[Congressional Bills 104th Congress]
[From the U.S. Government Publishing Office]
[S. 1222 Introduced in Senate (IS)]







104th CONGRESS
  1st Session
                                S. 1222

  To prevent the creation of an international bailout fund within the 
          International Monetary Fund, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

            September 7 (legislative day, September 5), 1995

 Mr. Faircloth introduced the following bill; which was read twice and 
             referred to the Committee on Foreign Relations

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                                 A BILL


 
  To prevent the creation of an international bailout fund within the 
          International Monetary Fund, 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. LIMITATION ON USE OF FUNDS.

    (a) Amendment to Capital Stock Increase Provision.--Section 53 of 
the Bretton Woods Agreements Act (22 U.S.C. 286e-1k) is amended by 
adding at the end the following new subsection:
    ``(c) Limitation on Use of Funds for International Bailouts.--
Notwithstanding any other provision of law, no funds may be authorized 
to be appropriated under this section for use directly or indirectly 
for the establishment of an emergency financing mechanism under the 
control of the Fund or the Bank.''.
    (b) Amendment to Bank Bailout Provision.--Section 46 of the Bretton 
Woods Agreements Act (22 U.S.C. 286dd) is amended by adding at the end 
the following new paragraph:
            ``(3) Limitation on use of funds for international 
        bailouts.--The Secretary of the Treasury shall instruct the 
        Executive Director of the Fund and the Executive Director of 
        the Bank to oppose and vote against any proposal to establish 
        an emergency financing mechanism, as proposed by the Group of 
        Seven Nations in Halifax, Nova Scotia on June 16, 1995.''.
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