IMF Accountability Act of 2022

Bill: 117-s-3695
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2022-02-17
Policy area: International Affairs
Subjects: Afghanistan

Asia

Caribbean area

China

Congressional oversight

Cuba

Europe

International monetary system and foreign exchange

International organizations and cooperation

Iran

Latin America

Middle East

Nicaragua

North Korea

Presidents and presidential powers, Vice Presidents

Russia
Latest action: action_date: 2022-02-17
text: Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2022-02-17
action_desc: Introduced in Senate
text: <p><strong>IMF Accountability Act of 2022</strong></p> <p>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. </p> <p>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.)</p> <p>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.)</p>

tv_txt: II 117th CONGRESS 2d Session S. 3695 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.

1. Short title This Act may be cited as the IMF Accountability Act of 2022 . 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). . 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).