MIKE PENCE INTRODUCES BILL TO PROTECT TAXPAYERS FROM BAILING OUT EURPOEAN COUNTRIES

Washington, DC - U.S. Congressman Mike Pence
today introduced legislation to stop U.S. tax
dollars from being used by the International
Monetary Fund (IMF) for bailouts of European
countries. Rep. Pence released the following
statement as the European Bailout Protection
Act was introduced:

“Hoosiers are fed up with taxpayer-funded
bailouts and deserve to know we are bailing
out Greece and possibly other European
countries.  If the Obama Administration has
its way, the U.S. will contribute to a nearly
trillion dollar bailout of European countries
with economic crises that are a direct result
of wasteful government spending.

“This legislation would require that countries
like Greece cut spending and put their own
fiscal house in order, instead of looking to
the United States for a bailout. We face
record unemployment and a debt crisis of our
own, and taxpayers should not be forced to bear
the risk for nations that have avoided making
tough choices.”

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.