[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2080 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2080

 To prevent International Monetary Fund loans for Iraq from being used 
                      to pay off Iraq's creditors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 13, 2003

  Mr. Saxton introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To prevent International Monetary Fund loans for Iraq from being used 
                      to pay off Iraq's creditors.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PREVENTION OF INTERNATIONAL MONETARY FUND LOANS FOR IRAQ 
              FROM BEING USED TO PAY OFF IRAQ'S CREDITORS.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286oo) is amended 
by adding at the end the following:

``SEC. 64. PREVENTION OF INTERNATIONAL MONETARY FUND LOANS FOR IRAQ 
              FROM BEING USED TO PAY OFF IRAQ'S CREDITORS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the Fund to use the voice, vote, and influence of 
the United States to oppose the making of a loan by the Fund to the 
government of Iraq unless the Secretary of the Treasury determines that 
there are sufficient safeguards in place to prevent the loan proceeds 
from being used to reimburse the persons and governments holding the 
debt, as of such date of enactment, for any losses with respect to the 
debt.''.
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