HR 1568 117th Congress House International Affairs Congressional oversight International monetary system and foreign exchange International organizations and cooperation Multilateral development programs Terrorism War crimes, genocide, crimes against humanity

Special Drawing Rights Oversight Act of 2021

Introduced: March 3, 2021 Introduced by: Hill, J. French Republican · Arkansas See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 3, 2021

Referred to the House Committee on Financial Services.

Mar 3, 2021

Introduced in House

Plain-English summary Congressional Research Service

Special Drawing Rights Oversight Act of 2021

This bill imposes additional restrictions on the U.S. government's authority to vote on Special Drawing Rights (SDR) allocations at the International Monetary Fund (IMF).

(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.)

Under current law, U.S. representatives to the IMF may not vote for SDR allocations to the United States beyond an amount authorized by statute unless Congress authorizes such a vote. This bill further reduces the allocation amount that U.S. representatives to the IMF may vote for without congressional approval.

Furthermore, U.S. representatives to the IMF may not vote for SDR allocations to a country if the President finds that the country's government has (1) committed genocide in the last 10 years, or (2) repeatedly supported international terrorism.

What's happening now March 3, 2021

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1