HOLLAND (WHTC) — U.S. Rep. Bill Huizenga, as chairman of the House Monetary Policy & Trade Subcommittee, has introduced a bill to limit how much money the U.S. can loan internationally. He cited what he called “fiscally unsound loans to Greece” made “under the ‘exceptional access’ rules.”
The Zeeland Republican noted Greece didn’t meet the criteria for the loans and the International Monetary Fund officials have since acknowledged mistakes were made regarding that loan.
“Although I’m pleased that the IMF’s systemic exemption for exceptional access was finally repealed earlier this year,” Huizenga said in a statement emailed to the media, “I’m very concerned the IMF Board has already replaced it with a new policy containing significant new loopholes. My legislation will close these loopholes and ensure that there is no more wiggle room.”
Greece’s default on the IMF loan, he said, indicates U.S. taxpayers are at risk.
“H.R. 4836 will prevent future bailouts of Greece and other countries that fail to meet the IMF’s traditional rules,” he said.
Follow this link to view H.R. 4836’s comlete text.
