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Public Law117th CongressInternational Affairs
H.R. 6899Became Law

Russia and Belarus SDR Exchange Prohibition Act of 2022

This bill became law

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Law

What it doesSummary public law (Oct 4, 2022)

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.

What just happenedOct 4, 2022

Became Public Law No: 117-185.

Who’s behind it

Rep. Hill, J. French [R-AR-2](R-AR)Sponsor
13 cosponsors2 D11 R
Read on Congress.gov
13cosponsors2committees30actions1related bills11subjects
  1. Oct 4, 2022President

    Became Public Law No: 117-185.

  2. Oct 4, 2022BecameLaw36000

    Became Public Law No: 117-185.

  3. Oct 4, 2022President

    Signed by President.

  4. Oct 4, 2022BecameLaw36000

    Signed by President.

  5. Sep 28, 2022Floor

    Presented to President.

  6. Sep 28, 2022President28000

    Presented to President.

  7. Sep 22, 2022Floor

    Message on Senate action sent to the House.

  8. Sep 21, 2022Floor

    Passed Senate without amendment by Unanimous Consent. (consideration: CR S4940)

  9. Sep 21, 2022Floor17000

    Passed/agreed to in Senate: Passed Senate without amendment by Unanimous Consent.

  10. Jul 21, 2022Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 452.

  11. Jul 21, 2022Committee

    Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.

    Foreign Relations Committee
  12. Jul 21, 2022Committee14000

    Committee on Foreign Relations. Reported by Senator Menendez without amendment. Without written report.

    Foreign Relations Committee
  13. Jul 19, 2022Committee

    Committee on Foreign Relations. Ordered to be reported without amendment favorably.

    Foreign Relations Committee
  14. May 12, 2022IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

    Foreign Relations Committee
  15. May 11, 2022FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  16. May 11, 2022FloorH37300

    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)

  17. May 11, 2022Floor8000

    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).

  18. May 11, 2022FloorH30000

    Considered as unfinished business. (consideration: CR H4840-4841)

  19. May 10, 2022FloorH37220

    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.

  20. May 10, 2022FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 6899.

  21. May 10, 2022FloorH30000

    Considered under suspension of the rules. (consideration: CR H4754-4755)

  22. May 10, 2022FloorH30300

    Mr. Garcia (IL) moved to suspend the rules and pass the bill, as amended.

  23. May 10, 2022CalendarsH12410

    Placed on the Union Calendar, Calendar No. 236.

  24. May 10, 2022CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-316.

    Financial Services Committee
  25. May 10, 2022Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 117-316.

    Financial Services Committee
  26. Mar 17, 2022Committee

    Ordered to be Reported in the Nature of a Substitute by Voice Vote.

    Financial Services Committee
  27. Mar 17, 2022Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  28. Mar 2, 2022IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  29. Mar 2, 2022IntroReferralIntro-H

    Introduced in House

  30. Mar 2, 2022IntroReferral1000

    Introduced in House

Public LawOct 4, 202249

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.

Passed SenateSep 21, 202255

Russia and Belarus SDR Exchange Prohibition Act of 2022

This bill 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 bill's provisions shall be in effect until the earlier of (1) five years after this bill'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.

Reported to SenateJul 21, 202225

Russia and Belarus SDR Exchange Prohibition Act of 2022

This bill 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 bill's provisions shall be in effect until the earlier of (1) five years after this bill'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.

Passed HouseMay 11, 202253

Russia and Belarus SDR Exchange Prohibition Act of 2022

This bill 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 bill's provisions shall be in effect until the earlier of (1) five years after this bill'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.

Reported to HouseMay 10, 20227

Russia and Belarus SDR Exchange Prohibition Act of 2022

This bill 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 bill's provisions shall be in effect until the earlier of (1) five years after this bill'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.

Introduced in HouseMar 2, 2022

Russia and Belarus SDR Exchange Prohibition Act of 2022

This bill prohibits the Department of the Treasury from engaging in any transaction involving the exchange of Special Drawing Rights (SDRs) held by 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 the IMF to oppose any allocation of SDRs to Russia or Belarus.

The bill's provisions shall be in effect until the earlier of (1) five years after this bill'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.

Russia and Belarus SDR Exchange Prohibition Act of 2022 — Informed