II 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘No More IMF Bailouts 

5 Act’’. 


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•S 1975 IS

1 SEC. 2. REPEAL OF AUTHORITY TO PROVIDE CERTAIN 

2 LOANS TO THE INTERNATIONAL MONETARY 

3 FUND, THE INCREASE IN THE UNITED STATES 

4 QUOTA, AND CERTAIN OTHER AUTHORITIES, 

5 AND RESCISSION OF RELATED APPRO6 PRIATED AMOUNTS. 

7 (a) REPEAL OF AUTHORITIES.—The Bretton Woods 

8 Agreements Act (22 U.S.C. 286 et seq.) is amended— 

9 (1) in section 17— 

10 (A) in subsection (a)— 

11 (i) by striking ‘‘(1) In order’’ and in12 serting ‘‘In order’’; and 

13 (ii) by striking paragraphs (2), (3), 

14 and (4); and 

15 (B) in subsection (b)— 

16 (i) by striking ‘‘(1) For the purpose’’ 

17 and inserting ‘‘For the purpose’’; 

18 (ii) by striking ‘‘subsection (a)(1)’’ 

19 and inserting ‘‘subsection (a)’’; and 

20 (iii) by striking paragraph (2); 

21 (2) by striking sections 64, 65, 66, and 67; and 

22 (3) by redesignating section 68 as section 64. 

23 (b) RESCISSION OF AMOUNTS.— 

24 (1) IN GENERAL.—The unobligated balance of 

25 the amounts specified in subparagraph (B)— 

26 (A) is rescinded; 


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•S 1975 IS

1 (B) shall be deposited in the General Fund 

2 of the Treasury to be dedicated for the sole 

3 purpose of deficit reduction; and 

4 (C) may not be used as an offset for other 

5 spending increases or revenue reductions. 

6 (2) AMOUNTS SPECIFIED.—The amounts speci7 fied in this paragraph are the amounts appropriated 

8 under the heading ‘‘UNITED STATES QUOTA, INTER9 NATIONAL MONETARY FUND’’, and under the head10 ing ‘‘LOANS TO INTERNATIONAL MONETARY

11 FUND’’, under the heading ‘‘INTERNATIONAL 

12 MONETARY PROGRAMS’’ under the heading 

13 ‘‘INTERNATIONAL ASSISTANCE PROGRAMS’’ 

14 in title XIV of the Supplemental Appropriations Act, 

15 2009 (Public Law 111–32; 123 Stat. 1916). 

16 SEC. 3. PROHIBITION ON UNITED STATES LOANS TO THE 

17 INTERNATIONAL MONETARY FUND TO BE 

18 USED FOR FINANCING FOR EUROPEAN FI19 NANCIAL STABILITY. 

20 (a) IN GENERAL.—Section 17 of the Bretton Woods 

21 Agreements Act (22 U.S.C. 286e–2), as amended by sec22 tion 2(a), is further amended by adding at the end the 

23 following: 

24 ‘‘(e) RESTRICTION ON LOANS TO MEMBER STATES

25 OF THE EUROPEAN UNION.—A loan may not be made 


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•S 1975 IS

1 under this section in a calendar year to enable the Inter2 national Monetary Fund to provide financing, directly or 

3 indirectly— 

4 ‘‘(1) to any member state of the European 

5 Union, until the ratio of the total outstanding public 

6 debt of each such member state to the gross domes7 tic product of the member state, as of the end of the 

8 most recent fiscal year of the member state ending 

9 in the preceding calendar year, is not more than 60 

10 percent; or 

11 ‘‘(2) for any new credit or liquidity facility, or 

12 any new special purpose vehicle, related to European 

13 financial stability.’’. 

14 (b) UNITED STATES OPPOSITION TO INTER15 NATIONAL MONETARY FUND FINANCING FOR EUROPEAN

16 FINANCIAL STABILITY.—The Bretton Woods Agreements 

17 Act (22 U.S.C. 286 et seq.), as amended by section 2(a), 

18 is further amended by adding at the end the following: 

19 ‘‘SEC. 65. OPPOSITION OF UNITED STATES TO INTER20 NATIONAL MONETARY FUND FINANCING FOR 

21 EUROPEAN FINANCIAL STABILITY. 

22 ‘‘The Secretary of the Treasury shall instruct the 

23 United States Executive Director of the Fund to use the 

24 voice and vote of the United States to oppose the provision 

25 of financing by the Fund, directly or indirectly— 


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1 ‘‘(1) to any member state of the European 

2 Union in a calendar year, until the ratio of the total 

3 outstanding public debt of each such member state 

4 to the gross domestic product of the member state, 

5 as of the end of the most recent fiscal year of the 

6 member state ending in the preceding calendar year, 

7 is not more than 60 percent; or 

8 ‘‘(2) for any new credit or liquidity facility, or 

9 any new special purpose vehicle, related to European 

10 financial stability.’’. 

11 SEC. 4. SENSE OF CONGRESS ON IMPLEMENTATION OF 

12 DOUBLING OF UNITED STATES QUOTA IN THE 

13 INTERNATIONAL MONETARY FUND. 

14 It is the sense of Congress that Congress should not 

15 approve any legislation to implement the December 15, 

16 2010, vote of the Board of Governors of the International 

17 Monetary Fund to double the quota of the United States 

18 in the Fund. 

Æ 


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