Legis Daily

IMF Accountability Act of 2022

USA117th CongressS-3695| Senate 
| Updated: 2/17/2022
Rick Scott

Rick Scott

Republican Senator

Florida

Cosponsors (2)
Ted Cruz (Republican)Bill Hagerty (Republican)

Foreign Relations Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
IMF Accountability Act of 2022 This bill imposes requirements on U.S. representatives to the International Monetary Fund (IMF) with regard to certain issues involving China, Russia, Iran, North Korea, Cuba, Venezuela, Nicaragua, or Afghanistan while under Taliban control. The President or any U.S. representative to the IMF may not vote to allocate Special Drawing Rights (SDR) to any of these countries unless Congress authorizes such a vote. (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.) The bill also requires the Department of the Treasury to direct U.S. representatives to the IMF to oppose any proposal that (1) increases the IMF quota of any of these countries, or (2) modifies certain policies if the modification would allow the IMF to provide funding to any of these countries. (A country's quota determines, among other things, that country's voting power in IMF decisions and access to IMF financing.)
View Full Text

Suggested Questions

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

Timeline
Feb 17, 2022
Introduced in Senate
Feb 17, 2022
Read twice and referred to the Committee on Foreign Relations.
  • February 17, 2022
    Introduced in Senate


  • February 17, 2022
    Read twice and referred to the Committee on Foreign Relations.

International Affairs

AfghanistanAsiaCaribbean areaChinaCongressional oversightCubaEuropeInternational monetary system and foreign exchangeInternational organizations and cooperationIranLatin AmericaMiddle EastNicaraguaNorth KoreaPresidents and presidential powers, Vice PresidentsRussia

IMF Accountability Act of 2022

USA117th CongressS-3695| Senate 
| Updated: 2/17/2022
IMF Accountability Act of 2022 This bill imposes requirements on U.S. representatives to the International Monetary Fund (IMF) with regard to certain issues involving China, Russia, Iran, North Korea, Cuba, Venezuela, Nicaragua, or Afghanistan while under Taliban control. The President or any U.S. representative to the IMF may not vote to allocate Special Drawing Rights (SDR) to any of these countries unless Congress authorizes such a vote. (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.) The bill also requires the Department of the Treasury to direct U.S. representatives to the IMF to oppose any proposal that (1) increases the IMF quota of any of these countries, or (2) modifies certain policies if the modification would allow the IMF to provide funding to any of these countries. (A country's quota determines, among other things, that country's voting power in IMF decisions and access to IMF financing.)
View Full Text

Suggested Questions

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

Timeline
Feb 17, 2022
Introduced in Senate
Feb 17, 2022
Read twice and referred to the Committee on Foreign Relations.
  • February 17, 2022
    Introduced in Senate


  • February 17, 2022
    Read twice and referred to the Committee on Foreign Relations.
Rick Scott

Rick Scott

Republican Senator

Florida

Cosponsors (2)
Ted Cruz (Republican)Bill Hagerty (Republican)

Foreign Relations Committee

International Affairs

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AfghanistanAsiaCaribbean areaChinaCongressional oversightCubaEuropeInternational monetary system and foreign exchangeInternational organizations and cooperationIranLatin AmericaMiddle EastNicaraguaNorth KoreaPresidents and presidential powers, Vice PresidentsRussia