Kennedy questions Treasury’s Rosenberg in Banking during U.S. Senate Hearing
Kennedy: Secretary Rosenberg, in your opening comments, you said it’s important that we maintain a relationship with China so we can work together on, I believe you said, climate change and debt relief. I want to ask you about the debt relief. Many foreign countries owe debt that they can’t pay back, do they not?

Rosenberg: Yes, Senator, that’s true. And if I may, with respect to nuclear proliferation—
Kennedy: yes, ma’am, but I don’t want to get off on nuclear proliferation because I’m going to run out of time. Um, and some of those countries that owe money that they can’t pay back owe that money to the American people, either individually or as businesses. Is that correct?

Rosenberg: That, uh, I don’t have particular responsibility over foreign debt matters, although
Kennedy: you mentioned it. Am I correct?

Rosenberg: I did mention it, and I do believe you are correct. While I don’t have specifics at my disposal

Paris Club: Biden Admin to forgive Debt but China’s refusing
Kennedy: the Biden Administration is leaning on these Americans to whom these foreign countries owe money to forgive that money, is it not?

Rosenberg: Senator, I would be happy to follow up with you further on that if I may, with respect to— that dependency.

Kennedy: yeah, If you could just answer my question first, the Biden Administration is leaning on American individuals and businesses to forgive debt to foreign countries, is it not?

Rosenberg: I would have to follow up with you with further information, which is not—I unfortunately do not have an answer to that question.

Kennedy: Oh, you know the answer. You mentioned it in your opening remarks. It is,
Rosenberg: unfortunately. Senator, I don’t have an answer.
Kennedy: You know what the Paris Club is?
Rosenberg: Senator, this is not my area of responsibility.
Kennedy: You know what the Paris Club is.
Rosenberg: Yes, Senator.
Kennedy: Well, the Biden Administration is leaning on American businesses and individuals to forgive debt that foreign countries owe them, but China’s refusing, is it not?
Senator, I would be very happy to follow up with you.

Kennedy asked, you’re a smart person, you won’t answer or you can’t? the public needs to know
Kennedy: You don’t want to talk about that.
Rosenberg: Unfortunately, this is not my area of specific expertise,
Kennedy: yes ma’am. But you’re a smart person, and you mentioned it. I have a feeling you know about it.

Rosenberg: Unfortunately, I’m not in a position to offer specific information at this time.
Kennedy: You won’t or you can’t?

Rosenberg: I do not have at my disposal details of that you’re looking for right now, though I would be very happy to follow up.

Kennedy: But am I right about the Biden Administration leaning on the American people to forgive debt that foreign countries owe them while allowing China to skate?

Rosenberg: Senator, I believe I understand your question and the significance of it. Nevertheless, I’m not in a position to answer it with specificity at this time.

Kennedy: You won’t or you can’t?

Rosenberg: I am not able to answer with specifics on this question, but I would be more than happy to follow up with you with my colleagues in private.

Kennedy: Certainly, I’m sure that—I think the public needs to know this as well.

Rosenberg: I appreciate the point, and I wouldn’t dispute that either. Unfortunately, I’m not able to offer you answers to those questions.

Chairman: You can make her answer as public as you would like once she answers you or someone at Treasury answers you. Um, Senator Menendez from New Jersey is recognized.

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Paris Club: Biden Admin to forgive Debt but China’s refusing, climate change & debt relief