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 for-
eign-led agreements, reduce moral hazard, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘IMF Reform and In-
tegrity Act’’. 
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SEC. 2. OPPOSITION OF THE UNITED STATES TO FINANCIAL 
PARTICIPATION 
BY 
THE 
INTERNATIONAL 
MONETARY FUND IN FOREIGN-LED AGREE-
MENTS. 
The Bretton Woods Agreements Act (22 U.S.C. 286– 
286xx) is amended by adding at the end the following: 
‘‘SEC. 73. OPPOSITION OF THE UNITED STATES TO FINAN-
CIAL 
PARTICIPATION 
BY 
THE 
INTER-
NATIONAL MONETARY FUND IN FOREIGN- 
LED AGREEMENTS. 
‘‘The Secretary of the Treasury shall instruct— 
‘‘(1) the United States Executive Director at 
the Fund— 
‘‘(A) to use the voice and vote of the 
United States to oppose the provision by the 
Fund of financing, including the disbursement 
of financing approved before the enactment of 
this section, in conjunction with financing to be 
provided by a multilateral organization of which 
the United States is not a member if— 
‘‘(i) the present value of the financing 
to be provided by the multilateral organiza-
tion would exceed the present value of the 
financing to be provided by the Fund; or 
‘‘(ii) the obligation of the debtor with 
respect to the financing provided by the 
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Fund is not explicitly made senior to the 
obligation of the debtor with respect to the 
financing provided by the multilateral or-
ganization; and 
‘‘(B) not later than 7 days after the ap-
proval by the Fund of any financing to which 
paragraph (1) applies, to transmit a certifi-
cation to the Committees on Financial Services 
and Foreign Affairs of the House of Represent-
atives and the Committees on Banking, Hous-
ing, and Urban Affairs and Foreign Relations 
of the Senate that the obligation of the debtor 
with respect to the financing provided by the 
Fund has been explicitly made senior to the ob-
ligation of the debtor with respect to the financ-
ing provided by the multilateral organization; 
and 
‘‘(2) the United States Governor of the Fund to 
use the voice and vote of the United States to op-
pose any proposal to make additional resources 
available to the Fund in the aggregate, or increase 
the quota of any member of the Fund who is a 
member of a multilateral organization of which the 
United States is not a member, if, during the 24 
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months before consideration of the proposal by the 
Board of Governors of the Fund— 
‘‘(A) the Fund has approved the provision 
of, or disbursed, financing in conjunction with 
financing provided or to be provided by the 
multilateral organization, as described in para-
graph (1); or 
‘‘(B) an obligation to the Fund resulting 
from such an approval or disbursement has not 
been repaid in full.’’. 
SEC. 3. REPEAL OF THE NEW ARRANGEMENTS TO BORROW; 
RESCISSION OF FUNDS. 
(a) REPEAL.— 
(1) IN GENERAL.—Section 17 of the Bretton 
Woods Agreements Act (22 U.S.C. 286e–2) is 
amended— 
(A) by striking subsections (a), (b), (d), 
and (f); and 
(B) in subsection (c)— 
(i) by striking ‘‘(c)’’; and 
(ii) by striking ‘‘In addition to the 
amount authorized in subsection (b), 
there’’ and inserting ‘‘There’’. 
(2) CONFORMING
REPEAL.—Section 9001 of 
the Department of State, Foreign Operations, and 
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Related Programs Appropriations Act, 2016 (22 
U.S.C. 286e–2 note; division K of Public Law 114– 
113) is amended by striking paragraph (3). 
(b) RESCISSION.—The unobligated balances made 
available to carry out subsections (a) and (b) of section 
17 of the Bretton Woods Agreements Act, as in effect be-
fore the enactment of this Act, are rescinded. 
SEC. 4. OPPOSITION OF THE UNITED STATES TO INTER-
NATIONAL MONETARY FUND LOAN TO A 
COUNTRY WHOSE PUBLIC DEBT IS NOT LIKE-
LY TO BE SUSTAINABLE IN THE MEDIUM 
TERM. 
Section 68(a) of the Bretton Woods Agreements Act 
(22 U.S.C. 286tt(a)) is amended— 
(1) in paragraph (2), by inserting after the 
comma the following: ‘‘or a staff analytical report of 
the Fund states that there is not a high probability 
that the public debt of the country is sustainable in 
the medium term,’’; and 
(2) by adding at the end the following: 
‘‘(3) PRESIDENTIAL WAIVER AUTHORITY.—The 
President of the United States may waive paragraph 
(2) if the President provides a written certification 
to the Committees on Financial Services and For-
eign Affairs of the House of Representatives and the 
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Committees on Foreign Relations and Banking, 
Housing, and Urban Affairs of the Senate that the 
waiver is important to the national security interest 
of the United States, and includes with the certifi-
cation a written statement of the reasons therefor.’’. 
SEC. 5. CONGRESSIONAL NOTIFICATION WITH RESPECT TO 
EXCEPTIONAL ACCESS LENDING. 
The Bretton Woods Agreements Act (22 U.S.C. 286– 
286xx), as amended by section 2 of this Act, is amended 
by adding at the end the following: 
‘‘SEC. 74. CONGRESSIONAL NOTIFICATION WITH RESPECT 
TO EXCEPTIONAL ACCESS LENDING. 
‘‘The United States Executive Director at the Inter-
national Monetary Fund may not support any proposal 
that would alter the criteria used by the Fund for excep-
tional access lending if the proposal would permit a coun-
try that is ineligible, before the proposed alteration, to re-
ceive exceptional access lending, unless, not later than 30 
days before consideration of the proposal by the Board 
of Executive Directors of the Fund, the Secretary of the 
Treasury has submitted to the Committee on Financial 
Services and the Committee on Foreign Affairs of the 
House of Representatives and the Committee on Banking, 
Housing, and Urban Affairs and the Committee on For-
eign Relations of the Senate a report on the justification 
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for the proposal and the effects of the proposed alteration 
on moral hazard and repayment risk at the Fund.’’. 
SEC. 6. MONITORING AND TECHNICAL ASSISTANCE. 
Nothing in this Act shall be interpreted as requiring 
the opposition of the United States to the provision of 
monitoring, technical assistance, or advisory services by 
the International Monetary Fund. 
Æ 
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