Treasury official says withdrawing the US from the IMF and World Bank would be a 'step backward'

U.S. Treasury official Jay Shambaugh says withdrawing the U.S. from the IMF and World Bank would be “a step backward." Shambaugh gave a speech Friday stressing the importance of the international financial institutions before the groups’ annual meetings this month. He was alluding to a Project 2025 proposal for the U.S. to withdraw from the IMF and World Bank if Donald Trump wins the election. Shambaugh says the U.S. would lose influence and economic security if it pulled out. Project 2025 was drafted by a group as a handbook for the next Republican administration. Trump has tried to disassociate himself from it.