Sec. 7071. prohibitions on certain transactions involving special drawing rights
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## SEC. 7071 prohibitions on certain transactions involving special drawing rights ###
(a)Prohibition on Certain Transactions Involving Perpetrators of Genocide and State Sponsors of Terrorism Without Congressional Authorization Section 6(b) of the Special Drawing Rights Act (22 U.S.C. 286q(b)) is amended by adding at the end the following: > > #### “(3) > > Unless Congress by law authorizes such action, neither the President nor any person or agency shall on behalf of the United States engage in any voluntary transaction involving the exchange of Special Drawing Rights that are held by a member country of the Fund, if the Secretary of State has found that the government of the member country— > > > ##### “(A) > > has committed genocide at any time during the 1-year period ending with the date of the transaction; or > > > ##### “(B) > > has repeatedly provided support for acts of international terrorism. > > > #### “(4) > > The Secretary of the Treasury shall direct the United States Executive Director at each international financial institution (as defined in section 1701(c)(2) of the International Financial Institutions Act) to use the voice and vote of the United States to— > > > ##### “(A) > > oppose the provision of financial assistance to any government with respect to which the Secretary of State has made a finding described in paragraph (3); and > > > ##### “(B) > > seek to ensure that the member countries of the institution do not engage in voluntary transactions involving the exchange of Special Drawing Rights held by such a government. > > > #### “(5) Waiver > > The President may waive paragraphs
(3)and
(4)on a case-by-case basis if the President reports to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate that the waiver is in the national interest of the United States, and includes a detailed explanation of the reasons therefor.” > . ###
(b)Repeal **[**[22 U.S.C. 286q](/us/usc/t22/s286q)**]** Effective on the date that is 10 years after the date of the enactment of this Act, paragraphs
(3)through
(5)of section 6(b) of the Special Drawing Rights Act, as added by subsection
(a)of this section, are repealed. ###
(c)Energy Security and IMF Accountability ####
(1)In general The Secretary of the Treasury may, through December 31, 2031, make direct loans not to exceed $21,000,000,000 in the aggregate to the Poverty Reduction and Growth Trust (in this subsection referred to as the “PRGT”) of the International Monetary Fund (in this subsection referred to as the “IMF”), provided that funds made available in prior Acts making appropriations for the Department of State, foreign operations, and related programs under the heading “Contributions to International Monetary Fund Facilities and Trust Funds” shall be available to cover the cost, as defined in section 502 of the Congressional Budget Act of 1974, of loans to the PRGT, subject to paragraph (2). ####
(2)Limitation No portion of the funds described under paragraph
(1)may be used for the provision of loans by the United States to the Resilience and Sustainability Trust (in this subsection referred to as the “RST”) of the IMF, or for the transfer of resources from the PRGT to the RST. ###
(d)Congressional Notification With Respect to Exceptional Access Lending ####
(1)In general The Bretton Woods Agreements Act (22 U.S.C. 286-286zz) is amended by adding at the end the following: > > ## “SEC. 74 CONGRESSIONAL NOTIFICATION WITH RESPECT TO EXCEPTIONAL ACCESS LENDING > > **[**[22 U.S.C. 286aaa](/us/usc/t22/s286aaa)**]** > > > ### “(a) In General > > The United States Executive Director at the Fund may not support any proposal that would alter the criteria used by the Fund for exceptional access lending if the proposal would permit a country that is ineligible, before the proposed alteration, to receive exceptional access lending, unless, not later than 15 days before consideration of the proposal by the Board of Executive Directors of the Fund, the Secretary of the Treasury has submitted to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate a report on the justification for the proposal and the effects of the proposed alteration on moral hazard and repayment risk at the Fund. > > > ### “(b) Waiver > > The Secretary of the Treasury may reduce the applicable notice period required under subsection
(a)to not less than 7 days on reporting to the Committee on Financial Services of the House of Representatives and Committee on Foreign Relations of the Senate that the reduction is important to the national interest of the United States, with an explanation of the reasons therefor.” > . ####
(2)Repeal **[**[22 U.S.C. 286aaa](/us/usc/t22/s286aaa)**]** Effective on the date that is 10 years after the date of the enactment of this Act, section 74 of the Bretton Woods Agreements Act, as added by paragraph
(1)of this subsection, is repealed. ###
(e)New Arrangements to Borrow ####
(1)Extension Section 17(a)(6) of the Bretton Woods Agreements Act (22 U.S.C. 286e-2(a)(6)) is amended by striking “December 31, 2025” and inserting “December 31, 2030”. ####
(2)Strategy Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Foreign Relations of the Senate a strategy with respect to the New Arrangements to Borrow
(NAB)of the International Monetary Fund, including any recommendations to reduce the resources of the NAB beyond reductions proposed under the 16th General Review of Quotas, that maintains United States support for the International Monetary Fund as a quota-based institution.
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- 22 USC 286-286zz
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Sec. 7071
prohibitions on certain transactions involving special drawing rights
Cite22 USC 286-286zz
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