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Jul 13, 2018 · Mark Sobel is a former U.S. Treasury official and current U.S. chairman at the OMFIF. He is a non-resident senior adviser at the CSIS Economics Program, where he writes and speaks on topics such as G20, IMF, exchange rates, and debt.
Mark Sobel is a veteran US Treasury official with a 40-year career in international financial diplomacy. He is the US chairman of OMFIF, a forum for official monetary and financial institutions, and a regular speaker and analyst on global and US policy.
Jun 10, 2024 · Mark Sobel is US Chair, Official Monetary and Financial Institutions Forum, and former deputy assistant secretary for International Monetary and Financial Policy at the US Treasury.
Mark Sobel is a veteran US Treasury official who represented the US on the IMF executive board and led Treasury preparations for G7 and G20 meetings. He works with OMFIF on international and US policy, and provides insight and analysis to members.
- Brief Historical Context
- What Has Been done?
- Considerations on The Use of Currency Provisions and Trade Agreements
- What to Do in The Future?
Debates about exchange rates and their implications for U.S. economic performance and the trade deficit have been rife in U.S. political discourse, especially since the early 1970s with the breakdown of the Bretton Woods System and the advent of more flexible exchange rate regimes in advanced economies. The U.S. debate has often been associated wit...
The political pressures surrounding foreign exchange developments in the early and mid-1980s resulted in the 1988 Omnibus Trade and Competitiveness Act. This act mandated Treasury to prepare the semi-annual reports on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States”—better known as the FX Report. 3 The 19...
The discussion above points to the need for an assessment of the merits of including currency provisions within the ambit of trade agreements. Domestic political concerns are a key driver for much of the consideration. Just as Secretary Baker used the Plaza Accord to push back on protectionist forces in the mid-1980s, the Obama administration worke...
In conclusion, U.S. perceptions about other countries pursuing harmful currency practices and unfairly relying on the U.S. economic engine is an oft-repeated story. Protectionist pressure ensued, even with full employment. The economic and technical concerns about using currency provisions in or alongside trade deals are a formidable challenge to o...
Mar 11, 2024 · European officials should fully use that leverage and make clear that Putin stands to lose his nation’s patrimony over Russia’s barbaric conduct. Europe should toughen up and back seizing the corpus of Russian central bank reserves. Mark Sobel is US Chair of OMFIF.
Jul 13, 2021 · Mark Sobel, a former U.S. Treasury official and current senior fellow at CSIS, argues for a worker-centered U.S. dollar policy that tackles harmful currency practices and excessive global imbalances. He proposes a five-point agenda that includes diagnosis, intervention, diplomacy, and trade remedies.
