119-s2965

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2965 Introduced in Senate

    (IS) ]

<DOC>

119th CONGRESS
 1st Session
 S. 2965

 To prohibit the use of the Exchange Stabilization Fund of the 
 Department of the Treasury to bail out Argentina's financial markets.

_______________________________________________________________________

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.

SEC. 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.''.
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