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.
About This Bill
Committee
Latest Action · December 15, 2023
Referred to the House Committee on Financial Services.
This bill prohibits the U.S. Treasury Secretary from allowing Iran to exchange Special Drawing Rights, which are international reserve assets issued by the International Monetary Fund, into actual currency. The legislation is designed to prevent Iran from converting these financial assets into usable funds that could support its government or economy. In addition to the direct ban, the bill requires the Treasury Secretary to pressure other countries to adopt similar restrictions and to use America's voting power at the International Monetary Fund to block any new allocations of these assets to Iran. The bill does not specify new funding requirements or implementation timelines, focusing instead on restricting Iran's access to this particular financial tool as part of broader U.S. sanctions policy.
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