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S. 1975: No More IMF Bailouts Act

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S. 1975: No More IMF Bailouts Act

112th Congress · introduced 2011-12-08 · Foreign Trade and International Finance · Latest: Read twice and referred to the Committee on Foreign Relations.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2011-12-08 · official record
  2. Who proposed it: Sen. DeMint, Jim [R-SC] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Read twice and referred to the Committee on Foreign Relations. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

No More IMF Bailouts Act

Plain summary

No More IMF Bailouts Act - Amends the Bretton Woods Agreements Act to repeal authority to: (1) provide certain loans to the International Monetary Fund (IMF), including loans related to the New Arrangements to Borrow (NAB); (2) increase the U.S. quota in the IMF; and (3) approve the sale of IMF gold. Prohibits U.S. loans to the IMF for assistance to any European Union (EU) member state: (1) 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%; or (2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability. Directs the Secretary of the Treasury to instruct the U.S. Executive Director of the IMF to use U.S. influence to oppose any IMF financing: (1) to any 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%; or (2) for any new credit or liquidity facility, or any new special purpose vehicle, related to European financial stability. Expresses the sense of Congress that Congress should not approve legislation to implement the December 15, 2010, vote of the IMF Board of Governors to double the U.S. quota in the IMF.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

No More IMF Bailouts Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. DeMint, Jim [R-SC] · 25 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

John Cornyn (R-TX), James E. Risch (R-ID), Ron Johnson (R-WI), Mike Lee (R-UT), Rand Paul (R-KY), John Boozman (R-AR), Mike Crapo (R-ID), John Barrasso (R-WY), John Thune (R-SD)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Fiscal year
The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong112-s1975 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112