[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 3383 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 3383

   To temporarily prohibit United States loans to the International 
 Monetary Fund to be used to provide financing for any member state of 
              the European Union, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 18, 2010

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

_______________________________________________________________________

                                 A BILL


 
   To temporarily prohibit United States loans to the International 
 Monetary Fund to be used to provide financing for any member state of 
              the European Union, 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. TEMPORARY PROHIBITION ON UNITED STATES LOANS TO THE 
              INTERNATIONAL MONETARY FUND TO BE USED FOR FINANCING FOR 
              ANY MEMBER STATE OF THE EUROPEAN UNION.

    (a) In General.--Section 17 of the Bretton Woods Agreements Act (22 
U.S.C. 286e-2) is 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, 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.''.
    (b) Temporary United States Opposition to International Monetary 
Fund Financing for Any Member State of the European Union.--The Bretton 
Woods Agreements Act (22 U.S.C. 286 et seq.) is amended by adding at 
the end the following:

``SEC. 68. TEMPORARY OPPOSITION OF UNITED STATES TO INTERNATIONAL 
              MONETARY FUND FINANCING FOR ANY MEMBER STATE OF THE 
              EUROPEAN UNION.

    ``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, 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.''.
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