[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1573 Introduced in House (IH)]
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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 foreign-led
agreements, reduce moral hazard, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``IMF Reform and Integrity Act''.
SEC. 2. OPPOSITION OF THE UNITED STATES TO FINANCIAL PARTICIPATION BY
THE INTERNATIONAL MONETARY FUND IN FOREIGN-LED
AGREEMENTS.
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 FINANCIAL PARTICIPATION
BY THE INTERNATIONAL 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 organization
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 Fund
is not explicitly made senior to the obligation
of the debtor with respect to the financing
provided by the multilateral organization; and
``(B) not later than 7 days after the approval by
the Fund of any financing to which paragraph (1)
applies, to transmit a certification to the Committees
on Financial Services and Foreign Affairs of the House
of Representatives and the Committees on Banking,
Housing, 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 obligation of the debtor
with respect to the financing 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 oppose 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 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 paragraph (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 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 before the enactment of this Act, are
rescinded.
SEC. 4. 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 Foreign Affairs of the House of Representatives and the
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 certification 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 International
Monetary Fund may not support any proposal that would alter the
criteria used by the Fund for exceptional access lending if the
proposal would permit a country that is ineligible, before the proposed
alteration, to receive 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 Foreign
Relations of the Senate a report on the justification 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.
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