S.1975 - No More IMF Bailouts Act

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. view all titles (2)

All Bill Titles

  • Official: 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. as introduced.
  • Short: No More IMF Bailouts Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/08/11
 
 
 
 
 
 
 

Sponsor

Senator

Jim DeMint

R-SC

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Official Summary

No More IMF Bailouts Act - Amends the Bretton Woods Agreements Act to repeal authority to: (1) provide certain loans to the International Monetary Fund (IMF), including loans related to the New Arrangements to Borrow (NAB); (2) increase the U.S. quota in the IMF; and (3) approve the sale of

Official Summary

No More IMF Bailouts Act - Amends the Bretton Woods Agreements Act to repeal authority to:
(1) provide certain loans to the International Monetary Fund (IMF), including loans related to the New Arrangements to Borrow (NAB);
(2) increase the U.S. quota in the IMF; and
(3) approve the sale of IMF gold. Prohibits U.S. loans to the IMF for assistance to any European Union (EU) member state:
(1) until the ratio of the total outstanding public debt of each member state to its gross domestic product (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%; or
(2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability. Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use U.S. influence to oppose any IMF financing:
(1) to any EU member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (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%; or
(2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability. Expresses the sense of Congress that Congress should not approve legislation to implement the December 15, 2010, vote of the IMF Board of Governors to double the U.S. quota in the IMF.

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