All Roll Calls
Yes: 417 • No: 2
117-hr-6899117th CongressWALLET
Russia and Belarus SDR Exchange Prohibition Act of 2022
Sponsored By: Representative Hill, J. French [R-AR-2]
Became Law
Summary
Bars Treasury from exchanging IMF Special Drawing Rights held by the Russian Federation or Belarus. It uses U.S. votes and diplomatic pressure at international financial institutions to oppose financing for those governments.
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- Treasury is prohibited from carrying out any transaction that exchanges IMF Special Drawing Rights held by Russia or Belarus and must press IMF members with freely usable currencies to ban such transactions.
- The U.S. Executive Director at international financial institutions must use the nation's voice and vote to oppose provision of financial assistance to Russia and Belarus, while allowing aid that addresses basic civilian needs.
- The restrictions end on the earlier of 5 years after enactment or 30 days after the President reports that Russia and Belarus have ceased destabilizing activities regarding Ukraine. The President may waive the rules for national interest and must explain the reasons.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Block IMF reserve exchanges for Russia, Belarus
The law bars Treasury from exchanging IMF reserve assets held by Russia or Belarus. Treasury must press other IMF members with widely used currencies to block these deals. U.S. representatives at global lenders must oppose aid to Russia or Belarus, except for basic civilian needs. The President can waive this after reporting to Congress that it is in the national interest. The rule starts on enactment and ends five years later, or 30 days after a presidential report that both countries stopped destabilizing Ukraine.
Sponsors & CoSponsors
Sponsor
Hill, J. French [R-AR-2]
AR • R
Cosponsors
Rep. Kustoff, David [R-TN-8]
TN • R
Sponsored 3/16/2022
Rep. Steil, Bryan [R-WI-1]
WI • R
Sponsored 3/16/2022
Rep. Timmons, William R. [R-SC-4]
SC • R
Sponsored 3/16/2022
Rep. Barr, Andy [R-KY-6]
KY • R
Sponsored 3/16/2022
Rep. Sessions, Pete [R-TX-17]
TX • R
Sponsored 3/16/2022
Rep. Wagner, Ann [R-MO-2]
MO • R
Sponsored 3/16/2022
Rep. Davidson, Warren [R-OH-8]
OH • R
Sponsored 3/16/2022
Rep. Rose, John W. [R-TN-6]
TN • R
Sponsored 3/16/2022
Rep. Emmer, Tom [R-MN-6]
MN • R
Sponsored 3/16/2022
Rep. Posey, Bill [R-FL-8]
FL • R
Sponsored 3/16/2022
Rep. Hollingsworth, Trey [R-IN-9]
IN • R
Sponsored 3/16/2022
Rep. Sherman, Brad [D-CA-32]
CA • D
Sponsored 3/16/2022
Rep. Lee, Susie [D-NV-3]
NV • D
Sponsored 3/30/2022
Roll Call Votes
house vote • 5/11/2022
On Motion to Suspend the Rules and Pass, as Amended
Yes: 417 • No: 2