European Bailout Protection Act

European Bailout Protection Act - Amends the Bretton Woods Agreements Act to: (1) prohibit U.S. loans to the International Monetary Fund (IMF) for assistance to any European Union (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%; and (2) direct the Secretary of the Treasury to oppose any IMF loans to member states until all member states are in compliance with such debt ratio.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5299 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5299

   To temporarily prohibit United States loans to the International 
 Monetary Fund to be used to provide financing for any member state of 
                          the European Union.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 13, 2010

Mr. Pence (for himself, Mrs. McMorris Rodgers, Mr. Lewis of California, 
 Mr. Hensarling, and Ms. Granger) introduced the following bill; which 
          was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To temporarily prohibit United States loans to the International 
 Monetary Fund to be used to provide financing for any member state of 
                          the European Union.

    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 ``European Bailout Protection Act''.

SEC. 2. TEMPORARY PROHIBITION ON UNITED STATES LOANS TO THE 
              INTERNATIONAL MONETARY FUND TO BE USED FOR FINANCING FOR 
              ANY MEMBER STATE OF THE EUROPEAN UNION.

    Section 17 of the Bretton Woods Agreements Act (22 U.S.C. 286e-2) 
is amended by adding at the end the following:
    ``(e) A loan may not be made under this section in a calendar year 
to enable the Fund to provide financing, directly or indirectly, to any 
member state of the European Union, until the ratio of the total 
outstanding public debt of each such member state to the gross domestic 
product of the member state, 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 percent.''.

SEC. 3. TEMPORARY UNITED STATES OPPOSITION TO INTERNATIONAL MONETARY 
              FUND FINANCING FOR ANY MEMBER STATE OF THE EUROPEAN 
              UNION.

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

``SEC. 68. TEMPORARY OPPOSITION OF UNITED STATES TO INTERNATIONAL 
              MONETARY FUND FINANCING FOR ANY MEMBER STATE OF THE 
              EUROPEAN UNION.

    ``The Secretary of the Treasury shall instruct the United States 
Executive Director at the Fund to use the voice and vote of the United 
States to oppose the provision of financing by the Fund, directly or 
indirectly, to any member state of the European Union in a calendar 
year, until the ratio of the total outstanding public debt of each such 
member state to the gross domestic product of the member state, 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 percent.''.
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