IMF Accountability Act: Limiting Support for Specific Countries
This act aims to restrict the International Monetary Fund's (IMF) ability to 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 without Congressional authorization. In practice, the act seeks to increase oversight over how American money and influence are used in international financial institutions, potentially impacting global economic stability and international relations.
Key points
Prohibits the U.S. from voting for Special Drawing Rights (SDR) allocations to China, Russia, Iran, North Korea, Cuba, Venezuela, Nicaragua, and Afghanistan (under Taliban control) without Congressional approval.
Prohibits the U.S. from voting to increase these countries' IMF quotas or modify policies that would grant them easier access to funding.
The act aims to enhance Congressional oversight of U.S. financial policy within the IMF, potentially affecting global capital flows and financial stability.
Expired
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