"There is no excuse for us giving away money around the world when we cannot even keep our promises here in America today, promises we have made to our seniors, promises we have made to our veterans," said DeMint.
DeMint also referred to allegations that emerged after the arrest of former IMF chief Dominique Strauss-Kahn that the organization is poorly managed.
"We cannot afford to let the IMF, who we found in the last month has some questionable management practices, to access $100 billion more than they already have of our money," said DeMint.
Strauss-Kahn resigned as managing director of the IMF last month after he was charged in New York with sexual assault. Christine Lagarde of France was named his replacement on Tuesday.
The Senate amendment would have ensured that nominees to the IMF Board of Governors would still require confirmation by the full Senate.
Following that vote, the Senate passed by unanimous consent a Sen. Rob Portman (R-Ohio) amendment to ensure that certain military comptrollers would have to continue to be confirmed under the Senate's full confirmation process.
The underlying Presidential Appointment Efficiency and Streamlining Act of 2011 is a time-saving measure designed to eliminate the need for executive nominees for minor posts in the government to be confirmed by the Senate as a whole. Instead it would allow the process to be dealt with on a committee level.