House GOP introduces bill blocking EU bailouts

"All across America, people are suffering from bailout fatigue and yet the Obama administration is launching a new bailout bonanza: $8 billion in U.S. tax dollars for Greece, over $50 billion for the European Union, and perhaps billions more as European governments face the inevitable fiscal crunch caused by generous welfare benefits whose costs have become too exorbitant to pay," said House Republican Conference Vice Chair Cathy McMorris RodgersCathy McMorris RodgersThe GOP's commitment to electing talented women can help party retake the House McCain and Dingell: Inspiring a stronger Congress Regulators implore Congress for more privacy powers MORE (R-Wash.), in prepared remarks. 

The bill, titled the European Bailout Protection Act, prohibits any funds that have been drawn by the IMF from financing an EU bailout until all EU nations are in compliance with their debt-to-GDP-ration requirement. It also requires the Treasury secretary to oppose any IMF loans until all EU countries abide by the aforementioned ratio. 

Under these requirements, the U.S. would be prohibited from participating in the bailouts recently proposed by the EU. 

The bill is co-sponsored by fellow vice chair Mike Pence (R-Ind.), Republican Conference Chairman Jerry Lewis (R-Calif.), House Appropriations Committee ranking member Jeb Hensarling (R-Texas) and Rep. Kay GrangerNorvell (Kay) Kay GrangerOvernight Defense: Lawmakers on edge over Iran tensions | Questions rise after State pulls personnel from Iraq | Senators demand briefing | House panel advances 0B Pentagon spending bill | Warren offers plan on climate threats to military Democrats advance spending bills boosting EPA, defying Trump House panel advances 0B Pentagon spending bill that limits border wall efforts MORE (R-Texas).