Increased Congressional Oversight of International Financial Aid
This bill 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 provide large sums of money to countries, including those accused of genocide or supporting terrorism, will require Congressional approval, impacting how taxpayer money is used internationally.
Key points
Congressional approval required for allocating funds to countries accused of genocide or supporting terrorism.
Extends the period for the Treasury Secretary to consult with Congress on SDR allocations from 90 to 180 days.
Changes the definition of the period requiring Congressional approval for SDR allocations from "each basic period" to "any 10-year period".
Status:
Expired
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