I 
117TH CONGRESS 
1ST SESSION H. R. 1568 
To amend the Special Drawing Rights Act in order to strengthen congres-
sional oversight with respect to allocations of Special Drawing Rights 
by the International Monetary Fund, and to prohibit such allocations 
for perpetrators of genocide and state sponsors of terrorism without 
congressional authorization, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 3, 2021 
Mr. HILL (for himself, Mr. HUIZENGA, and Mr. BARR) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Special Drawing Rights Act in order to 
strengthen congressional oversight with respect to alloca-
tions of Special Drawing Rights by the International 
Monetary Fund, and to prohibit such allocations for per-
petrators of genocide and state sponsors of terrorism 
without congressional authorization, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Special Drawing 
Rights Oversight Act of 2021’’. 
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SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) The allocation of Special Drawing Rights 
(SDRs) through the International Monetary Fund 
(IMF) creates unconditional liquidity for IMF mem-
ber countries. 
(2) According to Article XVIII of the Articles 
of Agreement of the IMF, allocations of SDRs ‘‘shall 
seek to meet the long-term global need’’ in reserve 
assets. 
(3) SDRs are allocated in proportion to the 
quotas of IMF members, such that the G20 alone is 
entitled to approximately two-thirds of a general al-
location. At the same time, the Board of Governors 
of the Federal Reserve System has swap line ar-
rangements with the central banks of eight G20 
members, including the European Central Bank, the 
Bank of Japan, and the Bank of England, for the 
purpose of providing sufficient liquidity. 
(4) The size of SDR allocations has expanded 
dramatically, rising from 9,300,000,000 SDRs in 
1970–1972, to 12,100,000,000 SDRs in 1979–1981, 
to 204,000,000,000 SDRs in 2009, with proposals 
for a new, unilateral allocation that bypasses con-
gressional authorization in an amount of approxi-
mately 450,000,000,000 SDRs. 
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(5) Under current law, the Secretary of the 
Treasury is able to bypass Congress and approve an 
allocation of SDRs in a manner that provides uncon-
ditional liquidity in the following approximate 
amounts: $41,700,000,000 to the People’s Republic 
of China; $17,600,000,000 to the Russian Federa-
tion; $4,900,000,000 to the Islamic Republic of 
Iran, and $5,000,000,000 to Venezuela. In addition, 
current law permits allocations in these amounts to 
be made in successive years that span two basic pe-
riods. 
(6) In the 98th Congress, the House of Rep-
resentatives passed the bipartisan International Re-
covery and Financial Stability Act, which would have 
prohibited new allocations of SDRs without congres-
sional authorization. 
SEC. 3. STRENGTHENING CONGRESSIONAL OVERSIGHT. 
Section 6 of the Special Drawing Rights Act (22 
U.S.C. 286q) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘each basic period’’ and in-
serting ‘‘any 10-year period’’; and 
(B) by inserting ‘‘25 percent of’’ before 
‘‘the United States quota’’; and 
(2) in subsection (b)— 
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(A) by inserting ‘‘, or consent to or acqui-
esce in such an allocation,’’ before ‘‘without 
consultations’’; 
(B) by striking ‘‘90’’ and inserting ‘‘180’’; 
and 
(C) by inserting ‘‘Chairman and ranking 
minority members of’’ before ‘‘the appropriate 
subcommittees’’. 
SEC. 4. PROHIBITION ON ALLOCATIONS FOR PERPETRA-
TORS OF GENOCIDE AND STATE SPONSORS 
OF TERRORISM WITHOUT CONGRESSIONAL 
AUTHORIZATION. 
Section 6(b) of the Special Drawing Rights Act (22 
U.S.C. 286q(b)) is amended by adding at the end the fol-
lowing: 
‘‘(3) Unless Congress by law authorizes such action, 
neither the President nor any person or agency shall on 
behalf of the United States vote to allocate Special Draw-
ing Rights under article XVIII, sections 2 and 3, of the 
Articles of Agreement of the Fund to a member country 
of the Fund, if the President of the United States has 
found that the government of the member country— 
‘‘(A) has committed genocide at any time dur-
ing the 10-year period ending with the date of the 
vote; or 
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‘‘(B) has repeatedly provided support for acts 
of international terrorism.’’. 
Æ 
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