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Special Drawing Rights Oversight Act of 2021

USA117th CongressHR-1568| House 
| Updated: 3/3/2021
J. French Hill

J. French Hill

Republican Representative

Arkansas

Cosponsors (19)
Chris Stewart (Republican)David Kustoff (Republican)Eric A. "Rick" Crawford (Republican)Guy Reschenthaler (Republican)Steve Stivers (Republican)Lee M. Zeldin (Republican)Warren Davidson (Republican)Van Taylor (Republican)William R. Timmons (Republican)Andy Barr (Republican)Pat Fallon (Republican)Roger Williams (Republican)Anthony Gonzalez (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Bill Posey (Republican)Randy K. Sr. Weber (Republican)Brian Babin (Republican)Bryan Steil (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline
Mar 3, 2021
Introduced in House
Mar 3, 2021
Referred to the House Committee on Financial Services.
  • March 3, 2021
    Introduced in House


  • March 3, 2021
    Referred to the House Committee on Financial Services.

International Affairs

Congressional oversightInternational monetary system and foreign exchangeInternational organizations and cooperationMultilateral development programsTerrorismWar crimes, genocide, crimes against humanity

Special Drawing Rights Oversight Act of 2021

USA117th CongressHR-1568| House 
| Updated: 3/3/2021
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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Mar 3, 2021
Introduced in House
Mar 3, 2021
Referred to the House Committee on Financial Services.
  • March 3, 2021
    Introduced in House


  • March 3, 2021
    Referred to the House Committee on Financial Services.
J. French Hill

J. French Hill

Republican Representative

Arkansas

Cosponsors (19)
Chris Stewart (Republican)David Kustoff (Republican)Eric A. "Rick" Crawford (Republican)Guy Reschenthaler (Republican)Steve Stivers (Republican)Lee M. Zeldin (Republican)Warren Davidson (Republican)Van Taylor (Republican)William R. Timmons (Republican)Andy Barr (Republican)Pat Fallon (Republican)Roger Williams (Republican)Anthony Gonzalez (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Bill Posey (Republican)Randy K. Sr. Weber (Republican)Brian Babin (Republican)Bryan Steil (Republican)

Financial Services Committee

International Affairs

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Congressional oversightInternational monetary system and foreign exchangeInternational organizations and cooperationMultilateral development programsTerrorismWar crimes, genocide, crimes against humanity