IMF Accountability Act: Restrictions for Certain Countries
This act aims to restrict the International Monetary Fund's (IMF) ability to financially support certain countries, such as China, Russia, or Iran. It means the United States will not vote for allocating Special Drawing Rights or increasing their quotas in the IMF, unless authorized by Congress. In practice, the act seeks to increase oversight over how American money and influence are used in international financial institutions, which could indirectly affect global economic stability and international relations.
Key points
Prohibits the U.S. from voting at the IMF for Special Drawing Rights allocations to countries like China, Russia, Iran, North Korea, Cuba, Venezuela, Nicaragua, and Afghanistan (under Taliban control), unless authorized by Congress.
Directs the U.S. to oppose any proposals to increase these countries' quotas or modify policies that would grant them easier access to funding.
Aims to enhance Congressional oversight of U.S. financial policy within the IMF and limit support for countries deemed problematic.
Expired
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