IV 
112TH CONGRESS 
2D SESSION 
H. RES. 686 
Expressing the sense of the House of Representatives 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 HOUSE OF REPRESENTATIVES 
JUNE 12, 2012 
Mr. SMITH of New Jersey 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 membership in the G20 
should be conditioned on its adherence to international 
norms of economic relations and commitment to the rule 
of law. 
Whereas the Republic of Argentina enjoys the privilege of 
membership in the Group of Twenty Finance Ministers 
and Central Bank Governors (G20); 
Whereas the G20 aims to bring together the world’s major 
advanced and emerging economies to achieve global eco-
nomic stability and sustainable growth; 
Whereas at the Summit of the Group of Twenty in 2008, 
G20 leaders declared that ‘‘our work will be guided by a 
VerDate Mar 15 2010 
23:51 Jun 12, 2012
Jkt 019200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6300
E:\BILLS\HR686.IH
HR686
smartinez on DSK6TPTVN1PROD with BILLS
•HRES 686 IH 
shared belief that market principles, open trade and in-
vestment regimes, and effectively regulated financial mar-
kets foster the dynamism, innovation, and entrepreneur-
ship that are essential for economic growth, employment 
and poverty reduction’’; 
Whereas at the Pittsburgh Summit of 2009, G20 leaders in-
cluding President Barack Obama ‘‘designated the G20 to 
be the premier forum for our international economic co-
operation’’; 
Whereas at the Cannes Summit of 2011, G20 leaders re-
affirmed their ‘‘commitment to work together’’ and 
stressed, among other principles, the need to conduct 
International Monetary Fund (IMF) surveillance of na-
tional economies, avoid protectionism, reinforce the multi-
lateral trading system, strengthen anti-money laundering 
measures, and combat financing of terrorism; 
Whereas Argentina has repeatedly and willfully refused to 
honor its debts despite currently holding at least 
$45,000,000,000 in foreign currency reserves; 
Whereas 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 IMF membership requirements, and failing 
to implement anti-money laundering and terrorist financ-
ing measures; 
Whereas the Argentina government has a longstanding policy 
of repudiating debts to bondholders stemming from its 
2001 default, evading over 100 judgments against it in 
United States courts, and enacting the so-called Lock 
VerDate Mar 15 2010 
23:51 Jun 12, 2012
Jkt 019200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6300
E:\BILLS\HR686.IH
HR686
smartinez on DSK6TPTVN1PROD with BILLS
•HRES 686 IH 
Law by which it prohibits itself from satisfying its obliga-
tions to bondholders that refused derisory exchange of-
fers; 
Whereas Argentina has persistently ignored claims brought 
by United States and other companies before the Inter-
national Center for Settlement of Investment Disputes 
(ICSID), administered by the World Bank, despite re-
ceiving billions of dollars in loans from the World Bank; 
Whereas Argentina remains one of only four countries, and 
the only G20 member, that refuses to submit to an IMF 
review in violation of Article IV of the IMF Charter; 
Whereas Argentina’s disreputable conduct threatens to em-
bolden other nations to pursue comparable tactics for 
flouting their international financial commitments, as ex-
emplified by Ecuador, which in 2008 selectively defaulted 
on its sovereign bond obligations, citing Argentina’s ac-
tions as precedent; and 
Whereas the Financial Action Task Force has warned of Ar-
gentina’s failure to comply with 47 out of 49 rec-
ommendations to address the vulnerability of institutions 
to terrorist financing and money laundering, giving Ar-
gentina the worst evaluation of any G20 member nation: 
Now, therefore, be it 
Resolved, That the House of Representatives calls 
on— 
(1) the Republic of Argentina to fulfill the re-
sponsibilities inherent with membership in the Group 
of Twenty Finance Ministers and Central Bank Gov-
ernors (G20), in accordance with the principles ar-
VerDate Mar 15 2010 
23:51 Jun 12, 2012
Jkt 019200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\HR686.IH
HR686
smartinez on DSK6TPTVN1PROD with BILLS
•HRES 686 IH 
ticulated by this premier forum for international eco-
nomic cooperation; and 
(2) the President and the Secretary of the 
Treasury to work with the governments of the G20 
members to— 
(A) terminate the participation of Argen-
tina in the G20 until the President determines 
and reports to Congress that Argentina has— 
(i) reversed efforts to expropriate for-
eign investment in Argentina; 
(ii) fully satisfied all outstanding 
judgments of United States courts against 
it; 
(iii) fully honored all awards of inter-
national arbitral panels against it; and 
(iv) complied with the recommenda-
tions of the Financial Action Task Force; 
(B) condition Argentina’s future member-
ship in the G20 on its adherence and commit-
ment to international norms of economic rela-
tions and commitment to the rule of law; and 
(C) identify other countries that could re-
place Argentina in the G20 by virtue of their 
VerDate Mar 15 2010 
23:51 Jun 12, 2012
Jkt 019200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\HR686.IH
HR686
smartinez on DSK6TPTVN1PROD with BILLS
•HRES 686 IH 
adherence to international economic norms and 
respect for the rule of law. 
Æ 
VerDate Mar 15 2010 
23:51 Jun 12, 2012
Jkt 019200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\HR686.IH
HR686
smartinez on DSK6TPTVN1PROD with BILLS