Russia and Belarus SDR Exchange Prohibition Act of 2022

Bill: 117-hr-6899
Sponsor: full_name: Rep. Hill, J. French [R-AR-2]
Introduced: 2022-03-02
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
Latest action: action_date: 2022-10-04
text: Became Public Law No: 117-185.

Summaries:
action_date: 2022-03-02
action_desc: Introduced in House
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, 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. </p>

action_date: 2022-05-10
action_desc: Reported to House
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 and requires Treasury to take actions to oppose financial assistance to 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 each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. </p> <p>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. </p>

action_date: 2022-05-11
action_desc: Passed House
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 and requires Treasury to take actions to oppose financial assistance to 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 each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. </p> <p>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. </p>

action_date: 2022-07-21
action_desc: Reported to 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 and requires Treasury to take actions to oppose financial assistance to 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 each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. </p> <p>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. </p>

action_date: 2022-09-21
action_desc: Passed 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 and requires Treasury to take actions to oppose financial assistance to 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 each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. </p> <p>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. </p>

action_date: 2022-10-04
action_desc: Public Law
text: <p><strong>Russia and Belarus SDR Exchange Prohibition Act of 2022</strong></p> <p>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.</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 each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations. </p> <p>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. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6899 IN THE HOUSE OF REPRESENTATIVES March 2, 2022 Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services 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 that are held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus; and (2) direct the United States Executive Director at 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) Termination The preceding provisions of 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; or (2) 30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.

tv_txt: I 117th CONGRESS 2d Session H. R. 6899 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 that are held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus and (2) direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to oppose the provision of financial assistance to the Russian Federation and Belarus, except to address basic human needs of the civilian population. (c) Termination The preceding provisions of 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; or (2) 30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine. (d) Waiver The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

Passed the House of Representatives May 11, 2022. Cheryl L. Johnson, Clerk.

tv_txt: IIB 117th CONGRESS 2d Session H. R. 6899 IN THE SENATE OF THE UNITED STATES May 12, 2022 Received; read twice and referred to the Committee on Foreign Relations AN ACT 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 that are held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus and (2) direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to oppose the provision of financial assistance to the Russian Federation and Belarus, except to address basic human needs of the civilian population. (c) Termination The preceding provisions of 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; or (2) 30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine. (d) Waiver The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

Passed the House of Representatives May 11, 2022. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 236 117th CONGRESS 2d Session H. R. 6899 [Report No. 117–316] IN THE HOUSE OF REPRESENTATIVES March 2, 2022 Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services May 10, 2022 Additional sponsors: Mr. Kustoff , Mr. Steil , Mr. Timmons , Mr. Barr , Mr. Sessions , Mrs. Wagner , Mr. Davidson , Mr. Rose , Mr. Posey , Mr. Emmer , Mr. Hollingsworth , Mr. Sherman , and Mrs. Lee of Nevada May 10, 2022 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on March 2, 2022 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 that are held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus; and (2) direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to oppose the provision of financial assistance to the Russian Federation and Belarus, except to address basic human needs of the civilian population. (c) Termination The preceding provisions of 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; or (2) 30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine. (d) Waiver The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

May 10, 2022 Reported with an amendment; committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: II Calendar No. 452 117th CONGRESS 2d Session H. R. 6899 IN THE SENATE OF THE UNITED STATES May 12, 2022 Received; read twice and referred to the Committee on Foreign Relations July 21, 2022 Reported by Mr. Menendez , without amendment AN ACT 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 that are held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus and (2) direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to oppose the provision of financial assistance to the Russian Federation and Belarus, except to address basic human needs of the civilian population. (c) Termination The preceding provisions of 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; or (2) 30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine. (d) Waiver The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

July 21, 2022 Reported without amendment

tv_txt: I One Hundred Seventeenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Monday, the third day of January, two thousand and twenty-two H. R. 6899 AN ACT 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 that are held by the Russian Federation or Belarus. (b) Advocacy The Secretary of the Treasury shall— (1) vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus and (2) direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to oppose the provision of financial assistance to the Russian Federation and Belarus, except to address basic human needs of the civilian population. (c) Termination The preceding provisions of 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; or (2) 30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine. (d) Waiver The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.