rubin and Alan Greenspan appeared before a Senate...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eThe U-S Treasury Secretary and the Federal Reserve chairman on Tuesday tried to assure Congress that serious efforts were underway to reform the global financial system.\u003cbr/\u003eRobert Rubin and Alan Greenspan appeared before a Senate budget panel where they urged quick approval of additional U-S funds for the International Monetary Fund.\u003cbr/\u003eThe I-M-F has taken the lead in dealing with the current Asian financial crisis.\u003cbr/\u003eChairman of the budget panel, Senator Mitch McConnell, disputed the need for quick approval of the full 18 (b) billion dollars the Clinton administration is seeking for the        I-M-F.\u003cbr/\u003eHe said he would push for approval of three and a half (b) billion dollars straight away - the amount needed to create an emergency bailout fund at the I-M-F.\u003cbr/\u003eBut he added he would delay until later the approval of the remaining 14 and a half (b) billion dollars needed to replenish I-M-F reserves drained by the 100 (b) billion dollars in bailout packages for Asia already created.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Secretary Rubin, you've never had a Chicken Little (children's story charactre who believes the sky will fall on its head) complex. In the interest of market stability, I think we all need to exercise some restraints and avoid the urge to say the sky is falling.\"\u003cbr/\u003eSUPER CAPTION: Mitch McConnell, Chairman, Foreign Operations panel\u003cbr/\u003eIn calling for additional I-M-F funds, Federal Reserve Chairman Alan Greenspan admitted there was a chance that the current Asian financial crisis could spread.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"There is, however, a small but not negligible probability that the upset in East Asia could have unexpectedly large negative effects on Japan, Latin America and eastern and central Europe, that in turn could have repercussions elsewhere, including the United States. Thus, while the probability of such an outcome may be small, its consequences, in my judgement, should not be left solely to chance.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003eTreasury Secretary Rubin said there were signs of reform in east Asia.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Thailand and Korea are in a constructive path to reform, though there certainly are great challenges ahead. And such a path is most certainly the best path for Indonesia as well.\"\u003cbr/\u003eSUPER CAPTION: Robert Rubin, U-S Treasury Secretary\u003cbr/\u003eBut he added the current crisis had pushed the I-M-F to the limit of its reserves.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"In our judgement, we cannot afford to take the risk, however small the probability, that a major crisis develop while the I-M-F is without the capacity to respond. And so we strongly recommend providing the full 18 billion dollar funding request that we have submitted to this Congress. Thank you very much.\"\u003cbr/\u003eSUPER CAPTION: Robert Rubin, U-S Treasury Secretary\u003cbr/\u003eBoth Greenspan and Rubin said I-M-F support should not be delayed while reforms of the financial institution were in progress.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"Three years ago, the Mexican crisis was the first such episode associated with our new high-tech international financial system. The current Asian crisis is the second. We do not as yet fully understand the new system's dynamics. We are learning fast, and we need to update and modify our institutions and practices to reduce the risks inherent in the new regime. Meanwhile, we have to confront the current crisis with the institutions and techniques we have.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003eThe I-M-F took the lead in assembling more than 100 (b) billion dollars in bailout funds to help Indonesia, Thailand and South Korea after those countries were hit by currency crises last year that have sent their economies into a tailspin.\u003cbr/\u003eWashington D-C, U-S-A - 3 March 1998\u003cbr/\u003e1. Walk in shot of Rubin and Greenspan\u003cbr/\u003e2. Wide shot of Rubin and Greenspan\u003cbr/\u003e3. SOUNDBITE: (English) Senator Mitch McConnell, Chairman, Foreign Operations panel\u003cbr/\u003e4. Pan of panel\u003cbr/\u003e5. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003e6. SOUNDBITE: (English) Robert Rubin, U-S Treasury Secretary\u003cbr/\u003e7. Mid shot of panel\u003cbr/\u003e8. SOUNDBITE: (English) Robert Rubin, U-S Treasury Secretary\u003cbr/\u003e9. Pull out of Greenspan and Rubin\u003cbr/\u003e10. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003e11. Cutaway of McConnell\u003cbr/\u003e12. 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id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003eprobability, southeast asia, asia, business, economy, thailand, east asia, north america, leaves\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' 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