WASHINGTON   –  U.S. Rep. Jo Ann Emerson (MO-08) is part of a major effort in the U.S. House of Representatives to restrict taxpayer funds from being used to provide financing to European countries and their banks.

“U.S. taxpayers should not be asked to shoulder the risk for other countries that have put off making tough decisions,” Emerson said.  “I think a statement from Congress is important to prevent the U.S. Treasury from granting financial protection for our economic rivals, especially when several EU nations remain non-compliant with the financial standards set by their own economic community.”

The legislation, sponsored by Rep. Mike Pence (IN), would require the Secretary of the Treasury to oppose any International Monetary Fund loans to EU nations until every EU country is in compliance with debt-to-GDP ratio requirements and prohibit the use of any funds yet to be drawn from the Treasury by the IMF for that purpose.

“Countries like Greece ought to put their fiscal house in order before gaining access to U.S. taxpayer loan guarantees.  We should be worried about our own budget-busting national debt long before we rush to the aid of other countries,” Emerson said.