U.S. Chamber Applauds Legislation to Ease Lending from International Financial Institutions to Myanmar

WASHINGTON, D.C.—The U.S. Chamber of Commerce today applauded the president for signing into law last week HR 6431, which allows flexibility for the United States to ease restrictions on international financial institutions that lend to Myanmar. 

“This is a very important and welcome step by the president,” said Tami Overby, vice president of Asia at the U.S. Chamber.  “Support from international financial institutions will be vital as Myanmar continues down a path of economic and political reform and opening.” 

Current U.S. law requires American representatives at these institutions to vote against loans for Myanmar, but HR 6431 provides for the waiver of this requirement if the president deems it to be in America’s national interest.  The bill requires notification to Congress if the authority is to be exercised. 

Myanmar has undertaken a number of reforms over the past year and half, including freeing hundreds of political prisoners, allowing a free and fair parliamentary by-election, easing restrictions on the media, and pursuing ceasefires with ethnic groups.  Concurrently, it has begun reforming its economy to promote economic growth and improve living standards.  In response, the U.S. has normalized diplomatic relations, eased restrictions on U.S. investment and the export of financial services and, in late September 2012, Secretary Clinton announced that the United States will begin the process of easing restrictions on imports of goods from Myanmar.

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.