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ARIZONA HOUSE OF REPRESENTATIVES57th Legislature, 2nd Regular Session |
House: FMAE DP 4-3-0-0 |
HM2004: urging Congress to defund IMF
Sponsor: Representative Powell, LD 14
Caucus & COW
Overview
Urges the President of the United States (President) and the United States (U.S.) Congress to cease funding and membership to the International Monetary Fund (IMF).
History
The U.S. became an official member of the IMF in 1945 after the adoption of the Bretton Woods Agreements Act, an act that declared its membership and agreed to the rules set forth by the 1944 international Bretton Woods Conference. The original purpose of the IMF was to stabilize global exchange rates and avoid mistakes that could bring about events like the Depression and World War II. The IMF carried out this purpose as an organization of 40 countries who agreed upon the use of the U.S. dollar as the central reserve currency. This membership has grown to 191 member countries as of 2026 and now recognizes eight major reserve currencies (22 U.S.C. § 286, IMF, Library of Congress, Council on Foreign Relations).
Provisions
1. Urges the President and the U.S. Congress to cease all funding to the IMF and withdraw entirely from the organization.
2. Instructs the Arizona Secretary of State to distribute copies of the memorial to the President, U.S. Senate President, Speaker of the U.S. House of Representatives and each congressional member from Arizona.
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6. HM 2004
7. Initials GK/AI Page 0 Caucus & COW
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