US Congress Senate Bill 1975 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 26)
Status: Introduced on December 8 2011 - 25% progression, died in committee
Action: 2011-12-08 - Read twice and referred to the Committee on Foreign Relations.
Pending: Senate Foreign Relations Committee
Text: Latest bill text (Introduced) [PDF]

No More IMF Bailouts Act - Amends the Bretton Woods Agreements Act to repeal authority to: (1) provide certain loans to the International Monetary Fund (IMF), including loans related to the New Arrangements to Borrow (NAB); (2) increase the U.S. quota in the IMF; and (3) approve the sale of IMF gold. Prohibits U.S. loans to the IMF for assistance to any European Union (EU) member state: (1) until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; or (2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability. Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use U.S. influence to oppose any IMF financing: (1) to any EU member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (as of the end of the most recent fiscal year of the member state ending in the preceding calendar year) is not more than 60%; or (2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability. Expresses the sense of Congress that Congress should not approve legislation to implement the December 15, 2010, vote of the IMF Board of Governors to double the U.S. quota in the IMF.

No More IMF Bailouts Act

Sen. Jim DeMint [R-SC]	Sen. Kelly Ayotte [R-NH]	Sen. John Barrasso [R-WY]	Sen. Roy Blunt [R-MO]
Sen. John Boozman [R-AR]	Sen. Richard Burr [R-NC]	Sen. Saxby Chambliss [R-GA]	Sen. Tom Coburn [R-OK]
Sen. John Cornyn [R-TX]	Sen. Mike Crapo [R-ID]	Sen. Lindsey Graham [R-SC]	Sen. Orrin Hatch [R-UT]
Sen. Dean Heller [R-NV]	Sen. Kay Hutchison [R-TX]	Sen. James Inhofe [R-OK]	Sen. Mike Johanns [R-NE]
Sen. Ron Johnson [R-WI]	Sen. Jon Kyl [R-AZ]	Sen. Mike Lee [R-UT]	Sen. Rand Paul [R-KY]
Sen. James Risch [R-ID]	Sen. Marco Rubio [R-FL]	Sen. Jeff Sessions [R-AL]	Sen. John Thune [R-SD]
Sen. Pat Toomey [R-PA]	Sen. David Vitter [R-LA]

Date	Chamber	Action
2011-12-08	Senate	Read twice and referred to the Committee on Foreign Relations.

HB2313 (Related) 2011-07-19 - Referred to the Subcommittee on International Monetary Policy and Trade.
SB1276 (Related) 2011-06-27 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 85.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/senate-bill/1975/all-info
Text	https://www.congress.gov/112/bills/s1975/BILLS-112s1975is.pdf