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Increased Congressional Oversight of International Funds and Ban for Terrorists

This act aims to increase Congressional oversight over how the United States participates in the allocation of Special Drawing Rights (SDRs) by the International Monetary Fund. This means that decisions to transfer large sums of money to other countries will require Congressional approval, which is intended to prevent the financing of states that support terrorism or commit genocide. For citizens, this means greater transparency and control over how their money is used internationally.
Key points
Increased Congressional Control: The Secretary of the Treasury will not be able to unilaterally approve large international fund allocations without Congressional approval.
Funding Prohibition: Countries accused of genocide or supporting terrorism will not receive funds without explicit Congressional authorization.
Extended Consultation Period: Congress will have more time (180 days instead of 90) to consult on fund allocations.
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Expired
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Additional Information
Print number: 117_HR_1568
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2021-03-03
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Special Drawing Rights Oversight Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1568.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-03.

What are the main provisions?

Key points include:

  • Increased Congressional Control: The Secretary of the Treasury will not be able to unilaterally approve large international fund allocations without Congressional approval.
  • Funding Prohibition: Countries accused of genocide or supporting terrorism will not receive funds without explicit Congressional authorization.
  • Extended Consultation Period: Congress will have more time (180 days instead of 90) to consult on fund allocations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hill, J. French [R-AR-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Security