Bill > S1153

This bill prohibits U.S. representatives from voting to allocate Special Drawing Rights (SDRs) - a type of international monetary reserve asset created by the International Monetary Fund (IMF) - to countries that have either committed genocide within the past 10 years or have been designated by the Secretary of State as state sponsors of terrorism. Specifically, the bill amends existing law to require congressional authorization before any U.S. representative can vote to allocate SDRs to such countries. The determination of a country's status as a state sponsor of terrorism would be based on existing legal definitions from various U.S. laws, including the Export Control Reform Act, the Foreign Assistance Act, and the Arms Export Control Act. This legislation aims to prevent countries with severe human rights violations or terrorist support from receiving financial resources through the IMF, effectively using economic leverage to discourage such behaviors. The bill would give Congress direct oversight and the power to approve or deny SDR allocations to countries that have been identified as committing genocide or supporting terrorism.

Government Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1153/all-info