[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6899 Reported in Senate (RS)]

<DOC>





                                                       Calendar No. 452
117th CONGRESS
  2d Session
                                H. R. 6899


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 12, 2022

Received; read twice and referred to the Committee on Foreign Relations

                             July 21, 2022

              Reported by Mr. Menendez, without amendment

_______________________________________________________________________

                                 AN ACT


 
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 Russian Federation or 
                                Belarus.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.
                                                       Calendar No. 452

117th CONGRESS

  2d Session

                               H. R. 6899

_______________________________________________________________________

                                 AN ACT

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 Russian Federation or 
                                Belarus.

_______________________________________________________________________

                             July 21, 2022

                       Reported without amendment