117 S4079 IS: Russia and Belarus SDR Exchange Prohibition Act of 2022 U.S. Senate 2022-04-25 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.

II117th CONGRESS2d SessionS. 4079IN THE SENATE OF THE UNITED STATESApril 25, 2022Mr. Scott of Florida (for himself and Mr. Manchin) introduced the following bill; which was read twice and referred to the Committee on Foreign RelationsA 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 and held by the Russian Federation or Belarus.(b)

Advocacy

The Secretary of the Treasury shall—(1)vigorously advocate that the government of each member country of the International Monetary Fund, to the extent that the member country issues a freely usable currency, prohibit transactions involving the exchange of Special Drawing Rights held by the Russian Federation or Belarus; and(2)direct the United States Executive Director of the International Monetary Fund to use the voice and vote of the United States to oppose any allocation of Special Drawing Rights to the Russian Federation or Belarus.(c)

Waiver

The President may waive the application of this section if the President—(1)determines that a waiver is in the national interest of the United States; and(2)submits to Congress a notice of and justification for such waiver.(d)

Termination

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;(2)the date that is 30 days after the date that the President reports to Congress that the Governments of the Russian Federation and Belarus have ceased aggression undermining the sovereignty and territorial integrity of Ukraine; or(3)the date on which the President determines and reports to Congress that termination is in the national interest of the United States.