United States · Bill · S
S. 1975 (112th)
No More IMF Bailouts Act
Introduced
8 December 2011
Last action
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Status
Read twice and referred to the Committee on Foreign Relations.
Sponsors
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Subjects
Discovery layer
Source updated
14 August 2025
Summary
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.
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Documents
3 official files
Introduced in Senate (text)
Introduced in Senate (text)
Introduced in Senate · EN · 8 December 2011
Introduced in Senate (PDF)
Introduced in Senate · EN · 8 December 2011
Introduced in Senate
summary · EN · 8 December 2011
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Sources
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- Official source: https://www.congress.gov/bill/112th-congress/senate-bill/1975
- Open data entity: https://api.congress.gov/v3/bill/112/s/1975