Russia and Belarus SDR Exchange Prohibition Act of 2022

Bill: 117-s-4079
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2022-04-25
Policy area: International Affairs
Subjects: Belarus

Conflicts and wars

Congressional oversight

Currency

Europe

International monetary system and foreign exchange

International organizations and cooperation

Military operations and strategy

Russia

Sovereignty, recognition, national governance and status

Ukraine
Latest action: action_date: 2022-04-25
text: Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2022-04-25
action_desc: Introduced in Senate
text: <p><strong>Russia and Belarus SDR Exchange Prohibition Act of 2022</strong></p> <p>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.</p> <p>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.</p> <p>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. </p> <p>The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased aggression directed at undermining Ukraine's sovereignty and territorial integrity, or (3) the date on which the President reports to Congress that termination of the provisions is in the national interest of the United States. </p>

tv_txt: II 117th CONGRESS 2d Session S. 4079 IN THE SENATE OF THE UNITED STATES April 25, 2022 Mr. Scott of Florida (for himself and Mr. Manchin ) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations A BILL To prohibit the Secretary of the Treasury from engaging in transactions involving the exchange of Special Drawing Rights issued by the International Monetary Fund that are held by the Russian Federation or Belarus.

1. Short title This Act may be cited as the Russia and Belarus SDR Exchange Prohibition Act of 2022 . 2. Special Drawing Rights Exchange prohibition (a) In general The Secretary of the Treasury may not engage in any transaction involving the exchange of Special Drawing Rights issued by the International Monetary Fund and held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the government of each member country of the International Monetary Fund, to the extent that the member country issues a freely usable currency, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus; and (2) direct the United States Executive Director of the International Monetary Fund to use the voice and vote of the United States to oppose any allocation of Special Drawing Rights to the Russian Federation or Belarus. (c) Waiver The President may waive the application of this section if the President— (1) determines that a waiver is in the national interest of the United States; and (2) submits to Congress a notice of and justification for such waiver. (d) Termination This section shall have no force or effect on the earlier of— (1) the date that is 5 years after the date of the enactment of this Act; (2) the date that is 30 days after the date that the President reports to Congress that the Governments of the Russian Federation and Belarus have ceased aggression undermining the sovereignty and territorial integrity of Ukraine; or (3) the date on which the President determines and reports to Congress that termination is in the national interest of the United States.