IV 

113TH CONGRESS 

2D SESSION H. RES. 744 

Expressing the sense of the House of Representatives that the Republic 

of Argentina’s continued participation in the Group of Twenty Finance 

Ministers and Central Bank Governors (G20) nations should be conditioned on its adherence to international norms of economic cooperation 

and the rule of law. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 18, 2014 

Mr. POSEY submitted the following resolution; which was referred to the 

Committee on Foreign Affairs 

RESOLUTION 

Expressing the sense of the House of Representatives that 

the Republic of Argentina’s continued participation in 

the Group of Twenty Finance Ministers and Central 

Bank Governors (G20) nations should be conditioned 

on its adherence to international norms of economic cooperation and the rule of law. 

Whereas Argentina has enjoyed the privilege of membership 

in the Group of Twenty Finance Ministers and Central 

Bank Governors (G20) since the formation of the G20 in 

1999; 

Whereas at the first G20 Summit in 2008, leaders of the 

member nations committed to free market principles, ‘‘including the rule of law, respect for private property, open 


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•HRES 744 IH 

trade and investment, competitive markets, and efficient, 

effectively regulated financial systems’’, which ‘‘are essential to economic growth and prosperity’’; 

Whereas at the Pittsburgh Summit of 2009, G20 nations 

‘‘designated the G20 to be the premier forum for our 

international economic cooperation,’’ and agreed to work 

‘‘together to generate strong, sustainable and balanced 

global growth’’; 

Whereas at the most recent Leaders’ Summit of 2013, G20 

nations reaffirmed their commitment to tackle money 

laundering and terrorism financing, and to intensify the 

fight against corruption which ‘‘is corrosive, destroying 

public trust, distorting the allocation of resources and undermining the rule of law’’; 

Whereas the Republic of Argentina has consistently violated 

the spirit and letter of these and other G20 declarations 

through its decision to default on its debt for a second 

time after repeatedly refusing to negotiate with its creditors, its open and repeated defiance of the judgments of 

United States courts and personal attacks against a 

United States Federal judge, its failure to comply with 

International Monetary Fund membership requirements, 

its maintenance of stringent trade barriers that hinder 

United States exports, its policy of expropriating the 

property of foreign investors, and its failure to implement 

anti-money laundering and terrorist financing measures; 

Whereas Standard & Poor’s declared Argentina in default in 

July 2014 for the second time in 13 years; 

Whereas the Argentine Government has passed legislation to 

restructure its debt beyond the reach of United States 


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•HRES 744 IH 

law to defy and directly contravene a United States Federal court injunction; 

Whereas a United States District Court Judge determined 

that the multiple statements the Argentine Government 

issued asserting that the country had not defaulted in 

July 2014 were ‘‘false and misleading’’, and ordered Argentina to cease making such statements or risk being 

held in contempt; 

Whereas in response, Argentina launched a social media campaign attacking the United States judiciary; 

Whereas the Argentine Government has intimidated foreign 

owned businesses that operate in Argentina; 

Whereas the United States Government has determined that 

the trade restrictions Argentina continues to maintain 

violate international trade rules and substantially hinder 

the export of American goods to the Argentine Republic; 

Whereas since 2010, the Financial Action Task Force has 

classified Argentina as a jurisdiction with strategic AntiMoney Laundering and Countering the Financing of Terrorism deficiencies that pose a risk to the international 

financial system; and 

Whereas Argentina’s actions have downgraded its credit rating and put the economic future of its citizens at risk by 

contributing directly to accelerated inflation in Argentina 

of nearly 40 percent, economic stagnation, growing poverty, drastically reduced imports and foreign direct investment, increasing isolation from the international community, and borrowing costs nearly triple that of neighboring countries that are much poorer than Argentina: 

Now, therefore, be it 

1 Resolved, That— 


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•HRES 744 IH 

1 (1) it is the sense of the House of Representa2 tives that the Republic of Argentina has failed to 

3 meet the responsibilities inherent to membership in 

4 the Group of Twenty Finance Ministers and Central 

5 Bank Governors (G20); and 

6 (2) the House of Representatives calls upon the 

7 President and the Secretary of the Treasury to work 

8 with the governments of the G20 members to termi9 nate the participation of Argentina in the G20 until 

10 the President determines and reports to Congress 

11 that Argentina has— 

12 (A) ended its defiance of international 

13 norms of economic relations; and 

14 (B) reestablished its commitment to the 

15 rule of law. 

Æ 


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