Iran SDR Exchange Prohibition Act of 2023

Bill: 118-s-3527
Sponsor: full_name: Sen. Scott, Rick [R-FL]
Introduced: 2023-12-14
Policy area: International Affairs
Latest action: action_date: 2023-12-14
text: Read twice and referred to the Committee on Foreign Relations.

Summaries:
action_date: 2023-12-14
action_desc: Introduced in Senate
text: <p><strong>Iran SDR Exchange Prohibition Act of 2023</strong></p><p>This bill prohibits the Department of the Treasury from engaging in transactions involving Special Drawing Rights (SDR) issued by the International Monetary Fund (IMF) and held by Iran. (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>Treasury must (1) vigorously advocate that each member of the IMF prohibit transactions of SDRs held by Iran, and (2) direct U.S. representatives to the IMF to use the voice and vote of the United States&nbsp;to oppose any SDR allocation to Iran.</p>

tv_txt: II 118th CONGRESS 1st Session S. 3527 IN THE SENATE OF THE UNITED STATES December 14, 2023 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 Islamic Republic of Iran, and for other purposes.

1. Short title This Act may be cited as the Iran SDR Exchange Prohibition Act of 2023 . 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 Islamic Republic of Iran. (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 Islamic Republic of Iran; 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 Islamic Republic of Iran.