U.S. House Committee on Financial Services Chairman French Hill published an op-ed in the Washington Times arguing that Argentina’s economic transition under President Javier Milei echoes the market-oriented reforms associated with Chile’s “Chicago Boys” and is already showing significant macroeconomic results. The piece draws on a bipartisan congressional delegation visit to Argentina, Paraguay, and Peru, including meetings in Argentina with President Milei, Economy Minister Luis Caputo, Argentine Central Bank head Santiago Bausili, and Foreign Minister Gerardi Werthein. It cites a fall in annual inflation from nearly 300% in April 2024 to 36.6% in July 2025, a budget surplus by end-2024 after 14 years without one, and a decline in poverty from 53% to 38%, with childhood poverty down 14 percentage points affecting 1.7 million children. Hill also highlights the April 2025 lifting of capital controls, citing a Morgan Stanley estimate of USD 2.5 billion in foreign investment associated with the move, and points to market and regulatory reforms in Paraguay and inflation management and central bank independence in Peru. Hill frames Milei’s longer-term success as contingent on completing the transition and demonstrating the ability to refinance existing debt on global markets.
U.S. Financial Services Committee 2025-09-23
U.S. House Committee on Financial Services Chair French Hill publishes op-ed praising President Milei’s economic reforms in Argentina
U.S. House Committee on Financial Services Chairman French Hill published an op-ed highlighting Argentina's economic transition under President Javier Milei, likening it to Chile's "Chicago Boys" reforms. The piece notes macroeconomic improvements, including a drop in inflation from nearly 300% to 36.6%, a budget surplus, and reduced poverty rates. Hill emphasizes the importance of completing the transition and refinancing existing debt for long-term success.