S. 2965: No Argentina Bailout Act

This bill prohibits the use of the Exchange Stabilization Fund (ESF) to provide financial support to Argentina. (The ESF is an emergency reserve fund of the Department of the Treasury originally used for the purpose of maintaining the fixed dollar exchange rate. In October 2025, Treasury announced U.S. financial support for Argentina, including a $20 billion currency swap line financed through the ESF.)

Specifically, the bill prohibits the use of the ESF to provide direct or indirect financial support to Argentina, including through the establishment of currency swap lines, the purchase of pesos or sovereign debt of Argentina, or the extension of any credit instrument. This prohibition terminates on December 10, 2027.

Any financial contract or instrument that was entered into before the bill's enactment and violates the prohibition must be sold or terminated within seven days of the bill's enactment.

Written by the Congressional Research Service, Library of Congress.