S.Amdt. 1905

SA 1905. Mr. DeMINT submitted an amendment intended to be proposed to
amendment SA 1836 proposed by Mr. Reid (for Ms. Cantwell (for herself,
Mr. Johnson of South Dakota, Mr. Graham, Mr. Shelby, Mr. Warner, Mr.
Schumer, Mr. Brown of Ohio, Mrs. Hagan, Mr. Coons, Mr. Akaka, Mrs.
Murray, Ms. Landrieu, Mr. Kerry, and Mr. Kirk)) to the bill H.R. 3606,
to increase American job creation and economic growth by improving
access to the public capital markets for emerging growth companies;
which was ordered to lie on the table; as follows:

In lieu of the matter proposed to be inserted, insert the
following:

TITLE VIII--INTERNATIONAL MONETARY FUND

SEC. 801. REPEAL OF AUTHORITY TO PROVIDE CERTAIN LOANS TO THE
INTERNATIONAL MONETARY FUND; PROHIBITION ON
LOANS TO THE FUND FOR EUROPEAN FINANCIAL
STABILITY.

(a) Repeal of Authority to Provide Certain Loans to the
International Monetary Fund and Increase in the United States
Quota.--
(1) Repeal of authorities.--The Bretton Woods Agreements
Act (22 U.S.C. 286 et seq.) is amended--
(A) in section 17--
(i) in subsection (a)--

(I) by striking ``(1) In order'' and inserting ``In
order''; and
(II) by striking paragraphs (2), (3), and (4); and

(ii) in subsection (b)--

(I) by striking ``(1) For the purpose'' and inserting ``For
the purpose'';
(II) by striking ``subsection (a)(1)'' and inserting
``subsection (a)''; and
(III) by striking paragraph (2);

(B) by striking sections 64, 65, 66, and 67; and
(C) by redesignating section 68 as section 64.
(2) Rescission of amounts.--
(A) In general.--The unobligated balance of the amounts
specified in subparagraph (B)--
(i) is rescinded;
(ii) shall be deposited in the general fund of the Treasury
to be dedicated for the sole purpose of deficit reduction;
and
(iii) may not be used as an offset for other spending
increases or revenue reductions.
(B) Amounts specified.--The amounts specified in this
subparagraph are the amounts appropriated under the heading
``United States Quota, International Monetary Fund'', and
under the heading ``Loans to International Monetary Fund'',
under the heading ``INTERNATIONAL MONETARY PROGRAMS'' under
the heading ``INTERNATIONAL ASSISTANCE PROGRAMS'' in title
XIV of the Supplemental Appropriations Act, 2009 (Public Law
111 32; 123 Stat. 1916).
(b) Prohibition on United States Loans to the International
Monetary Fund to Be Used for Financing for European Financial
Stability.--
(1) In general.--Section 17 of the Bretton Woods Agreements
Act (22 U.S.C. 286e 2), as amended by subsection (a)(1), is
further amended by adding at the end the following:
``(e) Restriction on Loans to Member States of the European
Union.--A loan may not be made under this section in a
calendar year to enable the International Monetary Fund to
provide financing, directly or indirectly--
``(1) to any member state of the European Union, until the
ratio of the total outstanding public debt of each such
member state to the gross domestic product of the member
state, 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 percent; or
``(2) for any new credit or liquidity facility, or any new
special purpose vehicle, related to European financial
stability.''.
(2) United states opposition to international monetary fund
financing for european financial stability.--The Bretton
Woods Agreements Act (22 U.S.C. 286 et seq.), as amended by
subsection (a)(1), is further amended by adding at the end
the following:

``SEC. 65. OPPOSITION OF UNITED STATES TO INTERNATIONAL
MONETARY FUND FINANCING FOR EUROPEAN FINANCIAL
STABILITY.

``The Secretary of the Treasury shall instruct the United
States Executive Director of the Fund to use the voice and
vote of the United States to oppose the provision of
financing by the Fund, directly or indirectly--
``(1) to any member state of the European Union in a
calendar year, until the ratio of the total outstanding
public debt of each such member state to the gross domestic
product of the member state, 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 percent; or
``(2) for any new credit or liquidity facility, or any new
special purpose vehicle, related to European financial
stability.''.
(c) Sense of Congress on Implementation of Doubling of
United States Quota in the International Monetary Fund.--It
is the sense of Congress that Congress should not approve any
legislation to implement the December 15, 2010, vote of the
Board of Governors of the International Monetary Fund to
double the quota of the United States in the Fund.
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