S. 2965 — No Argentina Bailout Act

This section expresses the sense of Congress that (1) workers and families in the United States are struggling to afford basic necessities such as groceries, rent, health care, credit card bills, and other debt payments; (2) many U.S. farmers, especially soybean farmers, are experiencing severe financial hardship due in large part to tariffs imposed by President Donald Trump; (3) the Exchange Stabilization Fund of the Department of the Treasury should promote U.S. financial interests by defending jobs, wages, and financial stability from foreign currency manipulation rather than bailing out foreign financial markets; (4) global investors have lost confidence in Argentine President Javier Milei due to corruption scandals and declining public popularity, causing disruptions in the country's financial markets; (5) Treasury Secretary Scott Bessent announced a $20 billion bailout of Argentina's financial markets to provide President Milei a bridge to the country's October 26 midterm elections; (6) President Donald Trump and Republicans in Congress are shutting down the U.S. government after removing health care from 15 million people; and (7) President Trump should not prioritize a $20 billion bailout for his foreign political ally and global investors over U.S. health care and critical government programs affected by the shutdown.

This section prohibits the Exchange Stabilization Fund (ESF)—a Treasury Department fund used to stabilize the U.S. dollar's exchange value and for certain international monetary purposes—from providing direct or indirect financial support to Argentina, including through currency swap lines, purchases of pesos or sovereign debt, or credit extensions. It further requires (1) sale or termination within seven days of enactment of any preexisting violating financial contracts or instruments and (2) termination of the prohibition on December 10, 2027.