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S. 3695: IMF Accountability Act of 2022


The text of the bill below is as of Feb 17, 2022 (Introduced).


II

117th CONGRESS

2d Session

S. 3695

IN THE SENATE OF THE UNITED STATES

February 17, 2022

(for himself, Mr. Cruz, and Mr. Hagerty) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations

A BILL

To prohibit representatives of the United States from voting at the International Monetary Fund for any Special Drawing Rights allocations, quota increases, or policy modifications that would benefit certain countries, and for other purposes.

1.

Short title

This Act may be cited as the IMF Accountability Act of 2022.

2.

Prohibition on allocations of Special Drawing Rights by International Monetary Fund for certain countries without congressional authorization

Section 6 of the Special Drawing Rights Act (22 U.S.C. 286q) is amended by adding at the end the following:

(c)
(1)

Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States vote to allocate Special Drawing Rights under article XVIII, sections 2 and 3, of the Articles of Agreement of the Fund to any of the following countries:

(A)

The People's Republic of China.

(B)

The Russian Federation.

(C)

The Islamic Republic of Iran.

(D)

The Democratic People's Republic of Korea.

(E)

Cuba.

(F)

Venezuela.

(G)

Nicaragua.

(H)

Afghanistan, while under control of the Taliban.

(2)

In this paragraph, the term Taliban means—

(A)

the entity known as the Taliban, operating in Afghanistan, and designated as a specially designated global terrorist under Executive Order 13224 (50 U.S.C. 1701 note; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism); or

(B)

a successor entity of the entity described in subparagraph (A).

.

3.

Prohibition on modifications to quotas and policies of the International Monetary Fund that would benefit certain countries

(a)

In general

The Secretary of the Treasury shall direct the United States Executive Director of the International Monetary Fund to use the voice and vote of the United States to oppose any proposal—

(1)

to increase the quota in the Fund of a country specified in subsection (b); or

(2)

to modify the exceptional access policy of the Fund if such modification would allow the Fund to provide funding under such policy to any country specified in subsection (b).

(b)

Countries specified

The countries specified in this subsection are the following:

(1)

The People's Republic of China.

(2)

The Russian Federation.

(3)

The Islamic Republic of Iran.

(4)

The Democratic People's Republic of Korea.

(5)

Cuba.

(6)

Venezuela.

(7)

Nicaragua.

(8)

Afghanistan, while under control of the Taliban.

(c)

Taliban defined

In this section, the term Taliban means—

(1)

the entity known as the Taliban, operating in Afghanistan, and designated as a specially designated global terrorist under Executive Order 13224 (50 U.S.C. 1701 note; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism); or

(2)

a successor entity of the entity described in paragraph (1).