Title: IMF Accountability Act of 2022
Policy area: International Affairs

Summary:
IMF Accountability Act of 2022
This bill imposes requirements on U.S. representatives to the International Monetary Fund (IMF) with regard to certain issues involving China, Russia, Iran, North Korea, Cuba, Venezuela, Nicaragua, or Afghanistan while under Taliban control.
The President or any U.S. representative to the IMF may not vote to allocate Special Drawing Rights (SDR) to any of these countries unless Congress authorizes such a vote. (The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)
The bill also requires the Department of the Treasury to direct U.S. representatives to the IMF to oppose any proposal that (1) increases the IMF quota of any of these countries, or (2) modifies certain policies if the modification would allow the IMF to provide funding to any of these countries. (A country's quota determines, among other things, that country's voting power in IMF decisions and access to IMF financing.)

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 3695 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  2d Session
                                S. 3695

  To prohibit representatives of the United States from voting at the 
International Monetary Fund for any Special Drawing Rights allocations, 
  quota increases, or policy modifications that would benefit certain 
                   countries, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 17, 2022

     Mr. Scott of Florida (for himself, Mr. Cruz, and Mr. Hagerty) 
introduced the following bill; which was read twice and referred to the 
                     Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL


 
  To prohibit representatives of the United States from voting at the 
International Monetary Fund for any Special Drawing Rights allocations, 
  quota increases, or policy modifications that would benefit certain 
                   countries, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``IMF Accountability Act of 2022''.

SEC. 2. PROHIBITION ON ALLOCATIONS OF SPECIAL DRAWING RIGHTS BY 
              INTERNATIONAL MONETARY FUND FOR CERTAIN COUNTRIES WITHOUT 
              CONGRESSIONAL AUTHORIZATION.

    Section 6 of the Special Drawing Rights Act (22 U.S.C. 286q) is 
amended by adding at the end the following:
    ``(c)(1) 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 Drawing Rights under article XVIII, sections 2 
and 3, of the Articles of Agreement of the Fund to any of the following 
countries:
                    ``(A) The People's Republic of China.
                    ``(B) The Russian Federation.
                    ``(C) The Islamic Republic of Iran.
                    ``(D) The Democratic People's Republic of Korea.
                    ``(E) Cuba.
                    ``(F) Venezuela.
                    ``(G) Nicaragua.
                    ``(H) Afghanistan, while under control of the 
                Taliban.
    ``(2) In this paragraph, the term `Taliban' means--
            ``(A) the entity known as the Taliban, operating in 
        Afghanistan, and designated as a specially designated global 
        terrorist under Executive Order 13224 (50 U.S.C. 1701 note; 
        relating to blocking property and prohibiting transactions with 
        persons who commit, threaten to commit, or support terrorism); 
        or
            ``(B) a successor entity of the entity described in 
        subparagraph (A).''.

SEC. 3. PROHIBITION ON MODIFICATIONS TO QUOTAS AND POLICIES OF THE 
              INTERNATIONAL MONETARY FUND THAT WOULD BENEFIT CERTAIN 
              COUNTRIES.

    (a) In General.--The Secretary of the Treasury shall direct the 
United States Executive Director of the International Monetary Fund to 
use the voice and vote of the United States to oppose any proposal--
            (1) to increase the quota in the Fund of a country 
        specified in subsection (b); or
            (2) to modify the exceptional access policy of the Fund if 
        such modification would allow the Fund to provide funding under 
        such policy to any country specified in subsection (b).
    (b) Countries Specified.-- The countries specified in this 
subsection are the following:
            (1) The People's Republic of China.
            (2) The Russian Federation.
            (3) The Islamic Republic of Iran.
            (4) The Democratic People's Republic of Korea.
            (5) Cuba.
            (6) Venezuela.
            (7) Nicaragua.
            (8) Afghanistan, while under control of the Taliban.
    (c) Taliban Defined.--In this section, the term ``Taliban'' means--
            (1) the entity known as the Taliban, operating in 
        Afghanistan, and designated as a specially designated global 
        terrorist under Executive Order 13224 (50 U.S.C. 1701 note; 
        relating to blocking property and prohibiting transactions with 
        persons who commit, threaten to commit, or support terrorism); 
        or
            (2) a successor entity of the entity described in paragraph 
        (1).
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