Congressman Parker Griffith announced today he has co-sponsored H.R. 5299, to temporarily prohibit United States loans to the International Monetary Fund (IMF) to be used to provide financing for any member state of the European Union (EU).
Griffith signed this symbolic legislation to halt American involvement in any International Monetary Fund aid to European Union nations.
"By signing onto this legislation today, I am opposing the use of American tax dollars to bail out European countries," said Griffith. "Americans have sent a strong message that they will have no more bailouts. We must halt American involvement in any IMF aid to European Union nations to avoid putting our country on a path toward a European-style economic system."
"We are facing our own unique risks in the U.S. from the large amount of money our federal government has spent on bailouts. We should not also be responsible for granting financial assistance to European nations and it is unfair to ask American taxpayers to put more of their hard-earned dollars on the line to bail out these nations.
"Many EU nations find themselves facing debt crises because of years of inflated welfare programs, irresponsible spending, and reckless debt. If we are not cautious of our out-of-control spending, our country will face the same debt crisis and financial state as these nations are presently experiencing. Irresponsible spending must stop, as well as additional unnecessary bailouts," said Griffith.
This month, the EU and the IMF announced an agreement to provide a roughly $950 billion package to assist EU nations facing self-inflicted fiscal crises. As the IMF's largest contributor, the U.S. has already agreed to bear the risk of billions in loans to keep Greece from defaulting on its own debt. Under this latest arrangement, the U.S. could be exposed to more than $50 billion of new risk to bail out the entire EU.
Griffith opposes government bailouts and has voted against stimulus bills and TARP funding.