H.R.6086 - IMF Reform and Integrity Act of 2020116th Congress (2019-2020)
|Sponsor:||Rep. Huizenga, Bill [R-MI-2] (Introduced 03/04/2020)|
|Committees:||House - Financial Services|
|Latest Action:||House - 03/04/2020 Referred to the House Committee on Financial Services. (All Actions)|
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Summary: H.R.6086 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (03/04/2020)
IMF Reform and Integrity Act of 2020
This bill requires U.S. representatives to the International Monetary Fund (IMF) to take certain actions, such as opposing quota increases for certain countries. (A country's quota generally reflects its economic strength and affects factors such as that country's voting power within the IMF.)
Before the IMF considers a proposal to increase the quota of any of the ten largest IMF shareholder countries, the Department of the Treasury shall report to Congress as to whether the country meets certain criteria, such as (1) fulfilling its general IMF obligations, and (2) not engaging in currency manipulation in the last 12 months. If the country does not meet all such criteria, U.S. representatives to the IMF shall oppose the proposed quota increase. U.S. representatives shall also oppose the proposed quota increase if the President determines that the country's government has interfered with a U.S. federal election in the last four years.
U.S. representatives to the IMF shall oppose a proposed loan to a country if there is not a high probability that the country's public debt is sustainable in the medium term.
The U.S. Executive Director at the IMF shall not support any proposal to change IMF criteria on providing exceptional access lending if the change would allow a previously ineligible country to receive such funding unless Treasury reports to Congress a justification for supporting the change before it is considered at the IMF.
This bill shall expire ten years after enactment.