Gallego, Colleagues Introduce Bill to Stop Trump’s $20 Billion Argentina Bailout

Donald Trump is propping up a foreign government while he shuts down our own

WASHINGTON - Today, Senator Ruben Gallego (D-AZ) introduced the No Argentina Bailout Act, legislation to block Donald Trump from raiding U.S. taxpayer dollars to bail out Argentina's financial markets and wealthy investors while American families face skyrocketing costs and a Republican shutdown at home. Senator Gallego introduced the bill alongside Senators Elizabeth Warren (D-MA), Tim Kaine (D-VA), Chris Van Hollen (D-MD), Cory Booker (D-NJ), Tina Smith (D-MN),and Bernie Sanders (I-VT).

"At a time when Donald Trump's policies are making Americans sicker and poorer, when his reckless trade war is squeezing soybean farmers' bottom lines, and when Republicans are shutting down the government just to rip health care away from millions, Trump's priority is a $20 billion bailout to Argentina. The President should be focused on lowering costs here at home, not handing out favors to his foreign friends," said Senator Gallego.

The No Argentina Bailout Act would end the ability of the Trump Administration to provide unilateral financial support to Argentina during Argentina President Javier Milei's term. It would prohibit Treasury Secretary Scott Bessent from using the Exchange Stabilization Fund (ESF) to provide direct or indirect financial assistance to Argentina, including through the use of currency swap lines, currency or sovereign debt purchases, or direct loans.

The Trump Administration announced it "stands ready to do what is needed" to bail out Argentina's financial markets amidst the country's economic turmoil, starting with a $20 billion swap line with Argentina's central bank. Milei is a close political ally of Trump and faces a crucial midterm election on October 26. Milei, and the Trump Administration, are worried that the ongoing financial market turmoil will negatively impact the upcoming election and derail his radical economic agenda.

In addition, hedge funds, including some billionaires politically connected to the Trump Administration, have poured money into Argentina in recent years. Treasury's financial support provides a potential off-ramp and helps hedge funds limit losses as they exit their investments.

Full text of the legislation can be found HERE.

October 9, 2025