To protect United States taxpayers from paying for the bailouts of foreign governments.

SA 3986. Mr. CORNYN (for himself and Mr. Vitter) submitted an
amendment intended to be proposed to amendment SA 3739 proposed by Mr.
Reid (for Mr. Dodd (for himself and Mrs. Lincoln)) to the bill S. 3217,
to promote the financial stability of the United States by improving
accountability and transparency in the financial system, to end ``too
big to fail'', to protect the American taxpayer by ending bailouts, to
protect consumers from abusive financial services practices, and for
other purposes; which was ordered to lie on the table; as follows:

On page 1565, after line 23, add the following:

TITLE XIII--MISCELLANEOUS

SEC. 1301. RESTRICTIONS ON USE OF FEDERAL FUNDS TO FINANCE
BAILOUTS OF FOREIGN GOVERNMENTS.

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

``SEC. 68. RESTRICTIONS ON USE OF FEDERAL FUNDS TO FINANCE
BAILOUTS OF FOREIGN GOVERNMENTS.

``(a) In General.--The President shall direct the United
States Executive Director of the International Monetary
Fund--
``(1) to evaluate any proposed loan to a country by the
Fund if the amount of the public debt of the country exceeds
the gross domestic product of the country;
``(2) to determine whether or not the loan will be repaid
and certify that determination to Congress.
``(b) Opposition to Loans Unlikely to Be Repaid.--If the
Executive Director determines under subsection (a)(2) that a
loan by the International Monetary Fund to a country will not
be repaid, the President shall direct the Executive Director
to use the voice and vote of the United States to vote in
opposition to the proposed loan.''.
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