S. 2965Senate119th Congress (2025-2027)In Committee

No Argentina Bailout Act

Introduced October 1, 2025

AI-Generated Summary

Updated November 23, 2025 at 8:15 PM UTC

The No Argentina Bailout Act bars the U.S. Treasury’s Exchange Stabilization Fund from being used to bail out Argentina’s financial markets. It blocks the fund from engaging in swaps, buying Argentine currency or debt, or extending credit to Argentina, and forces termination of any pre‑existing agreements that would conflict with this rule. The restriction is temporary, ending on December 10, 2027, and applies to any future use of the fund for Argentina.

Key Provisions

  • Prohibits the Treasury’s Exchange Stabilization Fund from providing any direct or indirect financial support to Argentina, including currency swaps, purchases of Argentine pesos or sovereign debt, or any credit extensions.
  • Requires any existing ESF contracts or instruments that would violate this new prohibition to be sold or terminated within seven days of the law’s enactment.
  • Sets an expiration date for the prohibition: it ends on December 10, 2027.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

October 1, 2025

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SenateIntro Referral

Introduced in Senate

October 1, 2025

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

October 1, 2025

Floor Debate

8 members

What members said about S. 2965 on the floor

5 Republicans3 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · Oct 14, 2025

Mr. President, last Friday, Senator Tammy Duckworth, my colleague from Illinois, and I went back home to Illinois, to Broadview, which is a suburb of the city of Chicago. It has become quite well…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Oct 14, 2025

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, I would like to begin today by underscoring some really wonderful news. Yesterday, the last…

John Barrasso
Sen. John BarrassoR-WY · Oct 14, 2025

Mr. President, I ask unanimous consent that the order for the quorum call be rescinded. Mr. President, today is day 14 of the Schumer shutdown, and Democrats continue to betray the American people.…

Elizabeth Warren
Sen. Elizabeth WarrenD-MA · Oct 14, 2025

Mr. President, I ask unanimous consent that the Committee on Banking, Housing, and Urban Affairs be discharged from further consideration of S. 2965 and the Senate proceed to its immediate…

John Thune
Sen. John ThuneR-SD · Oct 14, 2025

Mr. President, I move to proceed to Calendar No. 168, H.R. 5371. Mr. President, I want to join my colleague Senator Grassley from Iowa and, before I begin, mention the release of the hostages on…

Show 3 more
Chuck Grassley
Sen. Chuck GrassleyR-IA · Oct 14, 2025

Mr. President, as we all know, the last of the living hostages taken into Gaza by terrorists on October 7, 2 years ago, have now been returned to their families. We can all say: Praise the Lord. I…

Tim Scott
Sen. Tim ScottR-SC · Oct 14, 2025

Mr. President, I rise to oppose S. 2965. This bill would impair Treasury's ability to support an important ally in South America, a region this administration has rightly prioritized. Argentina has…

John Boozman
Sen. John BoozmanR-AR · Oct 14, 2025

Mr. President, I ask unanimous consent to waive the mandatory quorum call with respect to the motion to proceed to Calendar No. 168, H.R. 5371.

Bill Text

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Introduced in SenateIssued October 1, 2025

II

119th CONGRESS

1st Session

S. 2965

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.

1.

Short title

This Act may be cited as the No Argentina Bailout Act.

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.

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.

.