3.0.0 6086 2022-02-08T23:17:35Z 2023-09-05T17:28:05Z House HR 2020-03-04 116 [Congressional Record Volume 166, Number 43 (Wednesday, March 4, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HUIZENGA:H.R. 6086.Congress has the power to enact this legislation pursuantto the following:Article I, Section 9, that no money shall be drawn from theTreasury but in consequence of Appropriations made by Law,and a regular Statement and Account of the Receipts andExpenditures of all public Money shall be made from time totime.[Page H1505]]]> hsba00 Financial Services Committee House Standing Referred to 2020-03-04T15:00:12Z 2020-03-04 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-03-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-03-04 Introduced in House IntroReferral 1000 9 Library of Congress H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 N International Affairs Budget deficits and national debt Congressional oversight Elections, voting, political campaign regulation Foreign loans and debt International monetary system and foreign exchange International organizations and cooperation Multilateral development programs Subversive activities International Affairs 00 2020-03-04 Introduced in House 2020-07-31T14:22:08Z IMF Reform and Integrity Act of 2020

This bill requires U.S. representatives to the International Monetary Fund (IMF) to take certain actions, such as opposing quota increases for certain countries. (A country's quota generally reflects its economic strength and affects factors such as that country's voting power within the IMF.)

Before the IMF considers a proposal to increase the quota of any of the ten largest IMF shareholder countries, the Department of the Treasury shall report to Congress as to whether the country meets certain criteria, such as (1) fulfilling its general IMF obligations, and (2) not engaging in currency manipulation in the last 12 months. If the country does not meet all such criteria, U.S. representatives to the IMF shall oppose the proposed quota increase. U.S. representatives shall also oppose the proposed quota increase if the President determines that the country's government has interfered with a U.S. federal election in the last four years.

U.S. representatives to the IMF shall oppose a proposed loan to a country if there is not a high probability that the country's public debt is sustainable in the medium term.

The U.S. Executive Director at the IMF shall not support any proposal to change IMF criteria on providing exceptional access lending if the change would allow a previously ineligible country to receive such funding unless Treasury reports to Congress a justification for supporting the change before it is considered at the IMF.

This bill shall expire ten years after enactment.

]]> IMF Reform and Integrity Act of 2020 Display Title IMF Reform and Integrity Act of 2020 Official Title as Introduced To hold China, Russia, and other major shareholders of the International Monetary Fund accountable to the principles of the Fund, and for other purposes. Introduced in House IH Short Title(s) as Introduced IMF Reform and Integrity Act of 2020 Introduced in House IH Introduced in House 2020-03-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr6086ih/xml/BILLS-116hr6086ih.xml 2020-03-04 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.