Geithner: Fed not looking to boost IMF bailout fund

Treasury Secretary Timothy Geithner said Tuesday that the Federal Reserve would not be providing funds to the International Monetary Fund (IMF) to help it bail out European countries.

Geithner said recent reports saying the Fed might join with other central banks to pay into a bailout fund miss the mark.

"The reports I've read in the press about what the Fed can do are not accurate," he said at a press conference with German Finance Minister Wolfgang Schaeuble, according to Reuters.

A German paper previously reported, citing anonymous sources, that the Fed was mulling such assistance to combat the European debt crisis.

It comes as GOP senators are crafting a bill that would prevent the IMF from bailing out European nations, arguing that billions in U.S. taxpayer funds are at risk.

Geithner is currently in the midst of a three-day trip to Europe, where he will meet with top leaders and finance officials as the continent searches for a way to contain its debt crisis.

On Monday, Standard & Poor's said it is considering downgrading the ratings of 15 member nations of the European Union. It followed that up on Tuesday by saying that if the nations are downgraded, the bailout fund established by those nations to deal with the crisis could be next.

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