II 112th CONGRESS 1st Session S. 1975 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.

1.

Short title

This Act may be cited as the No More IMF Bailouts Act.

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The unobligated balance of the amounts specified in subparagraph (B)— (A)is rescinded; (B)shall be deposited in the General Fund of the Treasury to be dedicated for the sole purpose of deficit reduction; and (C)may not be used as an offset for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).

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:

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.

.

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.