Special Drawing Rights Oversight Act of 2023

Hozzl · 2024-01-26T08:15:20Z

Explore the details of House Bill 605 Special Drawing Rights Oversight Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on International Affairs. Stay informed on legislative developments.

1/26/2024, 8:15 AM

Congressional Summary of HR 605

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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Current Status of Bill HR 605

Bill HR 605 is currently in the status of Bill Introduced since January 27, 2023. Bill HR 605 was introduced during Congress 118 and was introduced to the House on January 27, 2023. Bill HR 605's most recent activity was Referred to the House Committee on Financial Services. as of January 27, 2023

Bipartisan Support of Bill HR 605

Total Number of Sponsors

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Republican Sponsors

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Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 605

Primary Policy Focus

International Affairs

Alternate Title(s) of Bill HR 605

Special Drawing Rights Oversight Act of 2023Special Drawing Rights Oversight Act of 2023To amend the Special Drawing Rights Act in order to strengthen congressional oversight with respect to allocations of Special Drawing Rights by the International Monetary Fund, and to prohibit such allocations for perpetrators of genocide and state sponsors of terrorism without congressional authorization, and for other purposes.

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