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S 4079 117th Congress Senate International Affairs Belarus Conflicts and wars Congressional oversight Currency Europe International monetary system and foreign exchange International organizations and cooperation Military operations and strategy Russia Sovereignty, recognition, national governance and status Ukraine

Russia and Belarus SDR Exchange Prohibition Act of 2022

Introduced: April 25, 2022 Introduced by: Scott, Rick Republican · Florida See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 25, 2022
Read twice and referred to the Committee on Foreign Relations.
Apr 25, 2022
Introduced in Senate
 Plain-English summary Congressional Research Service

Russia and Belarus SDR Exchange Prohibition Act of 2022

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.

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.

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.

The bill's provisions shall be in effect until the earlier of (1) five years after this bill's enactment, (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased aggression directed at undermining Ukraine's sovereignty and territorial integrity, or (3) the date on which the President reports to Congress that termination of the provisions is in the national interest of the United States.

What's happening now April 25, 2022

Read twice and referred to the Committee on Foreign Relations.

 Committees of jurisdiction 1