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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".
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Expired
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Additional Information
Print number: 118_HR_605
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2023-01-27
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Special Drawing Rights Oversight Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_605.

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 2023-01-27.

What are the main provisions?

Key points include:

  • 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".
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 2025-12-25.

CATEGORIES

Economy Courts and Law