To prohibit representatives of the United States from voting at the International Monetary Fund for any Special Drawing Rights allocations, quota increases, or policy modifications that would benefit certain countries, and for other purposes.
About This Bill
Committee
Latest Action · November 29, 2023
Referred to the House Committee on Financial Services.
The IMF Accountability Act of 2023 prohibits U.S. representatives from voting at the International Monetary Fund to approve Special Drawing Rights allocations, quota increases, or policy changes that would benefit eight countries: China, Russia, Iran, North Korea, Cuba, Venezuela, Nicaragua, and Afghanistan under Taliban control. These actions would require explicit congressional authorization to proceed. The bill requires the U.S. Treasury Secretary to direct the American Executive Director at the IMF to actively oppose any proposals that would increase these countries' voting power at the fund or modify the IMF's exceptional access policy to allow them to receive emergency funding. The legislation does not authorize new spending or establish specific timelines, but rather functions as a constraint on executive branch actions at an international financial institution by requiring congressional approval before supporting certain measures.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.