117 HR 6899 RH: Russia and Belarus SDR Exchange Prohibition Act of 2022 U.S. House of Representatives 2022-05-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IBUnion Calendar No. 236117th CONGRESS2d SessionH. R. 6899[Report No. 117–316]IN THE HOUSE OF REPRESENTATIVESMarch 2, 2022Mr. Hill introduced the following bill; which was referred to the Committee on Financial ServicesMay 10, 2022Additional sponsors: Mr. Kustoff, Mr. Steil, Mr. Timmons, Mr. Barr, Mr. Sessions, Mrs. Wagner, Mr. Davidson, Mr. Rose, Mr. Posey, Mr. Emmer, Mr. Hollingsworth, Mr. Sherman, and Mrs. Lee of NevadaMay 10, 2022Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on March 2, 2022A BILLTo 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 Russian Federation or Belarus.

1.

Short title

This Act may be cited as the Russia and Belarus SDR Exchange Prohibition Act of 2022.

2.

Special Drawing Rights exchange prohibition

(a)

In general

The Secretary of the Treasury may not engage in any transaction involving the exchange of Special Drawing Rights issued by the International Monetary Fund that are held by the Russian Federation or Belarus.(b)

Advocacy

The Secretary of the Treasury shall—(1)vigorously advocate that the governments of the member countries of the International Monetary Fund, to the extent that the member countries issue freely usable currencies, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus; and(2)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 oppose the provision of financial assistance to the Russian Federation and Belarus, except to address basic human needs of the civilian population.(c)

Termination

The preceding provisions of this section shall have no force or effect on the earlier of—(1)the date that is 5 years after the date of the enactment of this Act; or(2)30 days after the date that the President reports to the Congress that the governments of the Russian Federation and Belarus have ceased destabilizing activities with respect to the sovereignty and territorial integrity of Ukraine.(d)

Waiver

The President may waive the application of this section if the President reports to the Congress that the waiver is in the national interest of the United States and includes an explanation of the reasons therefor.

May 10, 2022Reported with an amendment; committed to the Committee of the Whole House on the State of the Union and ordered to be printed