I 

115TH CONGRESS 

1ST SESSION H. R. 1573 

To oppose International Monetary Fund participation in foreign-led 

agreements, reduce moral hazard, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 16, 2017 

Mr. HUIZENGA introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To oppose International Monetary Fund participation in foreign-led agreements, reduce moral hazard, 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 ‘‘IMF Reform and In5 tegrity Act’’. 


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1 SEC. 2. OPPOSITION OF THE UNITED STATES TO FINANCIAL 

2 PARTICIPATION BY THE INTERNATIONAL 

3 MONETARY FUND IN FOREIGN-LED AGREE4 MENTS. 

5 The Bretton Woods Agreements Act (22 U.S.C. 286– 

6 286xx) is amended by adding at the end the following: 

7 ‘‘SEC. 73. OPPOSITION OF THE UNITED STATES TO FINAN8 CIAL PARTICIPATION BY THE INTER9 NATIONAL MONETARY FUND IN FOREIGN10 LED AGREEMENTS. 

11 ‘‘The Secretary of the Treasury shall instruct— 

12 ‘‘(1) the United States Executive Director at 

13 the Fund— 

14 ‘‘(A) to use the voice and vote of the 

15 United States to oppose the provision by the 

16 Fund of financing, including the disbursement 

17 of financing approved before the enactment of 

18 this section, in conjunction with financing to be 

19 provided by a multilateral organization of which 

20 the United States is not a member if— 

21 ‘‘(i) the present value of the financing 

22 to be provided by the multilateral organiza23 tion would exceed the present value of the 

24 financing to be provided by the Fund; or 

25 ‘‘(ii) the obligation of the debtor with 

26 respect to the financing provided by the 


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1 Fund is not explicitly made senior to the 

2 obligation of the debtor with respect to the 

3 financing provided by the multilateral or4 ganization; and 

5 ‘‘(B) not later than 7 days after the ap6 proval by the Fund of any financing to which 

7 paragraph (1) applies, to transmit a certifi8 cation to the Committees on Financial Services 

9 and Foreign Affairs of the House of Represent10 atives and the Committees on Banking, Hous11 ing, and Urban Affairs and Foreign Relations 

12 of the Senate that the obligation of the debtor 

13 with respect to the financing provided by the 

14 Fund has been explicitly made senior to the ob15 ligation of the debtor with respect to the financ16 ing provided by the multilateral organization; 

17 and 

18 ‘‘(2) the United States Governor of the Fund to 

19 use the voice and vote of the United States to op20 pose any proposal to make additional resources 

21 available to the Fund in the aggregate, or increase 

22 the quota of any member of the Fund who is a 

23 member of a multilateral organization of which the 

24 United States is not a member, if, during the 24 


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1 months before consideration of the proposal by the 

2 Board of Governors of the Fund— 

3 ‘‘(A) the Fund has approved the provision 

4 of, or disbursed, financing in conjunction with 

5 financing provided or to be provided by the 

6 multilateral organization, as described in para7 graph (1); or 

8 ‘‘(B) an obligation to the Fund resulting 

9 from such an approval or disbursement has not 

10 been repaid in full.’’. 

11 SEC. 3. REPEAL OF THE NEW ARRANGEMENTS TO BORROW; 

12 RESCISSION OF FUNDS. 

13 (a) REPEAL.— 

14 (1) IN GENERAL.—Section 17 of the Bretton 

15 Woods Agreements Act (22 U.S.C. 286e–2) is 

16 amended— 

17 (A) by striking subsections (a), (b), (d), 

18 and (f); and 

19 (B) in subsection (c)— 

20 (i) by striking ‘‘(c)’’; and 

21 (ii) by striking ‘‘In addition to the 

22 amount authorized in subsection (b), 

23 there’’ and inserting ‘‘There’’. 

24 (2) CONFORMING REPEAL.—Section 9001 of 

25 the Department of State, Foreign Operations, and 


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1 Related Programs Appropriations Act, 2016 (22 

2 U.S.C. 286e–2 note; division K of Public Law 114– 

3 113) is amended by striking paragraph (3). 

4 (b) RESCISSION.—The unobligated balances made 

5 available to carry out subsections (a) and (b) of section 

6 17 of the Bretton Woods Agreements Act, as in effect be7 fore the enactment of this Act, are rescinded. 

8 SEC. 4. OPPOSITION OF THE UNITED STATES TO INTER9 NATIONAL MONETARY FUND LOAN TO A 

10 COUNTRY WHOSE PUBLIC DEBT IS NOT LIKE11 LY TO BE SUSTAINABLE IN THE MEDIUM 

12 TERM. 

13 Section 68(a) of the Bretton Woods Agreements Act 

14 (22 U.S.C. 286tt(a)) is amended— 

15 (1) in paragraph (2), by inserting after the 

16 comma the following: ‘‘or a staff analytical report of 

17 the Fund states that there is not a high probability 

18 that the public debt of the country is sustainable in 

19 the medium term,’’; and 

20 (2) by adding at the end the following: 

21 ‘‘(3) PRESIDENTIAL WAIVER AUTHORITY.—The 

22 President of the United States may waive paragraph 

23 (2) if the President provides a written certification 

24 to the Committees on Financial Services and For25 eign Affairs of the House of Representatives and the 


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1 Committees on Foreign Relations and Banking, 

2 Housing, and Urban Affairs of the Senate that the 

3 waiver is important to the national security interest 

4 of the United States, and includes with the certifi5 cation a written statement of the reasons therefor.’’. 

6 SEC. 5. CONGRESSIONAL NOTIFICATION WITH RESPECT TO 

7 EXCEPTIONAL ACCESS LENDING. 

8 The Bretton Woods Agreements Act (22 U.S.C. 286– 

9 286xx), as amended by section 2 of this Act, is amended 

10 by adding at the end the following: 

11 ‘‘SEC. 74. CONGRESSIONAL NOTIFICATION WITH RESPECT 

12 TO EXCEPTIONAL ACCESS LENDING. 

13 ‘‘The United States Executive Director at the Inter14 national Monetary Fund may not support any proposal 

15 that would alter the criteria used by the Fund for excep16 tional access lending if the proposal would permit a coun17 try that is ineligible, before the proposed alteration, to re18 ceive exceptional access lending, unless, not later than 30 

19 days before consideration of the proposal by the Board 

20 of Executive Directors of the Fund, the Secretary of the 

21 Treasury has submitted to the Committee on Financial 

22 Services and the Committee on Foreign Affairs of the 

23 House of Representatives and the Committee on Banking, 

24 Housing, and Urban Affairs and the Committee on For25 eign Relations of the Senate a report on the justification 


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1 for the proposal and the effects of the proposed alteration 

2 on moral hazard and repayment risk at the Fund.’’. 

3 SEC. 6. MONITORING AND TECHNICAL ASSISTANCE. 

4 Nothing in this Act shall be interpreted as requiring 

5 the opposition of the United States to the provision of 

6 monitoring, technical assistance, or advisory services by 

7 the International Monetary Fund. 

Æ 


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