[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.
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