Russia and Belarus SDR Exchange Prohibition Act of 2022

Bill: 117-hr-6899
Sponsor: Rep. Hill, J. French [R-AR-2]
Introduced: 2022-03-02 in the House
Policy area: International Affairs
Subjects: Belarus
Conflicts and wars
Currency
Europe
Finance and Financial Sector
International monetary system and foreign exchange
International organizations and cooperation
Military operations and strategy
Russia
Sovereignty, recognition, national governance and status
Ukraine

Summary:
action_date: 2022-03-02
text: 

Russia and Belarus SDR Exchange Prohibition Act of 2022

 
This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus.
 
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
 
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to the IMF to oppose any allocation of SDRs to Russia or Belarus. 
 
The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. 

action_date: 2022-05-10
text: 

Russia and Belarus SDR Exchange Prohibition Act of 2022

 
This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
 
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
 
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. 
 
The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States. 

action_date: 2022-05-11
text: 

Russia and Belarus SDR Exchange Prohibition Act of 2022

 
This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
 
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
 
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. 
 
The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States. 

action_date: 2022-07-21
text: 

Russia and Belarus SDR Exchange Prohibition Act of 2022

 
This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
 
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
 
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. 
 
The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States. 

action_date: 2022-09-21
text: 

Russia and Belarus SDR Exchange Prohibition Act of 2022

 
This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
 
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
 
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. 
 
The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States. 

action_date: 2022-10-04
text: 

Russia and Belarus SDR Exchange Prohibition Act of 2022

 
This act prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
 
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
 
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. 
 
The act's provisions shall be in effect until the earlier of (1) five years after this act's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States. 


Legislative actions:
action_date: 2022-10-04
text: Became Public Law No: 117-185.
action_date: 2022-10-04
text: Became Public Law No: 117-185.
action_date: 2022-10-04
text: Signed by President.
action_date: 2022-10-04
text: Signed by President.
action_date: 2022-09-28
text: Presented to President.
action_date: 2022-09-28
text: Presented to President.
action_date: 2022-09-22
text: Message on Senate action sent to the House.
action_date: 2022-09-21
text: Passed Senate without amendment by Unanimous Consent. (consideration: CR S4940)
action_date: 2022-09-21
text: Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
action_date: 2022-07-21
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 452.
action_date: 2022-07-21
text: Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.
action_date: 2022-07-21
text: Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.
action_date: 2022-07-19
text: Committee on Foreign Relations. Ordered to be reported without amendment favorably.
action_date: 2022-05-12
text: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
action_date: 2022-05-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2022-05-11
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 2 (Roll no. 162). (text: 05/10/2022 CR H4754)
action_date: 2022-05-11
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 2 (Roll no. 162).
action_date: 2022-05-11
text: Considered as unfinished business. (consideration: CR H4840-4841)
action_date: 2022-05-10
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2022-05-10
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 6899.
action_date: 2022-05-10
text: Considered under suspension of the rules. (consideration: CR H4754-4755)
action_date: 2022-05-10
text: Mr. Garcia (IL) moved to suspend the rules and pass the bill, as amended.
action_date: 2022-05-10
text: Placed on the Union Calendar, Calendar No. 236.
action_date: 2022-05-10
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-316.
action_date: 2022-05-10
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 117-316.
action_date: 2022-03-17
text: Ordered to be Reported in the Nature of a Substitute by Voice Vote.
action_date: 2022-03-17
text: Committee Consideration and Mark-up Session Held.
action_date: 2022-03-02
text: Referred to the House Committee on Financial Services.
action_date: 2022-03-02
text: Introduced in House
action_date: 2022-03-02
text: Introduced in House

Enacted as: number: 117-185