No Argentina Bailout Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2965 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                S. 2965

     To prohibit the use of the Exchange Stabilization Fund of the 
 Department of the Treasury to bail out Argentina's financial markets.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 1, 2025

  Ms. Warren (for herself, Mr. Kaine, Mr. Van Hollen, Mr. Booker, Ms. 
 Smith, and Mr. Gallego) introduced the following bill; which was read 
  twice and referred to the Committee on Banking, Housing, and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
     To prohibit the use of the Exchange Stabilization Fund of the 
 Department of the Treasury to bail out Argentina's financial markets.

    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 ``No Argentina Bailout Act''.

SEC. 2. SENSE OF CONGRESS.

    It is the sense of Congress that--
            (1) workers and families in the United States are 
        struggling to afford basic necessities, like groceries, rent, 
        health care, credit card bills, and other debt payments;
            (2) many farmers in the United States, especially soybean 
        farmers, are experiencing severe financial hardship, in large 
        part, because of the chaotic tariffs imposed by President 
        Donald Trump;
            (3) the Exchange Stabilization Fund of the Department of 
        the Treasury should be used to promote financial interests of 
        the United States by defending jobs, wages, and financial 
        stability from foreign currency manipulation, not to bail out 
        foreign financial markets;
            (4) global investors appear to have lost confidence in the 
        President of Argentina, Javier Milei, because of corruption 
        scandals and his waning public popularity, causing serious 
        disruptions in the country's financial markets;
            (5) Secretary of the Treasury Scott Bessent announced a 
        $20,000,000,000 bailout of Argentina's financial markets to 
        provide President Milei with a ``bridge'' to the country's 
        October 26 midterm elections;
            (6) President Donald Trump and Republicans in Congress are 
        shutting down the United States Government after ripping away 
        health care from 15,000,000 people in the United States; and
            (7) President Trump should not prioritize a $20,000,000,000 
        bailout for his foreign political ally and global investors 
        over health care for the people of the United States and the 
        critical government programs that will be turned off in the 
        Trump-Republican shutdown.

SEC. 3. PROHIBITION ON USE OF EXCHANGE STABILIZATION FUND TO BAIL OUT 
              ARGENTINA'S FINANCIAL MARKETS.

    Section 5302(b) of title 31, United States Code, is amended--
            (1) by inserting ``(1)'' after ``(b)''; and
            (2) by adding at the end the following:
    ``(2)(A) The fund may not be used to provide direct or indirect 
financial support to the country of Argentina under paragraph (1), 
including through the establishment of currency swap lines, the 
purchase of pesos or sovereign debt of Argentina, or the extension of 
any credit instrument.
    ``(B) Any financial contract or instrument entered into before the 
date of the enactment of this paragraph that violates subparagraph (A) 
shall be sold or terminated not later than 7 days after such date of 
enactment.
    ``(C) The prohibition under subparagraph (A) terminates on December 
10, 2027.''.
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