,,iv  #aacth ,,congress  #ast ,session  
,h4 ,,res4 #bia  ,,in ,,the ,,house ,,of
 ,,representatives  ,july #i1 #bjac ,mr4
 ,smith of ,new ,jersey 7for himself and
 ,mr4 ,de,santis7 submitted the         
following resolution2 which was referred
 to the ,committee on ,foreign ,affairs 
,,resolution  ,expressing the sense of  
the ,house of ,representatives that the 
,republic of ,argentina's membership in 
the ,g#bj should be conditioned on its  
adherence to international norms of     
economic relations and commitment to the
 rule of law4  ,whereas ,argentina has  
enjoyed the privilege of membership in  
the ,group of ,twenty ,finance          
,ministers and ,central ,bank ,governors
 7,g#bj72 ,whereas at the ,summit of the
 ,group of ,twenty in #bjjh1 ,g#bj      
leaders declared that our work will be  
guided by a shared belief that market   
principles1 open trade and investment   
regimes1 and effectively regulated      
financial markets foster the dynamism1  
innovation1 entrepreneurship that are   

essential for economic growth1          
employment and poverty reduction2       
,whereas at the ,pittsburgh ,summit of  
#bjji1 ,g#bj nations designated the     
,g#bj to be the premier forum for our   
international economic cooperation2     
,whereas at the ,cannes ,summit of      
#bjaa1 ,g#bj leaders reaffirmed their   
commitment to work together and stressed
 among other principles the need to     
conduct ,international ,monetary ,fund  
surveillance of national economies1     
avoid protectionism and the need to     
reinforce the multilateral trading      
system1 strengthen anti-money laundering
 measures1 and combat financing of      
terrorism2 ,whereas the ,republic of    
,argentina has consistently violated the
 spirit and letter of these and other   
,g#bj declarations through its policy of
 expropriating the property of foreign  
investors1 evading the judgments of     
,united ,states courts1 ignoring        
decisions of international arbitral     
forums1 refusing to comply with         

,international ,monetary ,fund          
membership requirements1 and failing to 
implement anti-money laundering and     
terrorist financing measures2 ,whereas  
,argentina's defiance of more than #ajj 
,united ,states court judgments stemming
 from ,argentina's default on more than 
#ha1jjj1jjj1jjj of sovereign debt is    
ongoing and escalating2 ,whereas        
notwithstanding that it holds more than 
#da1jjj1jjj1jjj in foreign currency     
reserves1 ,argentina refuses to pay     
these judgments1 which are estimated to 
be approximately #e1jjj1jjj1jjj1        
independent of various further direct   
and indirect costs incurred by ,united  
,states bondholders1 investors1 and     
taxpayers2 ,whereas ,argentina has      
refused to pay even the de minimis fees 
required of all parties to an ,,icsid   
dispute to fund the dispute-settlement  
process1 demonstrating its utter lack of
 respect for the ,world ,bank's         
jurisdiction2 ,whereas in a display that
 illustrates ,argentina's contempt for  

the rule of law1 ,argentina's legal     
counsel vowed at a hearing before the   
,united ,states ,court of ,appeals for  
the ,second ,circuit that ,argentina    
would not voluntarily obey any rulings  
that upheld the judgments and orders of 
the ,united ,states ,district ,court for
 the ,southern ,district of ,new ,york2 
,whereas ,argentina has undermined      
global sanctions on ,iran by expanding  
bilateral trade with ,iran tenfold over 
the last #e years2 ,whereas ,argentina  
has circumvented due legal process by   
agreeing with ,iran to jointly          
re-investigate the #aiid terrorist      
bombing of the ,argentine ,jewish       
,mutual ,association 7,asociacin ,mutual
 ,israelita ,argentina1 or ,,amia7 in   
,buenos ,aires1 which killed #he people 
and injured hundreds more--an agreement 
that ignores the #bjjf indictment by    
independent ,argentine ,government      
prosecutors of five senior ,iranian     
,government officials for orchestrating 
the attack1 which led to the issuance of

 ,interpol arrest warrants against the  
,iranian ,government officials2 ,whereas
 the ,financial ,action ,task ,force    
7,,fatf7 has given ,argentina the worst 
evaluation of any ,g#bj nation1         
highlighting ,argentina's regulatory    
shortcomings and the vulnerability of   
,argentina's financial institutions to  
terrorist financing and money           
laundering2 ,whereas ,united ,states    
,drug ,enforcement ,administration      
7,,dea7 and ,united ,states ,department 
of ,state officials have raised concerns
 about ,argentina's growing role in the 
international drug trade1 with a        
specific focus on ,argentina as an      
increasingly important source of the    
precursor chemicals used in             
manufacturing methamphetamine1 much of  
which is consumed in the ,united        
,states2 ,whereas ,argentina has        
undermined the rule of law by           
expropriating assets from the ,spanish  
firm ,repsol without compensation1      
making it more difficult for ,argentine 

businesses and individuals to access    
international capital markets2 ,whereas 
,argentina has enacted a so-called      
anti-monopoly law and solely enforced it
 against an independent media group that
 has been critical of the ,government1  
indicating that the law's true intent is
 to limit the freedom of expression to  
criticize the ,government2 ,whereas the 
,argentine executive branch has sought  
to undermine the independence of the    
,argentine judiciary by threatening to  
impeach the judges of the ,federal      
,civil and ,commercial ,court who ruled 
in favor of the independent media group 
in its lawsuit alleging that the        
anti-monopoly law is an unconstitutional
 attack on freedom of the press2 and    
,whereas ,argentina's actions have been 
injurious to its credit worthiness and  
detrimental to its own citizens by      
directly contributing to ,argentina's   
double-digit inflation1 economic        
stagnation1 growing isolation from the  
international community1 and borrowing  

costs that are three times higher than  
neighboring countries with similar      
fiscal profiles3 ,now1 therefore1 be it 
,that the ,house of ,representatives--  
7#a7 finds that the ,republic of        
,argentina has failed to meet the       
responsibilities inherent to membership 
in the ,g#bj2 and  7#b7 calls upon the  
,president and the ,secretary of the    
,treasury to work with the governments  
of the ,g#bj members to--  7,a7         
terminate the participation of          
,argentina in the ,g#bj until the       
,president determines and reports to    
,congress that ,argentina has--  7i7    
reversed efforts to expropriate foreign 
investment in ,argentina2  7ii7 fully   
satisfied all outstanding judgments of  
,united ,states courts against it2      
7iii7 fully honored all awards of       
international arbitral panels against   
it2 and  7iv7 complied with the         
recommendations of the ,financial       
,action ,task ,force2 and  7,b7         
condition ,argentina's future membership

 in the ,g#bj on its adherence and      
commitment to international norms of    
economic relations and commitment to the
 rule of law4