III 

112TH CONGRESS 

2D SESSION S. RES. 457 

Expressing the sense of Congress that the Republic of Argentina’s membership in the G20 should be conditioned on its adherence to international 

norms of economic relations and commitment to the rule of law. 

IN THE SENATE OF THE UNITED STATES 

MAY 10, 2012 

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

Committee on Foreign Relations 

RESOLUTION 

Expressing the sense of Congress that the Republic of Argentina’s membership in the G20 should be conditioned on 

its adherence to international norms of economic relations and commitment to the rule of law. 

Whereas Argentina has enjoyed the privilege of membership 

in the Group of Twenty Finance Ministers and Central 

Bank Governors (G20); 

Whereas, at the Summit of the Group of Twenty in 2008, 

G20 leaders declared that ‘‘our work will be guided by a 

shared belief that market principles, open trade and investment regimes, and effectively regulated financial markets foster the dynamism, innovation, entrepreneurship 

that are essential for economic growth, employment and 

poverty reduction’’; 


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•SRES 457 IS 

Whereas, at the Pittsburgh Summit of 2009, G20 nations 

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

international economic cooperation’’; 

Whereas, at the Cannes Summit of 2011, G20 leaders reaffirmed their ‘‘commitment to work together’’ and 

stressed among other principles the need to conduct 

International Monetary Fund surveillance of national 

economies, avoid protectionism and the need to reinforce 

the multilateral trading system, strengthen anti-money 

laundering measures, and combat financing of terrorism; 

Whereas the Republic of Argentina has consistently violated 

the spirit and letter of these and other G20 declarations 

through its policy of expropriating the property of foreign 

investors, evading the judgments of United States courts, 

ignoring decisions of international arbitral forums, refusing to comply with International Monetary Fund membership requirements, and failing to implement antimoney laundering and terrorist financing measures; 

Whereas the President Cristina Fernandez de Kirchner has 

flouted international norms and agreements by proposing 

legislation to nationalize Argentina’s largest oil and gas 

producer, YPF SA, effectively expropriating the assets of 

foreign investors; 

Whereas President Fernandez won congressional backing to 

seize YPF SA (YPFD) from Spain’s Repsol YPF SA 

(YPF), with the Argentina Senate approving the legislation on April 26, 2012, and the lower house of the Argentina Congress voting 207 to 32 on May 3, 2012, to 

back her bill empowering the Government of Argentina to 

take 51 percent of YPF; 


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•SRES 457 IS 

Whereas Argentina has persistently ignored claims brought 

by United States and other countries before the International Center for Settlement of Investment Disputes 

(ICSID), administered by the World Bank, despite receiving billions of dollars in loans from the World Bank; 

Whereas Argentina remains one of only four countries, and 

the only G20 member, that refuse to submit to an International Monetary Fund review in violation of Article IV 

of the IMF Charter; and 

Whereas the Financial Action Task Force has warned of Argentina’s failure to comply with fully 47 out of 49 recommendations to address the vulnerability of institutions 

to terrorist financing and money laundering, giving Argentina the worst evaluation of any G20 nation: Now, 

therefore, be it 

1 Resolved, That the Senate— 

2 (1) finds that the Republic of Argentina has 

3 failed to meet the responsibilities inherent to mem4 bership in the G20; 

5 (2) calls upon the President and the Secretary 

6 of the Treasury to work with the governments of the 

7 G20 to suspend the participation of the Republic of 

8 Argentina in the G20 until the Government of Ar9 gentina has fully demonstrated its intent to adhere 

10 to international norms of economic relations and to 

11 commit to the rule of law; and 

12 (3) calls upon the President and the Secretary 

13 of the Treasury to work with the governments of the 


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•SRES 457 IS 

1 G20 members to condition any reinstatement of Ar2 gentina’s membership in the G20 on its dem3 onstrated compliance with its international commit4 ments and obligations. 

Æ 


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