Iran SDR Exchange Prohibition Act of 2023

Hozzl · 2024-01-06T10:45:15Z

Explore the details of Senate Bill 3527 Iran SDR Exchange Prohibition Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/6/2024, 10:45 AM

Summary of Bill S 3527

Bill 118 s 3527, also known as the Iran SDR Exchange Prohibition Act of 2023, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to prohibit the exchange of Special Drawing Rights (SDRs) with Iran. SDRs are international reserve assets created by the International Monetary Fund (IMF) and are used by countries as a form of currency in international transactions.

The bill aims to prevent Iran from accessing SDRs, which could potentially be used to fund activities that are detrimental to US national security interests. By prohibiting the exchange of SDRs with Iran, the bill seeks to further isolate the country and restrict its ability to engage in activities that threaten regional stability.

The Iran SDR Exchange Prohibition Act of 2023 has garnered bipartisan support in Congress, with lawmakers from both parties recognizing the importance of preventing Iran from accessing international financial resources. The bill is currently being debated in committee, and it remains to be seen whether it will be passed into law. Overall, the Iran SDR Exchange Prohibition Act of 2023 is a significant piece of legislation that aims to strengthen US sanctions against Iran and prevent the country from accessing international financial resources that could be used to fund activities that are harmful to US national security interests.

Congressional Summary of S 3527

Iran SDR Exchange Prohibition Act of 2023

This bill prohibits the Department of the Treasury from engaging in transactions involving Special Drawing Rights (SDR) issued by the International Monetary Fund (IMF) and held by Iran. (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.)

Treasury must (1) vigorously advocate that each member of the IMF prohibit transactions of SDRs held by Iran, and (2) direct U.S. representatives to the IMF to use the voice and vote of the United States to oppose any SDR allocation to Iran.

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Current Status of Bill S 3527

Bill S 3527 is currently in the status of Bill Introduced since December 14, 2023. Bill S 3527 was introduced during Congress 118 and was introduced to the Senate on December 14, 2023. Bill S 3527's most recent activity was Read twice and referred to the Committee on Foreign Relations. as of December 14, 2023

Bipartisan Support of Bill S 3527

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Policy Area and Potential Impact of Bill S 3527

Primary Policy Focus

Alternate Title(s) of Bill S 3527

Iran SDR Exchange Prohibition Act of 2023

A bill to prohibit the Secretary of the Treasury from engaging in transactions involving the exchange of Special Drawing Rights issued by the International Monetary Fund that are held by the Islamic Republic of Iran, and for other purposes.