IMF Reform and Integrity Act of 2020
This bill requires U.S. representatives to the International Monetary Fund (IMF) to take certain actions, such as opposing quota increases for certain countries. (A country's quota generally reflects its economic strength and affects factors such as that country's voting power within the IMF.)
Before the IMF considers a proposal to increase the quota of any of the ten largest IMF shareholder countries, the Department of the Treasury shall report to Congress as to whether the country meets certain criteria, such as (1) fulfilling its general IMF obligations, and (2) not engaging in currency manipulation in the last 12 months. If the country does not meet all such criteria, U.S. representatives to the IMF shall oppose the proposed quota increase. U.S. representatives shall also oppose the proposed quota increase if the President determines that the country's government has interfered with a U.S. federal election in the last four years.
U.S. representatives to the IMF shall oppose a proposed loan to a country if there is not a high probability that the country's public debt is sustainable in the medium term.
The U.S. Executive Director at the IMF shall not support any proposal to change IMF criteria on providing exceptional access lending if the change would allow a previously ineligible country to receive such funding unless Treasury reports to Congress a justification for supporting the change before it is considered at the IMF.
This bill shall expire ten years after enactment.
[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6086 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6086
To hold China, Russia, and other major shareholders of the
International Monetary Fund accountable to the principles of the Fund,
and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 4, 2020
Mr. Huizenga introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To hold China, Russia, and other major shareholders of the
International Monetary Fund accountable to the principles of the Fund,
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 of
2020''.
SEC. 2. OPPOSITION TO QUOTA INCREASE FOR COUNTRIES THAT UNDERMINE IMF
PRINCIPLES.
The Bretton Woods Agreements Act (22 U.S.C. 286-286zz) is amended--
(1) by redesignating the 2nd section 73 (as added by
section 1901 of division P of Public Law 116-94) as section 74;
and
(2) by adding at the end the following:
``SEC. 75. OPPOSITION TO QUOTA INCREASE FOR COUNTRIES THAT UNDERMINE
FUND PRINCIPLES.
``(a) In General.--Not less than 7 days before consideration of any
proposal to increase the quota of a foreign member of the Fund that is
one of the 10 largest shareholders in the Fund, the Secretary of the
Treasury shall submit a report to the Committee on Financial Services
of the House and the Committee on Foreign Relations of the Senate that
determines whether the foreign member meets the following criteria:
``(1) The member is in compliance with all obligations set
forth in Article VIII of the Articles of Agreement of the Fund.
``(2) The member, in the preceding 12 months, was not found
to have manipulated its currency, as determined in a report
required by section 3005 of the Omnibus Trade and
Competitiveness Act of 1988 or section 701 of the Trade
Facilitation and Trade Enforcement Act of 2015.
``(3) In the case of a member whose currency is included in
the Special Drawing Rights basket of the Fund, the currency of
the member is freely usable (within the meaning of Article
XXX(f) of the Articles of Agreement of the Fund) and the
Secretary concurs with the determinations of the Fund described
in that Article, and, in the preceding 12 months, the member
has demonstrated its commitment to ensuring that its currency
is widely used and traded internationally.
``(4) The member is committed to the rules and principles
of the Paris Club.
``(b) Effect of Determination.--On determining that a member of the
Fund has failed to meet any of the criteria set forth in subsection
(a), the Secretary shall instruct the Governor of the Fund to use the
voice and vote of the United States to oppose the proposal to increase
the quota of the member in the Fund.
``(c) Waiver.--The President may waive subsection (b) with respect
to a member of the Fund on reporting to the Committee on Financial
Services of the House of Representatives and the Committee on Foreign
Relations of the Senate that--
``(1) the waiver is important to the national interest of
the United States, with an explanation of the reasons therefor;
or
``(2) the member is attempting to rectify the failure, with
a description of the actions the member is taking to fulfill
any unmet criteria.
``(d) Prohibition.--Notwithstanding subsection (c), the Governor of
the Fund may not use the voice or vote of the United States to support
a proposal to increase the quota of a member in the Fund if the
President of the United States determines that the government of the
member interfered in a United States election for Federal office (as
defined in section 301 of the Federal Election Campaign Act of 1971) in
the 4 years preceding consideration of the proposal.
``(e) Proposal Consideration.--For the purposes of this section,
consideration of a proposal to increase the quota of a foreign member
of the Fund does not include consent to an amendment to the Articles of
Agreement of the Fund that has been authorized by law.
``(f) Sunset.--This section shall cease to have force or effect 10
years after the date of the enactment of this Act.''.
SEC. 3. 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.
(a) In General.--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) Waiver authority.--The Secretary of the Treasury may
waive paragraph (2) on a case-by-case basis if the Secretary
provides a written certification to the Committee on Financial
Services of the House of Representatives and the Committee on
Foreign Relations of the Senate that the waiver is important to
the national interest of the United States, and includes with
the certification a written statement of the reasons
therefor.''.
(b) Sunset.--This section shall cease to have force or effect 10
years after the date of the enactment of this Act.
SEC. 4. CONGRESSIONAL NOTIFICATION WITH RESPECT TO EXCEPTIONAL ACCESS
LENDING.
(a) In General.--The Bretton Woods Agreements Act (22 U.S.C. 286-
286zz), as amended by section 2 of this Act, is amended by adding at
the end the following:
``SEC. 76. CONGRESSIONAL NOTIFICATION WITH RESPECT TO EXCEPTIONAL
ACCESS LENDING.
``(a) In General.--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 15 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 of the House of
Representatives 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.
``(b) Waiver.--The President may reduce the applicable notice
period required under subsection (a) to not less than 7 days on
reporting to the Committee on Financial Services of the House of
Representatives and Committee on Foreign Relations of the Senate that
the reduction is important to the national interest of the United
States, with an explanation of the reasons therefor.''.
(b) Sunset.--This section shall cease to have force or effect 10
years after the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line