117th CONGRESS 2d Session |
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.
March 2, 2022
Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Russia and Belarus SDR Exchange Prohibition Act of 2022”.
SEC. 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.