S. 1276

A bill to repeal the authority to provide certain loans to the International Monetary Fund, the increase in the United States quota to the Fund, and certain other related authorities, to rescind related appropriated amounts, and for other purposes.

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II

Calendar No. 85

112th CONGRESS

1st Session

S. 1276

IN THE SENATE OF THE UNITED STATES

June 23, 2011

Mr. DeMint (for himself, Mr. Vitter, Mr. Cornyn, Mr. Crapo, Mr. Inhofe, Mr. Hatch, and Mr. Risch) introduced the following bill; which was read the first time

June 27, 2011

Read the second time and placed on the calendar

A BILL

To repeal the authority to provide certain loans to the International Monetary Fund, the increase in the United States quota to the Fund, and certain other related authorities, to rescind related appropriated amounts, and for other purposes.

1.

Repeal of authority to provide certain loans to the International Monetary Fund, the increase in the United States quota, and certain other authorities, and rescission of related appropriated amounts

(a)

Repeal of authorities

The Bretton Woods Agreements Act (22 U.S.C. 286 et seq.) is amended—

(1)

in section 17—

(A)

in subsection (a)—

(i)

by striking (1) In order and inserting In order; and

(ii)

by striking paragraphs (2), (3), and (4); and

(B)

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);

(2)

by striking sections 64, 65, 66, and 67; and

(3)

by redesignating section 68 as section 64.

(b)

Rescission of amounts

(1)

In general

The unobligated balance of the amounts specified in paragraph (2)—

(A)

is rescinded;

(B)

shall be deposited in the General Fund of the Treasury to be dedicated for the sole purpose of deficit reduction; and

(C)

may not be used as an offset for other spending increases or revenue reductions.

(2)

Amounts specified

The amounts specified in this paragraph 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).

June 27, 2011

Read the second time and placed on the calendar