H.R. 605 · 118th Congress
Special Drawing Rights Oversight Act of 2023
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HillSponsor5 cosponsors · 5 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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).
What it does: CRS summary · Introduced in House · Jan 27, 2023
Special Drawing Rights Oversight Act of 2023
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Special Drawing Rights Oversight Act of 2023
Latest action (Jan 27, 2023): Referred to the House Committee on Financial Services.
Policy area: International Affairs · Origin: House · Introduced: Jan 27, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.