To require the United States to oppose the provision by the International Monetary Fund of a loan to a country whose public debt is not likely to be sustainable in the medium term, and for other purposes.

This bill amends the Bretton Woods Agreements Act to direct the Treasury to instruct the U.S. Executive Director at the International Monetary Fund (IMF) to oppose any proposed IMF loan to a country about which an IMF staff analytical report finds no high probability that the country's public debt is sustainable in the medium term (currently, only if the proposed loan is not likely to be repaid in full).

The President may waive this requirement for purposes of U.S. national security interests.

[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4836 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 4836

      To require the United States to oppose the provision by the 
International Monetary Fund of a loan to a country whose public debt is 
    not likely to be sustainable in the medium term, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 22, 2016

   Mr. Huizenga of Michigan introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
      To require the United States to oppose the provision by the 
International Monetary Fund of a loan to a country whose public debt is 
    not likely to be sustainable in the medium term, 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. 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 on Foreign Affairs of the House of Representatives and the 
        Committees on Foreign Relations and on 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.''.
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