To prevent loans for Iraq from the International Monetary Fund or the International Bank for Reconstruction and Development from being used to pay off Iraq's creditors.

Amends the Bretton Woods Agreements Act to require the Secretary of the Treasury to instruct the Executive Director of the International Monetary Fund and the Executive Director of the International Bank for Reconstruction and Development to oppose any loans by the Fund or the Bank to the Government of Iraq unless the Secretary determines that there are sufficient safeguards to prevent loan proceeds from being used to reimburse any government or individual for losses arising from credit extended to the Government of Iraq.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2338 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2338

 To prevent loans for Iraq from the International Monetary Fund or the 
 International Bank for Reconstruction and Development from being used 
                      to pay off Iraq's creditors.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 4, 2003

  Mr. Saxton introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To prevent loans for Iraq from the International Monetary Fund or the 
 International Bank for Reconstruction and Development from being used 
                      to pay off Iraq's creditors.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PREVENTION OF LOANS FROM IRAQ FROM THE INTERNATIONAL 
              MONETARY FUND OR THE INTERNATIONAL BANK FOR 
              RECONSTRUCTION AND DEVELOPMENT FROM BEING USED TO PAY OFF 
              IRAQ'S CREDITORS.

    The Bretton Woods Agreements Act (22 U.S.C. 286-286oo) is amended 
by adding at the end the following:

``SEC. 64. PREVENTION OF INTERNATIONAL MONETARY FUND LOANS FOR IRAQ 
              FROM BEING USED TO PAY OFF IRAQ'S CREDITORS.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the Fund and at the Bank to use the voice, vote, 
and influence of the United States to oppose the making of a loan by 
the Fund or the Bank, respectively, to the government of Iraq unless 
the Secretary of the Treasury determines that there are sufficient 
safeguards in place to prevent the loan proceeds from being used to 
reimburse persons or governments holding debt arising from credit 
extended to the government of Iraq, and outstanding as of the date of 
the enactment of this section, for any losses with respect to the 
debt.''.
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