H.R. 6899 — Introduced in House

I 117th CONGRESS 2d Session H. R. 6899 IN THE HOUSE OF REPRESENTATIVES March 2, 2022Mr. Hill introduced the following bill; which was referred to the Committee on Financial Services A BILL 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. 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 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) 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.