Legis Daily

Special Drawing Rights Oversight Act of 2023

USA118th CongressHR-605| House 
| Updated: 1/27/2023
J. French Hill

J. French Hill

Republican Representative

Arkansas

Cosponsors (5)
Andrew Ogles (Republican)Andy Barr (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Bryan Steil (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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.
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Timeline

Bill from Previous Congress

HR 117-1568
Special Drawing Rights Oversight Act of 2021

Bill from Previous Congress

HR 117-1513
Special Drawing Rights Oversight Act
Jan 27, 2023
Introduced in House
Jan 27, 2023
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 117-1568
    Special Drawing Rights Oversight Act of 2021


  • Bill from Previous Congress

    HR 117-1513
    Special Drawing Rights Oversight Act


  • January 27, 2023
    Introduced in House


  • January 27, 2023
    Referred to the House Committee on Financial Services.

International Affairs

Special Drawing Rights Oversight Act of 2023

USA118th CongressHR-605| House 
| Updated: 1/27/2023
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.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

HR 117-1568
Special Drawing Rights Oversight Act of 2021

Bill from Previous Congress

HR 117-1513
Special Drawing Rights Oversight Act
Jan 27, 2023
Introduced in House
Jan 27, 2023
Referred to the House Committee on Financial Services.
  • Bill from Previous Congress

    HR 117-1568
    Special Drawing Rights Oversight Act of 2021


  • Bill from Previous Congress

    HR 117-1513
    Special Drawing Rights Oversight Act


  • January 27, 2023
    Introduced in House


  • January 27, 2023
    Referred to the House Committee on Financial Services.
J. French Hill

J. French Hill

Republican Representative

Arkansas

Cosponsors (5)
Andrew Ogles (Republican)Andy Barr (Republican)Tom Emmer (Republican)Bill Huizenga (Republican)Bryan Steil (Republican)

Financial Services Committee

International Affairs

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted