S. 3527 — Introduced in Senate

II 118th CONGRESS 1st Session S. 3527 IN THE SENATE OF THE UNITED STATES December 14, 2023Mr. Scott of Florida (for himself and Mr. Manchin) introduced the following bill; which was read twice and referred to the Committee on Foreign Relations 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 Islamic Republic of Iran, and for other purposes. 1. Short title This Act may be cited as the Iran SDR Exchange Prohibition Act of 2023. 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 Islamic Republic of Iran. (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 Islamic Republic of Iran; 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 Islamic Republic of Iran.