HB 5299 European Bailout Protection Act

About HB-5299

European Bailout Protection Act - Amends the Bretton Woods Agreements Act to:

• (1) prohibit U.S. loans to the International Monetary Fund (IMF) for assistance to any European Union (EU) member state until the ratio of the total outstanding public debt of each member state to its gross domestic product (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%; and
• (2) direct the Secretary of the Treasury to oppose any IMF loans to member states until all member states are in compliance with such debt ratio.