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.
Russia and Belarus SDR Exchange Prohibition Act of 2022
This act prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by Russia or Belarus and requires Treasury to take actions to oppose financial assistance to Russia or Belarus.
The SDR is an international reserve asset maintained by the International Monetary Fund (IMF) based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.
Treasury must also (1) vigorously advocate for IMF member countries to prohibit transactions involving the exchange of SDRs held by Russia or Belarus, and (2) direct U.S. representatives to each international financial institution to oppose providing financial assistance to Russia or Belarus except to address the basic human needs of their civilian populations.
The act's provisions shall be in effect until the earlier of (1) five years after this act's enactment, or (2) 30 days after the President reports to Congress that the governments of Russia and Belarus have ceased destabilizing activities directed at Ukraine's sovereignty and territorial integrity. The President may also waive the provisions upon reporting to Congress that doing so is in the national interest of the United States.
Read twice and referred to the Committee on Foreign Relations.
DEBATE - The House proceeded with forty minutes of debate on H.R. 6899.
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H4840-4841)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 2 (Roll no. 162).
Roll Call #162 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 417 - 2 (Roll no. 162). (text: 05/10/2022 CR H4754)
Roll Call #162 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Committee on Foreign Relations. Ordered to be reported without amendment favorably.
Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.
Enacted as Public Law 117-185
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Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 452.
Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.
Passed Senate without amendment by Unanimous Consent. (consideration: CR S4940)
Message on Senate action sent to the House.
Presented to President.
Presented to President.
Signed by President.
Signed by President.
Became Public Law No: 117-185.
Became Public Law No: 117-185.