To require the United States to oppose the provision by the International Monetary Fund of a loan to a country whose public debt is not likely to be sustainable in the medium term, and for other purposes.

Bill: 114-hr-4836
Sponsor: full_name: Rep. Huizenga, Bill [R-MI-2]
Introduced: 2016-03-22
Policy area: International Affairs
Subjects: Budget deficits and national debt

Foreign loans and debt

International monetary system and foreign exchange

Multilateral development programs
Latest action: action_date: 2016-03-22
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-03-22
action_desc: Introduced in House
text: <p>This bill amends the Bretton Woods Agreements Act to direct the Treasury to instruct the U.S. Executive Director at the International Monetary Fund (IMF) to oppose any proposed IMF loan to a country about which an IMF staff analytical report finds no high probability that the country's public debt is sustainable in the medium term (currently, only if the proposed loan is not likely to be repaid in full).</p> <p>The President may waive this requirement for purposes of U.S. national security interests.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 4836 IN THE HOUSE OF REPRESENTATIVES March 22, 2016 Mr. Huizenga of Michigan introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the United States to oppose the provision by the International Monetary Fund of a loan to a country whose public debt is not likely to be sustainable in the medium term, and for other purposes.

1. Opposition of the United States to International Monetary Fund loan to a country whose public debt is not likely 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 on Foreign Affairs of the House of Representatives and the Committees on Foreign Relations and on 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 certification a written statement of the reasons therefor. .