McMorris Rodgers and Colleagues Introduce Bill to Protect U.S. Taxpayers from European Bailout

McMorris Rodgers and Colleagues Introduce

Bill to Protect U.S. Taxpayers from European Bailout

“America Must End Bailouts, Not Export Them”

Washington, DC – Rep. Cathy McMorris Rodgers (R-WA), Vice Chair of the House Republican Conference, joined Rep. Mike Pence, the Conference Chairman; Rep. Jerry Lewis, Ranking Member of the House Appropriations Committee; Rep. Jeb Hensarling; and Rep. Kay Granger in introducing legislation today to stop U.S. tax dollars from being used by the International Monetary Fund (IMF) for bailouts for European countries.

Rep. McMorris Rodgers released the following statement today as the European Bailout Protection Act was introduced:

“All across America, people are suffering from ‘bailout fatigue,’ and yet the Obama Administration is launching a new bailout bonanza: $8 billion in U.S. tax dollars for Greece, over $50 billion for the European Union, and perhaps billions more as European governments face the inevitable fiscal crunch caused by generous welfare benefits whose costs have become too exorbitant to pay.”

“Former British Prime Minister Margaret Thatcher once said, ‘The trouble with socialism is that you eventually run out of other people's money.’  That is true, as we see today in Europe.  I don’t want America to become an ATM machine for failed socialist policies thousands of miles away.  The only way to restore Europe to prosperity is by following the path forged by Lady Thatcher: Reduce taxes, spending and borrowing.  That requires tough choices and strong leadership.  We see such leadership in places like New Jersey, where Governor Chris Christie is restoring fiscal sanity to his state.  A $967 billion European bailout – partly underwritten by U.S. taxpayers – is an indication of failed leadership.  An economic crisis caused by too much spending and borrowing will not be solved by more spending and borrowing.  A ‘Euro-TARP’ is the wrong approach.”

“Our legislation will protect U.S. taxpayers from becoming more involved in a ‘Euro-TARP’ by merely requiring the EU nations to meet the fiscal requirements mandated by their own charter before they can withdraw U.S.-provided funds from the IMF.”

Background

 

The European Bailout Protection Act would: 

 

1) Prohibit any funds that have yet to be drawn by the IMF from being used to provide financing to any EU countries until all EU nations are in compliance with the debt to GDP ratio requirement in their own collective growth pact. 

 

2) Require the Treasury Secretary to oppose any IMF loans to EU nations until all EU countries are in compliance with their debt to GDP ratio requirement.

The bill does not permanently prohibit the IMF from lending to these nations; it simply prohibits the U.S. from participating in the proposed European bailout.

 

Links of Interest:

 

Beware of Greeks Bearing Bailout Plans (Op-Ed, BigGovernment.com) (Mar. 24)

 

Letter to Secretary Timothy Geithner (Apr. 29)

 

Rep. McMorris Rodgers on The Kudlow Report (Apr. 29)

 

Rep. McMorris Rodgers at Republican Leadership Stakeout (May 5)

Letter to Vice President Joseph Biden (May 5)

 

Rep. McMorris Rodgers on Squawk Box (May 6)

 

Rep. McMorris Rodgers on Fox News Special Report (May 6)

 

Rep. McMorris Rodgers on Your World with Neil Cavuto  (May 7)

 

Why Should America Bail Out Greece? (Op-Ed, National Review Online) (May 7)

 

We’re Bailing Out Greece (Op-Ed with Rep. Mike Pence, New York Post) (May 8)

 

Rep. McMorris Rodgers on Bulls and Bears (May 10)

 

My Big Fat Greek Bailout (Op-Ed, Human Events) (May 11)

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