Special Drawing Rights Oversight Act of 2021
Latest action · Mar 3, 2021 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 3, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Special Drawing Rights Oversight Act of 2021
This bill imposes additional restrictions on the U.S. government's authority to vote on Special Drawing Rights (SDR) allocations at the International Monetary Fund (IMF).
(The SDR is an international reserve asset maintained by the IMF based on contributions from IMF member countries. SDRs may be exchanged between member countries and may also be exchanged for currencies.)
Under current law, U.S. representatives to the IMF may not vote for SDR allocations to the United States beyond an amount authorized by statute unless Congress authorizes such a vote. This bill further reduces the allocation amount that U.S. representatives to the IMF may vote for without congressional approval.
Furthermore, U.S. representatives to the IMF may not vote for SDR allocations to a country if the President finds that the country's government has (1) committed genocide in the last 10 years, or (2) repeatedly supported international terrorism.
Cosponsors 19
Members who signed on, in the order they did. Signatures ran from Mar 3, 2021 to Mar 17, 2022; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Andy Barr | Original | Mar 3, 2021 |
| R-MI | Bill Huizenga | Original | Mar 3, 2021 |
| R-TX | Randy K. Weber, Sr. | Mar 18, 2021 | |
| R-OH | Steve Stivers | Mar 18, 2021 | |
| R-OH | Anthony Gonzalez | Apr 1, 2021 | |
| R-NY | Lee M. Zeldin | Apr 1, 2021 | |
| R-TX | Roger Williams | Apr 1, 2021 | |
| R-MN | Tom Emmer | Apr 1, 2021 | |
| R-TX | Van Taylor | Apr 8, 2021 | |
| R-OH | Warren Davidson | Apr 8, 2021 | |
| R-PA | Guy Reschenthaler | Apr 14, 2021 | |
| R-TX | Pat Fallon | Apr 14, 2021 | |
| R-UT | Chris Stewart | Apr 15, 2021 | |
| R-TN | David Kustoff | Apr 20, 2021 | |
| R-WI | Bryan Steil | May 17, 2021 | |
| R-FL | Bill Posey | Dec 2, 2021 | |
| R-TX | Brian Babin | Dec 2, 2021 | |
| R-AR | Eric A. "Rick" Crawford | Dec 2, 2021 | |
| R-SC | William R. Timmons IV | Mar 17, 2022 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 3, 2021 |
Actions 2
Everything that happened, newest first.
- Mar 3, 2021Introduced in House
- Mar 3, 2021Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 40, March 3, 2021, page H1081.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 117-78 | THE ANNUAL TESTIMONY OF THE SECRETARY OF THE TREASURY ON THE STATE OF THE INTERNATIONAL FINANCIAL SYSTEM95 pages | Financial Services Committee | Apr 6, 2022 |
CRS reports 2
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R46906 | Service-Disabled Veteran-Owned Small Business Procurement Program Archived | Report | Jul 29, 2022 |
| IF11835 | International Monetary Fund: Special Drawing Rights Allocation Archived | Resource | May 19, 2021 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 605 | Special Drawing Rights Oversight Act of 2023 | Reintroduced Bill | Jan 27, 2023 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Special Drawing Rights Act in order to strengthen congressional oversight with respect to allocations of Special Drawing Rights by the International Monetary Fund, and to prohibit such allocations for perpetrators of genocide and state sponsors of terrorism without congressional authorization, and for other purposes.
- Short Title(s) as Introduced
- Special Drawing Rights Oversight Act of 2021
Subjects
Assigned by the Library of Congress. Policy area: International Affairs.
Text 1
Each version as it was printed, newest first.
- Mar 3, 2021Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
