No More IMF Bailouts Act - Amends the Bretton Woods Agreements Act to repeal authority to: (1) provide certain loans to the International Monetary Fund (IMF), including loans related to the New Arrangements to Borrow (NAB); (2) increase the U.S. quota in the IMF; and (3) approve the sale of IMF gold.
Prohibits U.S. loans to the IMF for assistance to any European Union (EU) member state: (1) until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; or (2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability.
Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use U.S. influence to oppose any IMF financing: (1) to any EU member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; or (2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability.
Expresses the sense of Congress that Congress should not approve legislation to implement the December 15, 2010, vote of the IMF Board of Governors to double the U.S. quota in the IMF.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1975 Introduced in Senate (IS)]
112th CONGRESS
1st Session
S. 1975
To repeal the authority to provide certain loans to the International
Monetary Fund, to prohibit loans to enable the Fund to provide
financing for European financial stability, and to oppose the provision
of such financing, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
December 8, 2011
Mr. DeMint (for himself, Mr. Cornyn, Mr. Vitter, Mr. Toomey, Mr. Risch,
Ms. Ayotte, Mr. Johnson of Wisconsin, Mr. Lee, Mr. Paul, Mr. Blunt, Mr.
Hatch, Mr. Boozman, Mr. Graham, Mr. Kyl, Mrs. Hutchison, Mr. Crapo, Mr.
Inhofe, Mr. Barrasso, Mr. Chambliss, Mr. Coburn, Mr. Thune, Mr. Burr,
Mr. Heller, Mr. Rubio, Mr. Johanns, and Mr. Sessions) introduced the
following bill; which was read twice and referred to the Committee on
Foreign Relations
_______________________________________________________________________
A BILL
To repeal the authority to provide certain loans to the International
Monetary Fund, to prohibit loans to enable the Fund to provide
financing for European financial stability, and to oppose the provision
of such financing, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``No More IMF Bailouts Act''.
SEC. 2. REPEAL OF AUTHORITY TO PROVIDE CERTAIN LOANS TO THE
INTERNATIONAL MONETARY FUND, THE INCREASE IN THE UNITED
STATES QUOTA, AND CERTAIN OTHER AUTHORITIES, AND
RESCISSION OF RELATED APPROPRIATED AMOUNTS.
(a) Repeal of Authorities.--The Bretton Woods Agreements Act (22
U.S.C. 286 et seq.) is amended--
(1) in section 17--
(A) in subsection (a)--
(i) by striking ``(1) In order'' and
inserting ``In order''; and
(ii) by striking paragraphs (2), (3), and
(4); and
(B) in subsection (b)--
(i) by striking ``(1) For the purpose'' and
inserting ``For the purpose'';
(ii) by striking ``subsection (a)(1)'' and
inserting ``subsection (a)''; and
(iii) by striking paragraph (2);
(2) by striking sections 64, 65, 66, and 67; and
(3) by redesignating section 68 as section 64.
(b) Rescission of Amounts.--
(1) In general.--The unobligated balance of the amounts
specified in subparagraph (B)--
(A) is rescinded;
(B) shall be deposited in the General Fund of the
Treasury to be dedicated for the sole purpose of
deficit reduction; and
(C) may not be used as an offset for other spending
increases or revenue reductions.
(2) Amounts specified.--The amounts specified in this
paragraph are the amounts appropriated under the heading
``United States Quota, International Monetary Fund'', and under
the heading ``Loans to International Monetary Fund'', under the
heading ``INTERNATIONAL MONETARY PROGRAMS'' under the heading
``INTERNATIONAL ASSISTANCE PROGRAMS'' in title XIV of the
Supplemental Appropriations Act, 2009 (Public Law 111-32; 123
Stat. 1916).
SEC. 3. PROHIBITION ON UNITED STATES LOANS TO THE INTERNATIONAL
MONETARY FUND TO BE USED FOR FINANCING FOR EUROPEAN
FINANCIAL STABILITY.
(a) In General.--Section 17 of the Bretton Woods Agreements Act (22
U.S.C. 286e-2), as amended by section 2(a), is further amended by
adding at the end the following:
``(e) Restriction on Loans to Member States of the European
Union.--A loan may not be made under this section in a calendar year to
enable the International Monetary Fund to provide financing, directly
or indirectly--
``(1) to any member state of the European Union, until the
ratio of the total outstanding public debt of each such member
state to the gross domestic product of the member state, as of
the end of the most recent fiscal year of the member state
ending in the preceding calendar year, is not more than 60
percent; or
``(2) for any new credit or liquidity facility, or any new
special purpose vehicle, related to European financial
stability.''.
(b) United States Opposition to International Monetary Fund
Financing for European Financial Stability.--The Bretton Woods
Agreements Act (22 U.S.C. 286 et seq.), as amended by section 2(a), is
further amended by adding at the end the following:
``SEC. 65. OPPOSITION OF UNITED STATES TO INTERNATIONAL MONETARY FUND
FINANCING FOR EUROPEAN FINANCIAL STABILITY.
``The Secretary of the Treasury shall instruct the United States
Executive Director of the Fund to use the voice and vote of the United
States to oppose the provision of financing by the Fund, directly or
indirectly--
``(1) to any member state of the European Union in a
calendar year, until the ratio of the total outstanding public
debt of each such member state to the gross domestic product of
the member state, as of the end of the most recent fiscal year
of the member state ending in the preceding calendar year, is
not more than 60 percent; or
``(2) for any new credit or liquidity facility, or any new
special purpose vehicle, related to European financial
stability.''.
SEC. 4. SENSE OF CONGRESS ON IMPLEMENTATION OF DOUBLING OF UNITED
STATES QUOTA IN THE INTERNATIONAL MONETARY FUND.
It is the sense of Congress that Congress should not approve any
legislation to implement the December 15, 2010, vote of the Board of
Governors of the International Monetary Fund to double the quota of the
United States in the Fund.
<all>
Introduced in Senate
Read twice and referred to the Committee on Foreign Relations.
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